Connect with us
DAPA Banner

Crypto World

Pyth Network Launches 24/7 Oil Index as Volatility Spikes Amid Iran Conflict

Published

on

Pyth Network Launches 24/7 Oil Index as Volatility Spikes Amid Iran Conflict

The oracle network’s new composite index blends institutional and onchain data sources to produce a constantly updated crude oil reference price.

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.

Advertisement

The cessation of tanker traffic through the Strait of Hormuz and attacks on the region’s oil infrastructure have significantly impacted global supply chains. Roughly 20% of the world’s oil transits the Strait, making any disruption there a systemic risk for global energy pricing.

Pyth noted that onchain commodity trading has surged alongside the crisis. Hyperliquid alone processed over $1 billion in daily WTI oil perpetual volume during recent volatility spikes — activity that occurred largely outside traditional market windows.

Pyth’s oracle model, in which institutional trading firms and market makers publish first-party pricing data directly to the network, gives it a combined view of liquidity across both traditional and decentralized venues.

The oil index is the first in a planned series of proprietary always-on indices spanning commodity, macro, and cross-asset categories.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

CFTC Issues No-Action Letter for Crypto Wallet Provider Phantom

Published

on

Bitcoin Wallet, Law, CFTC, Enforcement

The no-action position taken by the US regulator under Chair Michael Selig will allow the company to engage in certain activities without registering as a broker.

The US Commodity Futures Trading Commission (CFTC) said Tuesday that its Market Participants Division issued a no-action letter in response to a request from crypto wallet provider Phantom Technologies.

A CFTC notice said that the no-action letter would, under certain circumstances, stop the division from recommending that the regulator take an enforcement action against Phantom or its staff for failure to register as a broker.

Advertisement

According to Phantom, the no-action position will allow the company to “act as a non-custodial interface connecting users to a registered exchange […] without taking on the regulatory obligations of an introducing broker.” 

“With thanks to the CFTC’s willingness to open their doors to facilitate innovation, we proactively engaged with the CFTC to seek clarity on how a non-custodial interface like Phantom could offer access to regulated markets through a registered partner, without acting as an intermediary that needs its own registration,” said Phantom. “Rather than building first and seeking forgiveness later, we took a different approach to give our users safe and reliable ways to access traditional financial markets.”

Bitcoin Wallet, Law, CFTC, Enforcement
Source: Phantom co-founder and CEO Brandon Millman

The regulator’s no-action response for a crypto company was one of the first taken under the leadership of the CFTC Chair Michael Selig since his US Senate confirmation in December. Selig and former CFTC acting chair Caroline Pham led the commission under US President Donald Trump as it issued several no-action letters for crypto platforms, including Polymarket and Binomial. 

Related: Prediction markets boom on Iran bets as Congress eyes ban

CFTC defends authority over prediction markets, plans coordinating with SEC

Selig continues to defend what he called the CFTC’s “exclusive jurisdiction” in overseeing prediction market platforms like Kalshi and Polymarket in the face of a slew of US state authorities filing lawsuits against companies for alleged violations of gambling laws. Last week, he, as the sole CFTC commissioner, proposed a rule that could amend or issue new regulations over event contracts on prediction markets platforms, opening it to public comment.

Advertisement

Amid the tussle over regulating prediction markets, the CFTC and Securities and Exchange Commission (SEC) last week signed a memorandum of understanding in an attempt to end “regulatory turf wars.” Both agencies agreed to adopt a “minimum effective dose” regulatory strategy.

Magazine: Metaplanet’s Japan Bitcoin bet, Bithumb ordered suspension: Asia Express