Last week, an altcoin project focused on real-world asset (RWA) tokenization achieved remarkable success. This project, called Polymesh (POLYX), is a public blockchain platform designed specifically for RWA tokenization. POLYX, the native token of the project, has gained significant momentum in the last week, experiencing a 69% increase in its value. POLYX, which was traded at $0.245 a week ago, is currently traded at $0.415.
This rapid rise of POLYX has created great interest and excitement in the cryptocurrency world. POLYX, the 192nd ranked crypto asset by market capitalization, exceeded investors’ expectations with a 7% increase in the last 24 hours. Behind this increase is a major development that the project team announced on Monday.
On Monday, the project team announced the launch of Polymesh Private, a new version of Polymesh. This new version offers a private version of the network’s public permissioned blockchain.
The altcoin team stated that companies can use the new private permissioned network and move to the public network when it is ready. Graeme Moore, head of tokenization at the Polymesh Association, said the new private blockchain will offer “seamless public migration.”
These features offered by Polymesh create great appeal for institutional players and increase the value of the crypto asset POLYX. With the launch of the new private blockchain version, a solid foundation appears to have been laid for the long-term success of the Polymesh project.
Following this week’s gains, POLYX is trading just 16% behind its all-time high of $0.494 set in October 2022.
The token is used for staking, governance and transaction payments on the network.
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