Altcoins
Chainlink rises 14% and decouples from Altcoins after tokenization pilot with DTCC
Chainlink’s Smart NAV pilot program with DTCC saw participation from banking giants like BNY Mellon, State Street, and JPMorgan.
DTCC said its Smart NAV driver with Chainlink could be integrated into a multitude of on-chain use cases.
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Posted May 17, 2024 at 1:25 AM EST.
Blockchain oracle Chainlink’s native token LINK has surged 14% in the past 24 hours, decoupling from the broader altcoin market which has seen mostly negative price action across the board.
According to data According to crypto market news platform Santiment, Chainlink whale wallets have seen a 4.6% increase over the past five weeks, while LINK has seen increasing social dominance.
Price momentum comes after Chainlink sharing the results of its Smart NAV industry pilot project with the Depository Trust and Clearing Corporation (DTCC) – the world’s largest settlement and infrastructure company processing $2 trillion annually.
The Smart NAV pilot explored an industry standard for transmitting pricing and pricing data as a solution that could support experimentation in the asset management space. The main use case was in the area of fund tokenization, which a number of large institutional investors, including BlackRock, have recently delved into.
The pilot saw participation from American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan and US Bank. Chainlink’s Cross Chain Interoperability Protocol (CCIP) served as a blockchain interoperability standard to address the problem of market fragmentation by providing a secure abstraction layer between DTCC and blockchains.
“Based on these results, we see an opportunity to potentially expand the scope of the pilot to explore how the technical capability leveraged in the pilot could power a broader range of use cases beyond the delivery of data on prices and tariffs and on a larger number of people. blockchains, » said the DTCC in a press release.