PYTH token surged after the US Department of Commerce selected Pyth Network (alongside Chainlink) to publish official economic data on multiple blockchains, driving a 60–70% intraday price jump as traders priced in greater oracle demand and onchain utility for government economic feeds.
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Pyth named to publish official economic data onchain
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PYTH token jumped ~70% intraday; market cap topped $1 billion and 24h volume rose sharply.
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Commerce Department will publish quarterly GDP across nine blockchains; Pyth and Chainlink are oracle partners.
PYTH token surge: Pyth Network named to publish government economic data onchain, sparking a major rally — read details and market impact now.
PYTH surges 70% after the US government tapped Pyth Network and Chainlink to help publish official economic data on multiple blockchains.
The native token of the Pyth Network surged on Thursday after the project confirmed it had been selected by the US Department of Commerce to verify and distribute economic data onchain — a move that places blockchain technology at the center of official government processes and highlights the important role of data oracles.
According to CoinMarketCap, the PYTH token peaked just above $0.20, marking a daily gain of more than 70%. It was last trading just below $0.19, still up about 62% on the day.
The rally propelled PYTH to its highest level since February, lifting its market capitalization above $1 billion, while trading volumes skyrocketed more than 2,700% in the past 24 hours.
Pyth Network (PYTH) price goes vertical. Source: CoinMarketCap
PYTH was the only token to record such massive gains, even though the Commerce Department announcement confirmed that quarterly GDP figures would be published across nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche. Chainlink was also named alongside Pyth Network as a key oracle partner in disseminating the data.
Where Pyth and Chainlink stand out is in their coordinated role as oracles, ensuring that the government-published data is further disseminated and secured across blockchain networks.
Source: Pyth Network
What is Pyth Network and why did PYTH surge?
Pyth Network is a decentralized oracle system that delivers real-time financial market data directly onto blockchains. The PYTH token surged because the US Department of Commerce selected Pyth as an oracle partner to publish official economic statistics onchain, increasing demand expectations for oracle services and token utility.
How significant was the market reaction to the Commerce Department announcement?
Market reaction was immediate and large. PYTH peaked above $0.20, up ~70% intraday. Market capitalization passed $1 billion and 24-hour trading volume increased roughly 2,700%, per CoinMarketCap data. These metrics show price discovery driven by onchain adoption expectations rather than protocol-level news alone.
Related: US Government taps Chainlink, Pyth to publish economic data onchain (plain text reference)
How will government-published economic data be distributed onchain?
The Department of Commerce will publish quarterly GDP figures and other economic statistics across nine blockchains. Pyth Network and Chainlink will act as oracle layers to verify and broadcast those figures to decentralized applications and smart contracts across supported chains.
Why do oracles matter for government data on blockchain?
Oracles bridge offchain official records and onchain systems. They provide authenticity checks, tamper resistance, and canonical feeds that DeFi, analytics tools, and automated contracts can reference. In this use case, oracles ensure official economic statistics are accessible programmatically across multiple blockchain ecosystems.
Source: TrumpTruthOnX
The announcement comes amid broader US policy moves to accelerate digital asset adoption. The administration has advanced stablecoin legislation (GENIUS Stablecoin Act), approved several ETF products via the SEC, and advanced market-structure legislation through the House of Representatives.
Frequently Asked Questions
Will the Commerce Department publish GDP on multiple blockchains?
Yes. The Commerce Department confirmed it will publish quarterly GDP figures across nine blockchains, enabling cross-chain access to official economic statistics through oracle networks.
Does this mean Pyth or Chainlink will control government data?
No. Oracles like Pyth and Chainlink act as distribution and verification layers. The Commerce Department remains the source of record; oracles transmit and secure that data onchain.
How could this affect PYTH token holders?
Oracle demand may increase usage of network services, potentially raising protocol fees and token utility. Market response depends on sustained usage, integration by developers, and macroeconomic conditions.
Key Takeaways
- Pyth named as oracle partner: The US Department of Commerce selected Pyth Network (and Chainlink) to publish economic data onchain.
- Market impact: PYTH rose ~70% intraday, market cap surpassed $1 billion, and trading volume spiked.
- Policy context: This move aligns with a broader US push toward digital asset adoption and increased onchain infrastructure for official data.
Conclusion
This Commerce Department decision is a milestone for public-sector use of blockchain oracles, elevating Pyth Network’s role in distributing official economic statistics across multiple chains. The immediate market reaction underscores the perceived value of oracle infrastructure — watch for adoption metrics and official integration details to assess long-term impact. For ongoing coverage, COINOTAG will monitor developments and publish updates.
