The native token for the Chainlink network, Link, rose more than 5%after the network announced a partnership with the US Ministry of Commerce to bring official government-economic data on chain and marked a first-in-SIN stroke effort to bridge public data infrastructure with blockchain applications.
Key Macroeconomic Statistics from Bureau of Economic Analysis – such as real gross domestic product (GDP)the personal consumption expenses (PCE) Price index and real final sale to private domestic buyers – are now available onchain through Chainlink -Datafeeds, the company announced in a blog post on Thursday. Six data points are published in total, including both absolute levels and annual percentage changes.
The data is made available across ten blockchain networks, including Ethereum Avalanche And optimism . Chainlink says feeds will update monthly or quarterly and mirror the release plans for their traditional colleagues.
The initiative opens up new opportunities for developers who build in Defi and beyond. E.g. Lending protocols can adjust the interest rate based on GDP trends, while prediction markets may incorporate the PCE index into crowddsource -inflation forecasts.
“To bring US government data onchain unlock innovative use cases to blockchain markets, such as automated trading strategies, increased composability of tokenized assets, issuing new types of digital assets, real-time prediction markets for crowddsourced intelligence,” the blogs that are driven.
Chainlink has elaborated on his commitment with US decision makers this year, including several meetings with Securities and Exchange Commission (SEK) To help clarify how blockchain infrastructure fits within existing brokerage dealer and transfer agent rules, as well as other legislators to help establish brilliant action, the company says.
By bringing federal economic indicators Onchain, Chainlink tries to normalize blockchain as a destination for mission-critical public data offering transparency and composition that traditional systems do not easily support, it says.
Read more: Chainlink’s Link Gains by joining SEC Crypto Task Force’s Tokenization Initiative
