Tradeweb pushing iNAVs onchain gives any DeFi protocol access to real-time intraday ETF valuations — pricing data Bloomberg charges six figures/year for. 120+ institutional publishers were already on the network before this marketplace launch, and now the U.S. Department of Commerce and Kalshi are feeding economic indicators and event contracts into the same pipes. Pyth stopped being an oracle somewhere along the way — this is a data distribution layer competing with Refinitiv and ICE, except integration takes an API call instead of a six-month enterprise sales cycle.

Top comment by @Benthic