- Chainlink’s market cap surged 14%, with 564 whales holding 100K+ LINK
- The Smart NAV pilot by DTCC and major banks advances fund tokenization via Chainlink’s CCIP.
- Tokenization gains traction as giants like BlackRock and HSBC seek efficiency and transparency benefits.
Chainlink’s market cap has surged by 14% in the past eight hours. As highlighted by Santiment, a top analytic firm, the number of whales holding over 100K+ LINK has grown by 4.6% over the past five weeks, reaching a total of 564. At press time, the live price for Chainlink is $15.81, and its 24-hour trading volume amounts to $951,501,094. This reflects a notable 13.33% increase within the past 24 hours.
The recent uptrend in Chainlink’s market performance aligns with the successful completion of a pilot project by the Depository Trust and Clearing Corporation (DTCC). This project, known as Smart NAV, involved multiple major U.S. financial institutions.
It aimed to establish a standardized process for bringing and disseminating net asset value (NAV) data of funds across various blockchains using Chainlink’s interoperability protocol, CCIP. This development signifies a crucial step towards the tokenization of funds, leveraging blockchain technology for operational efficiencies and increased transparency.
Participants in the Smart NAV pilot included prominent financial entities such as American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank. The DTCC’s report highlighted that the pilot demonstrated the feasibility of delivering structured data on-chain.
Consequently, it established standard roles and processes that can embed foundational data into numerous on-chain use cases, including tokenized funds and ‘bulk consumer’ smart contracts, which manage data for multiple funds.
The DTCC’s attainment of this milestone signifies a significant step toward greater acceptance of blockchain technology in the financial sector. This achievement has spurred increased momentum in the movement to tokenize tangible assets such as bonds and funds.
