Chainlink The price of (LINK) rose 20.15% over the past 24 hours to $16.71 following news of a successful pilot program involving major US financial institutions. LINK’s 24-hour trading volume also increased by 217.92%, reaching 1.13 billion dollars. This significant price increase follows the completion of a pilot project by the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, in collaboration with blockchain oracle Chainlink and several leading financial institutions in the United States.
DTCC’s initiative called Smart NAV aims to accelerate the tokenization of funds by creating a standardized process for fetching and disseminating net asset value (NAV) data across various blockchain networks using Chainlink’s CCIP interoperability protocol, according to a report published Thursday. Leading financial institutions such as American Century Investments, JPMorgan, BNY Mellon, Franklin Templeton, Edward Jones, Invesco, MFS Investment Management, State Street, Mid Atlantic Trust and US Bank participated in the pilot project.
Enabling Trusted Data Across Multiple Networks
The primary goal of Smart NAV was to ensure that reliable and verifiable data required for workflows was accessible across multiple blockchain networks. DTCC acted as the data provider and administrator of the on-chain solution that stored that data, while Chainlink’s CCIP served as the critical interoperability layer. The capabilities discovered during the pilot are expected to be applicable across a wide range of use cases, potentially improving operational processes across industries.
This successful implementation has sparked discussions about expanding the scope of the pilot to explore additional use cases beyond data distribution, potentially to include a larger number of blockchain networks. Meanwhile, the rise in LINK’s price reflects investors’ confidence in the potential wider adoption of blockchain technology in the financial sector. The developments have underlined the growing importance of blockchain oracles and interoperability protocols in facilitating efficient and secure data exchange between decentralized networks.
