Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

The spring of RWA (real-world assets) is still brewing, and the oracle track has already entered a period of explosive growth.

Last night, the U.S. Department of Commerce officially announced that it would put macroeconomic data on the blockchain, stating: "Starting in 2025, quarterly GDP data will be published on nine major blockchains, including Bitcoin, Ethereum, and Solana. The data will also be further disseminated through oracle projects Pyth and Chainlink. Exchanges such as Coinbase, Gemini, and Kraken will also assist in the release."

Following the announcement, the two major oracle tokens, LINK and PYTH, saw rapid price increases. According to OKX market data, PYTH's 24-hour price surge exceeded 100%, currently trading at $0.22; LINK saw a short-term increase of nearly 5%, currently trading at $24.22. Odaily Planet Daily will provide a brief analysis of these trends below.

The U.S. Department of Commerce takes action again, and the RWA track welcomes a "model case"

As the current head of a key U.S. government department, U.S. Commerce Secretary Howard Lutnick previously played a key role in promoting the U.S. government's establishment of a strategic Bitcoin reserve. With the assistance of U.S. Treasury Secretary Scott Bessent and Task Force Executive Director Bo Hines, Trump officially signed an executive order in early March urging the U.S. Treasury to establish a strategic Bitcoin reserve.

Judging from Howard Lutnick's previous public statements and actions, this "macroeconomic data on-chain" initiative is undoubtedly another demonstration of his crypto-friendly attitude. Furthermore, as an essential infrastructure component of the RWA sector, the oracle project's official partnership with the U.S. Department of Commerce may become a milestone in the rapid development of the RWA sector.

The U.S. Department of Commerce is testing the waters for data on-chain, and its goal remains to become the "crypto capital."

According to official news from the U.S. Department of Commerce , “Starting with data from July 2025, real gross domestic product (GDP) data will be published on the blockchain. According to the revised estimate released by the U.S. Bureau of Economic Analysis, the annual GDP growth rate in July 2025 is 3.3%. This is the first time that a federal agency has published such economic statistics on the blockchain. It is also a new way for the Department of Commerce to use innovative technologies to protect federal data and promote public use. Through this milestone work, the Department of Commerce hopes to demonstrate the wide range of uses of blockchain technology. It also aims to demonstrate a proof of concept for all government departments and continue to advance the Trump administration’s historic efforts to make the United States the ‘blockchain capital of the world.’”

U.S. Commerce Secretary Howard Lutnick praised the move: “We are making America’s economic truth immutable and globally accessible, thereby historically consolidating our position as a global blockchain hub. And everyone must admit that 3.3% GDP growth is impressive.”

It can be seen that the US Department of Commerce has two intentions in this move: one is to give full play to the openness and transparency of blockchain technology to enhance the credibility of government data to the outside world; the other is to play a strong demonstration role, that is, to clear the obstacles for more government departments and even related organizations of the US economic system to adopt blockchain technology, thereby further promoting the large-scale adoption of blockchain technology and encryption infrastructure construction.

It seems that macroeconomic data is being put on the chain, but its deeper impact lies in the fact that the RWA track based on the oracle project has ushered in a new round of development opportunities, thereby further promoting the listing of real-world assets on the chain, and ultimately contributing to the US government's ambition of "Crypto Capital".

The publication of the hash value of the relevant data has opened up new possibilities for the subsequent uploading of data and assets to the chain.

The U.S. Department of Commerce released data on-chain hash value information

Macro data on-chain drives more crypto use cases

According to Chainlink's official announcement , the relevant data indicators of the U.S. Department of Commerce include real gross domestic product (GDP), the personal consumption expenditure price index (PCE), and actual final sales to domestic private buyers. This move will bring a series of innovative use cases to the blockchain market, including:

• Automated trading strategies
• Improve the composability of token assets
• Issuing new digital assets
• Building a real-time prediction market for crowdsourced intelligence
• Transparent dashboards powered by immutable data
• DeFi protocol risk management based on macroeconomic factors

Schematic diagram of data on-chain path

In addition, the official Pyth Network article stated: "(After the cooperation with the U.S. Department of Commerce) smart contracts will replace paper contracts, where on-chain data, once verified by Pyth, will be able to ensure the security of real-world transactions, from tokenized securities to new and unimagined innovations."

As a result, new opportunities will emerge in sectors such as DeFi, stock tokenization, on-chain prediction markets, and new data RWA. After all, with the rapid development of AI applications, data has become a vital asset and resource, and will also serve as a key raw material for more crypto projects.

For the U.S. government and the Department of Commerce, this move can also be seen as a key effort to use cryptographic tools to enhance confidence in public information systems. It can be called "a small step towards the large-scale adoption of encryption and a big step towards the security and transparency of public information systems."

In addition, crypto exchanges have also become key partners for the release of on-chain data.

Coinbase, Gemini, and Kraken all participate, covering data on-chain and publishing

It is worth mentioning that the three major US cryptocurrency exchanges, Coinbase, Gemini, and Kraken, also participated in the macro data on-chain this time. According to official statements , they "assisted in the release of the report."

The author speculates that the three major exchanges may assist the U.S. Department of Commerce in handling related crypto transactions. For example, by purchasing cryptocurrencies such as Bitcoin to cover blockchain network fees (such as gas fees or transaction fees), ensuring that macro data is smoothly recorded on the chain; oracle projects such as Chainlink and Pyth Network provide assistance in infrastructure support, result confirmation and subsequent maintenance.

Subsequently, Chainlink, Pyth Network, and others have added a major $2 billion client (the U.S. Department of Commerce); crypto exchanges may also gain access to a range of on-chain data, providing new data sources for subsequent RWA projects. US crypto RWA projects like Ondo Finance and Plume may be poised for a new wave of growth. Despite this, the specific impact of this "macroeconomic data on-chain" initiative has also generated some controversy.

Differences in official statements have caused controversy. Who is right and who is wrong?

The core focus of the dispute lies mainly in the "discrepancy between on-chain records" between Chainlink's official statement and the US Department of Commerce's announcement.

It is understood that the first batch of GDP public chains announced by the U.S. Department of Commerce are: "Bitcoin, Ethereum, Solana, TRON, Avalanche, Arbitrum, Polygon, Optimism, Stellar" and other 9 public chains; and the first batch of GDP public chains announced by Chainlink are: "Arbitrum, Avalanche, Base , Botanix , Ethereum, Linea , Mantle , Optimism, Sonic and ZKsync " and other 10 public chains.

Official information from the U.S. Department of Commerce

Chainlink official announcement

Based on the available information, the US Department of Commerce provided specific blockchain network hash values, while Chainlink emphasized macroeconomic data indicators and specific use cases, without providing corresponding blockchain network information. This information may simply be a potential use case for future collaboration between the two parties. As of press time, the prices of tokens such as Mantle (MNT) and ZKSync (ZK) have not seen significant increases.

In addition, Chainlink officials stated that the relevant data will be updated monthly or quarterly (depending on the situation); while Pyth Network stated that "Pyth will initially provide quarterly GDP releases looking back 5 years, and Pyth contributors are expected to expand this program to support a wider range of economic data sets." It is not clear whether there are any differences in the content of the cooperation between the two parties and the US Department of Commerce.

In any case, the on-chain macroeconomic data has stimulated the prices of tokens such as LINK and PYTH in the short term. As to whether it can bring greater positive stimulus to projects such as ONDO and PLUME, it may still take time to verify.