Ripple and Chainlink Collaborate to Boost DeFi
Ripple is intensifying its ambitions in the decentralized finance (DeFi) space with support from Chainlink's leading oracle network. Ripple's stablecoin #RLUSD is designed to maintain a 1:1 ratio with the USD and will leverage Chainlink's technology to provide transparent and tamper-proof price data for DeFi applications.
Why RLUSD Can Change the Game?
Ripple has made its mark with over $18 trillion in transaction value in the traditional financial market. With the integration of #Chainlink , RLUSD has strong potential for expansion in applications like trading, lending, and other financial services in the DeFi ecosystem.
• Reliable price data: Chainlink uses information from hundreds of exchanges, filtering out manipulation attempts and ensuring transparency.
• Sustainable infrastructure: Chainlink's trusted monitoring and assessment system allows users to verify the performance of network nodes, meeting the risk management needs of organizations.
• Increasing trust in stablecoins: According to Mr. Jack McDonald, Senior Vice President of Ripple, stability and transparency are key factors for RLUSD to build trust in decentralized markets.
RLUSD: The Bridge Connecting Tradition and DeFi
Launched in December 2023, RLUSD operates on both the XRP Ledger and Ethereum blockchain, providing high compatibility with DeFi applications. This stablecoin not only aims for strict regulatory compliance but also has the potential for integration into other decentralized applications, creating the “composability” that financial institutions highly value.
DeFi for the Future
Johann Eid, Business Director at Chainlink Labs, believes that access to high-quality on-chain data will accelerate the adoption of stablecoins. The partnership between $XRP and Chainlink could open a new chapter for large-scale DeFi adoption, especially in the context of growing demand for stablecoins.
The Importance of Partnerships
The combination of Ripple and Chainlink is not only a technological advancement but also marks an important milestone for the development of DeFi. With RLUSD, Ripple is demonstrating its ambition to dominate the DeFi market, particularly in the financial services sector for large organizations.
Ripple and $LINK have created a reliable bridge, bringing significant value not only to the decentralized financial market but also to organizations seeking a modern, transparent, and more efficient financial system.