Blockchain
XRP is expected to gain more prominence following Pyth Network’s recent decision to release the XRP/USD price feed for DeFi protocols.
Pyth Network, a Solana-based decentralized oracle solution, has announced the release of an XRP price feed to meet growing demand from various platforms. This development is expected to further bolster XRP’s exposure by giving numerous platforms access to real-time XRP price data.
Pyth Network revealed the move in a recent tweet. According to the disclosure, the Oracle solution has made the XRP/USD price feed available on up to 20 blockchains at the time of reporting. This essentially means that smart contracts on these blockchains can now access the live price of XRP in US dollars.
The Pyth Network is excited to release its XRP/USD price feed 🔮 $XRP is the native token of the XRPL payment network
The Pyth XRP/USD price feed is now available on 20 blockchains ⛓️ pic.twitter.com/iISsloZxVw
— Pyth Network 🔮 (@PythNetwork) May 23, 2023
For the uninitiated, Pyth Network is an Oracle solution that delivers real-time, high-quality data feeds to decentralized applications (dApps) and smart contracts. The platform collects and validates data from various sources, including traditional financial institutions, and delivers this data on-chain to developers.
How does the recent development affect XRP?
Pricing feeds are critical for decentralized applications that rely on accurate and up-to-date pricing information. Having a reliable and decentralized XRP price feed from Pyth Network would increase the transparency and reliability of applications using the price of XRP for various purposes such as trading, lending or portfolio management.
Integrating with Pyth Network allows developers and platforms to leverage the XRP price feed to create or improve new applications. This integration can increase the visibility and use of XRP within the decentralized finance (DeFi) ecosystem, drawing more users, investors, and developers to the XRP market.
In particular, the XRP/USD price feed will join the many existing ones price feeds hosted by Pyth Network, including feeds of crypto assets, currencies, stocks and conventional commodities. It is important to note that the XRP/USD price feed is already hosted on numerous other Oracle solutions, including Binance Oracle.
