Ripple has adopted the Chainlink standard to obtain high-quality pricing data on the Ethereum blockchain, according to a Tuesday announcement.
This will make it possible for decentralized finance (DeFi) applications to get the latest asset prices transparently and securely.
After considering various solutions, Ripple claims that it decided to stick with Chainlink's price feeds due to high-quality data, secure node operators, a robust reputation framework and a high level of decentralization.
Chainlink operates via a decentralized network of oracles that fetch and verify data from various trusted sources such as cryptocurrency exchanges.
Alex DovbnyaThe system verifies and averages the data, it determines the final price that gets sent to a smart contract. Other smart contracts can query price feed contracts to be able to get the latest price feed data. Such interactions are crucial for various decentralized finance (DeFi) applications.
As reported by U.Today, Ripple's enterprise stablecoin was launched in December to a lot of fanfare.
Recently, RLUSD recorded an abnormally high volume on the Bullish exchange, raising some eyebrows within the XRP community.
According to data provided by CoinGecko, RLUSD has a market cap of $71.5 million at press time.
In the meantime, Chainlink (LINK), the native token of the Chainlink network, is down more than 7% over the past 24 hours despite the Ripple announcement.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov