The cryptocurrency company Ripple is integrating Chainlink’s pricing standard to enhance decentralized finance (DeFi) capabilities on the Ethereum platform. This solution will enable Ripple to provide reliable and transparent asset pricing data for its applications.
Ripple's Strategic Decision
Ripple evaluated several pricing solutions before settling on Chainlink. The decision was driven by the platform's secure node operations, high-quality data sources, and a robust reputation. Chainlink's decentralized network provides the transparency and security necessary for Ripple.
Impact on RLUSD Stablecoin
Ripple's RLUSD stablecoin, launched in December, now relies on Chainlink’s price feeds for real-time updates. This ensures accurate pricing, essential for supporting Ripple’s growing ecosystem. RLUSD recently garnered attention from the XRP community due to high trading volumes on the Bullish exchange.
Chainlink’s Role in Ripple’s DeFi Development
Chainlink gathers and verifies data from trusted sources, including major cryptocurrency exchanges, providing distributed price feeds. This allows DeFi platforms to access accurate data for operations like lending, trading, and liquidity management. Ripple's partnership with Chainlink emphasizes its commitment to advancing DeFi with reliable decentralized solutions.
Ripple’s integration with Chainlink strengthens its position in decentralized finance, ensuring high transparency and data security. This collaboration highlights the importance of leveraging cutting-edge technology to achieve accuracy and reliability.
