Avalanche and NEAR Surge Amid Tech Advances and Partnerships

The cryptocurrency market is witnessing a significant shift, with Avalanche (AVAX) and Near Protocol (NEAR) leading the charge. AVAX has seen a remarkable 24.3% rise, a direct result of JP Morgan’s adoption of its blockchain for Project Guardian. On the other hand, NEAR is gaining momentum from positive developments at the Nearcon conference.

Avalanche’s performance is notably impressive as it jumped by over 24% following JP Morgan’s announcement. This move signifies a major endorsement for AVAX, as JP Morgan’s Onyx platform leverages it for asset management automation. Consequently, AVAX’s price soared, showing a 6.31%, currently trading at $23.82.

$AVAX has been outperforming alternative layer-1s over the past couple of days, jumping 24.3% after JP Morgan announced that its Onyx blockchain platform is using @avax to automate asset management in an initiative called Project Guardian. pic.twitter.com/vPArE6WS3h
— The Tie (@TheTieIO) November 16, 2023

NEAR, meanwhile, is just a little behind, registering a 5.46% increase and trading at $1.67, buoyed by the rapidly changing crypto sphere. This rise is particularly significant given the broader market’s fluctuating trends, where Bitcoin and Ether have seen declines of 2.88% and 3.88%, respectively, with their prices at $36,369.57 and $1,974.23 at press time.

The collaboration between Onyx by J.P. Morgan and Apollo Global is a game-changer. It’s part of the Monetary Authority of Singapore’s Project Guardian, a significant initiative to revolutionize asset and wealth management. The proof-of-concept demonstrates how blockchain, smart contracts, and tokenization can automate portfolio management. This development is a big step forward, especially in including alternative assets in portfolios.

Historically, alternatives like private equity and real estate have been challenging to trade and manage. However, this initiative could simplify these processes. The Onyx Digital Assets platform is already making strides, processing billions in tokenized assets. It has settled over $950 billion in tokenized treasuries since its launch.

Additionally, NEAR’s partnership with Nym Technologies is a significant development as it enhances the NEAR ecosystem’s privacy and security. The integration of Nym’s mixnet into NEAR will provide robust privacy protections. This is crucial for users engaging with NFTs, DeFi protocols, and dApps. It ensures protection against cyber threats.

AVAX and NEAR are charting new territories in the crypto world, with recent advancements reflecting a growing trend towards the practical application of blockchain technology. Moreover, these developments underscore the increasing importance of privacy and security in the blockchain space. Hence, both AVAX and NEAR are set to play pivotal roles in the evolving digital asset landscape.