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Here’s Why XRP Could be the Biggest Winner as The Root Network Scores Multiple Listings
November 22, 2023
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XRP could benefit tremendously, as the Root Network (ROOT) goes live for trading on multiple crypto exchanges, including KuCoin, Bybit, Bitget, and Gate.io.

The Root Network announced the multiple listings on Tuesday. However, the time the token went live on each platform differs. While the token started trading on KuCoin at 00:00 PT, Bybit, Bitget, and Gate all listed ROOT at 14:00 PT (23:00 NZT).

The listing on KuCoin in particular marked a lot of difference as ROOT ranked as the best performing asset on the exchange. Per the data shared, ROOT price soared as high as 627% to $0.030288 following the listing.

The Root Network and XRP Ties

Exchange listings are considered an important aspect of any crypto project’s life cycle as they underscore the recognition of its use cases and broaden the accessibilities to the project. 

The proposed listing of ROOT highlights the same sentiments, as the recent development has just placed the protocol’s potentials on a hill for everyone to see.

The Root Network’s design as a central hub targets the “open metaverse.” The protocol is the brainchild of the Futureverse team.

The Root Network is essentially a “Modular Development Toolkit” through which users can experience a “scalable, secure, and interconnected experience.” To properly serve its users, The Root Network maintains an integration with the XRPL and also has EVM compatibilities. 

One unique feature of The Root Network is its close ties to XRP. It is worth noting that the protocol has integrated XRP as its gas token according to the protocol’s Whitepaper

This is particularly a unique push seeing XRP will remain the key beneficiary of the majority of network transactions that will flow to The Root Network following the listing on exchanges.

XRP Fulfilling its Mission

XRP as a digital currency aims to power a broad range of transactions riding on its speed and low cost. The choice of XRP as a gas token by The Root Network underscores the role of the Ripple-backed cryptocurrency in driving more mainstream adoption of the asset.

The role XRP is playing in The Root Network remains one of the key expressions of the argument of Ripple Labs in its lawsuit with the US SEC – that XRP is a utility token and not an investment contract.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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💳 PayPal: 
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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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