Polymesh Token Surges 69% Following Launch of New Private Blockchain
The native token of a crypto project focused on real-world asset (RWA) tokenization has experienced a significant surge in value, increasing by 69% over the past week. Polymesh (POLYX) is a public blockchain designed specifically for RWA tokenization. Currently trading at $0.415, the tokenโs price has risen from $0.245 just one week ago.
Despite being ranked 192nd by market capitalization, POLYX has seen a 7% increase in value over the past 24 hours.
Rollout of Polymesh Private
On Monday, Polymesh announced the launch of Polymesh Private, a confidential version of its public permissioned blockchain network. This new private permissioned network allows companies to utilize its features before migrating to the public network when they are ready.
Graeme Moore, head of tokenization at the Polymesh Association, emphasized that the new private blockchain will offer โseamless public migrationโ for banks and large financial institutions that primarily engage in RWA tokenization on private blockchains. Additionally, this migration ensures a future-proof technology stack for these players.
POLYX Performance and Use Cases
With its recent gains, POLYX is now only down 16% from its all-time high of $0.494, which was achieved in October 2022. The token serves various purposes within the Polymesh network:
- Staking
- Governance
- Transaction payments
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Hot Take: Polymesh Token Surges Amid Launch of Private Blockchain
The native token of the Polymesh project has experienced a significant surge in value following the introduction of its new private blockchain network. This development provides companies with the opportunity to utilize Polymeshโs features privately before migrating to the public network. With a strong focus on real-world asset tokenization, Polymesh aims to meet the needs of banks and large financial institutions while offering a future-proof technology stack. As POLYX continues its upward trajectory, it is inching closer to its all-time high achieved in October 2022.
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