Chainlink to Deliver On-Chain Data from U.S. Department of Commerce for Smart Contract Applications

Chainlink's Partnership with U.S. Department of Commerce: Chainlink's native token, LINK, rose over 5% following the announcement of a partnership to bring official government economic data onchain, marking a significant integration of public data with blockchain technology.

Access to Key Economic Data: The Bureau of Economic Analysis will provide key macroeconomic statistics, such as GDP and PCE Price Index, through Chainlink Data Feeds, making six data points available across multiple blockchain networks including Ethereum and Avalanche.

Implications for Developers: This initiative opens new opportunities for developers in decentralized finance (DeFi), allowing for innovations like interest rate adjustments based on GDP trends and real-time prediction markets for inflation forecasts.

Chainlink's Engagement with Policymakers: Chainlink has been actively engaging with U.S. policymakers to clarify blockchain regulations and promote the use of federal economic indicators onchain, aiming to enhance transparency and composability compared to traditional systems.