Chainlink’s Soaring Success in Fund Tokenization Pilot
Decentralized oracle network Chainlink (LINK) is on a meteoric rise following a successful fund tokenization pilot with the Depository Trust and Clearing Corporation (DTCC).
The DTCC’s Innovative Smart NAV Pilot Program
A recent press release unveiled the DTCC’s cutting-edge pilot program, Smart NAV, which harnesses the firm’s digital asset capabilities and Chainlink’s data feeding and interoperability services.
- Smart NAV aims to provide verified, trusted data on blockchain networks for business workflows.
- The DTCC acts as the data provider and regulator of the on-chain storage solution, while Chainlink’s CCIP serves as the interoperability layer.
LINK’s Surge Post-Partnership
Following the announcement of the collaboration, LINK experienced a significant surge in value, jumping from a 24-hour low of $13.84 to $16.11, marking a 16.4% increase.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP)
Chainlink’s CCIP enables secure and efficient token transfers across various blockchains, supporting token minting and burning processes.
- CCIP expedites token transfers between chains, reducing development time significantly.
- The protocol provides audited token pool contracts to handle token complexity across different chains.
DTCC: A Brief Overview
Established in 1999, the DTCC is a post-trade financial services provider offering settlement services for markets.
Hot Take on Chainlink’s Triumph
Chainlink’s remarkable success in completing a fund tokenization pilot demonstrates its pivotal role in enabling secure and efficient data transfer in the blockchain ecosystem.
Featured Image: Shutterstock/David Sandron/Vit-Mar
Source: DTCC Press Release
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