Ripple has announced the adoption of Chainlink standards to obtain high-quality price data on the Ethereum blockchain, allowing DeFi applications to secure transparent asset pricing.
Ripple's Innovations
Ripple decided to adopt the Chainlink standard to enhance RippleUSD utility and access in DeFi. The decision was made due to Chainlink's provision of quality data, secure node operators, and a high level of decentralization.
Benefits of Using Chainlink
Chainlink's system operates through a decentralized network of oracles, gathering and verifying data from trusted sources such as cryptocurrency exchanges. This system verifies and averages the data, determining the final price for smart contracts.
Market Situation
Recently, RLUSD recorded unusually high volume on the Bullish exchange, attracting attention within the XRP community. According to CoinGecko data, RLUSD has a market cap of $71.5 million at press time. Meanwhile, Chainlink (LINK) is down more than 7% over the past 24 hours.
The adoption of Chainlink standards reaffirms Ripple's commitment to enhancing transparency and security in the DeFi space despite current market fluctuations.