Ripple’s RLUSD Now Relies on Chainlink Price Feeds

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According to a recent announcement, Ripple has chosen to adopt the Chainlink standard to acquire reliable pricing information from the Ethereum blockchain, enhancing their data quality.

With this, decentralized finance (DeFi) apps can securely and transparently access up-to-date asset prices in real time.

As a crypto investor, I find myself drawn to the reliability and security offered by Chainlink’s price feeds. Ripple, in its wise decision-making process, has chosen to partner with them due to their high-quality data sources, secure node operators, robust reputation system, and strong commitment to decentralization. This level of decentralization ensures that no single entity can control the network, providing a sense of assurance and trustworthiness.

Chainlink functions through a decentralized system of oracles, which gather and authenticate information from multiple reliable resources like cryptocurrency trading platforms.

In simpler terms, the system checks and calculates the average of all data, then decides on the final cost to be sent to a smart contract. Other smart contracts can ask these price feed contracts for the most recent data to use in their operations. These interactions are essential for numerous Decentralized Finance (DeFi) applications.

According to U.Today, the enterprise stablecoin from Ripple was unveiled with much excitement in December.

Lately, a significant surge in buying activity on the Bullish exchange related to Ripple (XRP) has caught the attention of XRP enthusiasts, causing a stir in the community.

According to data provided by CoinGecko, RLUSD has a market cap of $71.5 million at press time. 

Even though there was a Ripple announcement recently, Chainlink’s native token, LINK, has dropped by over 7% in the last 24 hours instead.

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2025-01-07 18:20