Ripple Chooses Chainlink to Boost DeFi Pricing on Ethereum 

• Ripple integrates Chainlink’s decentralized oracles for Ethereum-based DeFi pricing, ensuring secure and transparent data for applications. 
• RLUSD stablecoin leverages Chainlink price feeds, enhancing reliability in asset pricing for Ripple’s growing ecosystem. 
• Ripple is guaranteed robust data sources and decentralised technology from Chainlink which enhances its DeFi direction. 

The cryptocurrency company Ripple is now using Chainlink’s pricing standard to improve decentralized finance (DeFi) capabilities on Ethereum. The operated solution will allow the RLUSD, Ripple’s enterprise stablecoin, as well as more applications to receive reliable and transparent asset prices for DeFi consumers. According to Tuesday’s Announcement.

A Strategic Decision Based on Reliability 

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 framework. Moreover, Chainlink’s decentralized network provides Ripple with the decentralization necessary to maintain transparency and security. 

Chainlink’s decentralized network of oracles gathers and verifies data from trusted sources, including major cryptocurrency exchanges. The system processes this data, averages the values, and determines final pricing for smart contracts. Other contracts can query Chainlink’s feeds, allowing DeFi platforms to access accurate pricing crucial for operations like lending, trading, and liquidity management. 

Ripple’s RLUSD Leverages Chainlink Feeds

Ripple’s RLUSD stablecoin, launched in December, now relies on Chainlink’s price feeds for real-time updates. This ensures accurate pricing data essential for supporting Ripple’s growing ecosystem. RLUSD recently experienced an unusually high trading volume on the Bullish exchange, attracting attention from the XRP community. 

Despite the announcement, Chainlink’s native token, LINK, faced a 7% decline in the past 24 hours. Meanwhile, RLUSD continues to show robust performance, with its market capitalization reaching $71.5 million. Ripple’s partnership with Chainlink underscores its commitment to advancing DeFi capabilities by utilizing reliable and decentralized pricing solutions.