Chainlink Surges 30% Amid Major Blockchain Innovations

By: Eva Baxter

Depository Trust & Clearing Corporation (DTCC) has unveiled groundbreaking results from its Smart NAV pilot, which aimed to utilize distributed ledger technology for the dissemination and consumption of mutual fund data. This revelation has led to a significant surge of 30% in Chainlink (LINK)'s value, now trading at $16.71 up from $12.8. DTCC's initiative assessed the potential for on-chain price and rate data to enable new financial services explorations.

The Smart NAV pilot pursued the integration of DTCC's digital asset capabilities with Chainlink's technology to foster cross-chain interoperability. This aligns with DTCC's broader strategy to explore digital asset applications in financial services. The pilot specifically targeted the rising industry interest in mutual fund tokenization and the need for reliable on-chain data delivery.

The collaboration involved extending DTCC's Mutual Fund Profile Service I, the industry standard for NAV data transmission, and engaging 10 market participants along with Chainlink. The pilot demonstrated how on-chain structured data delivery could be transformative for various use cases, including tokenized funds and automated smart contracts.

As the data provider and governor of the on-chain solution, DTCC, with Chainlink's Cross-Chain Interoperability Protocol (CCIP), illustrated the viability of a distributed ledger-based solution for NAV data. This success opens up possibilities for broader applications, enhancing business processes with real-time and historical data dissemination.