Recently, Chainlink (LINK), one of the leading cryptocurrencies, has skyrocketed in market capitalization while most other altcoins are experiencing a downturn. Its market capitalization surged to 18.76% in the past 24 hours, a wide deviation from the rest of the altcoins. Meanwhile, data from Santiment shows that the number of Chainlink whales holding more than 100,000 $LINK tokens has grown significantly, marking 4.6% gains in just five weeks up to 564 holders.
At the time of writing, Chainlink is trading at $16.52, with trade volumes of $1 billion over the last 24 hours, indicating an impressive surge of 235.18%. The coin has rallied 14.99% in the last week and right now, it’s ranked at 15 on CoinMarketCap, with a strong market cap of around $9 billion.
DTCC and Chainlink Collaboration
The recent news related to the Depository Trust and Clearing Corporation (DTCC) and its pilot involvement with Chainlink is one of the major reasons for the increase in value seen on Chainlink. The initiative, in partnership with several leading banking institutions in the United States, seeks to enable traditional finance funds to tokenization by leveraging blockchain-based services.
According to the report, the Smart NAV pilot leveraged Chainlink’s superior advanced platform for cross-chain interoperability and blockchain abstraction. The partnership underscores DTCC’s commitment to exploring how digital assets can be applied within the financial services space. Using a ‘chain-agnostic’ approach, the pilot aimed at making it possible to share Net Asset Value (NAV) data on a variety of blockchain networks and establish new pathways for the industry.
The Smart NAV pilot showed the feasibility and industry value gained through DLT-based solutions for price and rate dissemination. By delivering structured data on-chain and setting up standard roles and processes, the pilot laid the foundation for many on-chain use cases, including tokenized funds and smart contracts catering to multiple funds.
Given the promising results of the pilot, the work has the potential for considerable expansion to look into a wider range of use cases and blockchain networks. Such capabilities, as shown by the pilot, open up a lot of potential for driving several elements in the space of financial services toward much more streamlined and efficient operational processes.
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