XRP is set to witness greater exposure 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 address the growing demand from different platforms. This development is expected to further bolster XRP’s exposure by allowing numerous platforms access to real-time XRP price data.
Pyth Network revealed the move in a recent tweet. Per the disclosure, the Oracle solution has made the XRP/USD price feed available on up to 20 blockchains at the reporting time. 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 payment network XRPL
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 provides real-time, high-quality data feeds to decentralized applications (dApps) and smart contracts. The platform aggregates and validates data from various sources, including traditional financial institutions, and provides this data on-chain for developers.
How Does The Recent Development Affect XRP?
Price feeds are crucial 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 enhance the transparency and trustworthiness of applications that utilize XRP’s price for various purposes, such as trading, lending, or portfolio management.
By integrating with Pyth Network, developers and platforms can leverage the XRP price feed to create or enhance new applications. This integration can increase the visibility and usage of XRP within the decentralized finance (DeFi) ecosystem, attracting more users, investors, and developers to the XRP market.
Notably, the XRP/USD price feed will join the numerous existing price feeds hosted by Pyth Network, including feeds of crypto assets, foreign exchange currencies, equities, 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.