Morning Minute: The US Just Put GDP On-Chain
The U.S. Commerce Department has begun publishing official economic statistics on blockchains, utilizing oracle providers Chainlink and Pyth for data distribution. This initiative allows for real-time integration of macroeconomic data into smart contracts, enhancing transparency and trust in the data. The announcement led to significant market reactions, with PYTH increasing approximately 100% and LINK rising 5-8%. Commerce Secretary Howard Lutnick emphasized the importance of blockchain for data distribution, marking a significant shift towards mainstream adoption of crypto infrastructure. This development is seen as beneficial for the U.S. government, citizens, and the broader crypto market, promoting efficiency, transparency, and credibility.
