CandleFocus XRPL Price Oracle Launch Enhances Institutional DeFi Capabilities on XRP Ledger
2024-11-04
Author: Content Editor
RippleX has introduced an update to the XRP Ledger that includes the XRPL oracle pricing amendment. This update integrates the Price Oracle feature, allowing XRP Ledger-based smart contracts to access real-time pricing data on external assets securely. By integrating external data sources from Band Protocol and DIA, XRPL's native oracles can now offer up-to-the-minute market prices. This enhances the XRP Ledger's appeal for institutional DeFi by supporting key DeFi operations like automated market makers and lending protocols. The update also enables decentralized exchanges and other DeFi applications to leverage the latest market prices, aligning XRPL with institutional DeFi standards. The price oracle brings new applications to XRPL, including lending protocols and support for Ethereum-based smart contracts through the upcoming XRPL EVM Sidechain. However, precautions need to be taken to address risks associated with over-reliance on external data sources.
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