6 hours ago
The autochthonal token of the Chainlink network, LINK, surged much than 5% aft the web announced a concern with the U.S. Department of Commerce to bring authoritative authorities economical information onchain, marking a first-of-its-kind effort to span nationalist information infrastructure with blockchain applications.
Key macroeconomic statistic from the Bureau of Economic Analysis — specified arsenic Real Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers — are present accessible onchain done Chainlink Data Feeds, the institution announced successful a blog station connected Thursday. Six information points successful full are being published, including some implicit levels and annualized percent changes.
The information is being made disposable crossed 10 blockchain networks, including Ethereum (ETH), Avalanche (AVAX) and Optimism (OP). Chainlink says the feeds volition update monthly oregon quarterly, mirroring the merchandise schedules of their accepted counterparts.
The inaugural opens up caller possibilities for developers gathering successful DeFi and beyond. For example, lending protocols could set involvement rates based connected GDP trends, portion prediction markets mightiness incorporated the PCE Index to crowdsource ostentation forecasts.
"Bringing U.S. authorities information onchain unlocks innovative usage cases for blockchain markets, specified arsenic automated trading strategies, accrued composability of tokenized assets, the issuance of caller types of integer assets, real-time prediction markets for crowdsourced intelligence, transparent dashboards powered by immutable data, and DeFi protocol hazard absorption based connected macroeconomic factors," the blog station said.
Chainlink has deepened its engagement with U.S. policymakers this year, including respective meetings with the Securities and Exchange Commission (SEC) to assistance clarify however blockchain infrastructure fits wrong existing broker-dealer and transportation cause rules, arsenic good arsenic different lawmakers to assistance found the GENIUS Act, the institution said.
By bringing national economical indicators onchain, Chainlink is attempting to normalize blockchain arsenic a destination for mission-critical nationalist information — offering transparency and composability that accepted systems don’t easy support, it said.
Read more: Chainlink's LINK Gains connected Joining SEC Crypto Task Force's Tokenization Initiative
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