Blockchain oracle network Pyth has unveiled what it calls the first continuously updating crude oil composite index, designed to fill pricing gaps left by traditional commodity markets that operate on fixed trading schedules.
The Pyth 24/7 Oil Index aggregates both onchain and offchain data, pulling from institutional trading desks and exchanges during regular hours and from decentralized derivatives venues during nights, weekends, and holidays. The goal is to eliminate stale reference prices during periods when legacy benchmarks like NYMEX WTI futures stop updating.
The launch comes amid extreme volatility in global energy markets. Joint U.S.-Israeli airstrikes on Iran and subsequent Iranian retaliation triggered immediate surges in oil and gas prices and heightened volatility in financial markets.
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