Avalanche’s Spruce Subnet Enables Successful Tokenization of Private Equity Funds
Citi, in collaboration with Wellington Management and WisdomTree, has utilized Avalanche’s Spruce Subnet to explore the tokenization of private equity funds. The goal of this experiment was to assess the potential of Avalanche’s network in re-architecting capital markets and improving financial services. The increasing interest in Avalanche at both institutional and individual levels has resulted in a significant increase in the value of its currency over the past year.
Avalanche’s Durango Upgrade Enhances Developer Experience
Avalanche recently deployed the pre-release code for its Durango upgrade on the Fuji Testnet. This upgrade brings several improvements, including cross-chain messaging, staking enhancements, and better error handling. These enhancements aim to enhance the developer experience on the platform.
Avalanche’s AVAX Token Gains Over 134% in Value
The AVAX token of Avalanche has experienced a significant increase in value, with a gain of over 134% in the past year. This growth can be attributed to institutions exploring the use of Avalanche to reimagine financial services.
Empire State Building Launches NFT Loyalty Program on Avalanche
The Empire State Building has launched an NFT loyalty program on Avalanche. The program issues digital collectibles that unlock rewards such as tickets and exclusive event access for visitors. Avalanche was chosen for this loyalty program due to its enterprise scalability, speed, and ability to manage a large number of users.
Exploring Tokenization in Financial Markets
Citi conducted an experiment on Avalanche’s Spruce testnet to explore tokenization in financial markets. The testnet is specifically designed for financial enterprises and addresses issues such as lack of transparency, automation, and standardization in the market. Citi successfully tokenized a private equity fund on the distributed ledger, demonstrating the potential for greater automation, data, and operating models.
Avalanche’s Durango Upgrade Enhances Platform Functionality
Avalanche’s Durango upgrade has gone live on the Fuji testnet, implementing key proposals to improve platform functionality. The upgrade introduces native transfers to the Platform Chain, allowing for more efficient and secure asset management. It also enables subnet ownership transfers and integrates Avalanche Warp Messaging into the Ethereum Virtual Machine, facilitating cross-chain communication.
Empire State Launches NFT Loyalty Program on Avalanche
The Empire State Building has partnered with Uptop to launch an NFT loyalty program on Avalanche. This program aims to reward visitors to the iconic building with digital collectibles that unlock various benefits. Avalanche was chosen for its scalability and ability to support a large number of users.
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