The price of Chainlink’s LINK token skyrocketed by over 16% in the last 24 hours, according to CoinMarketCap data. This surge comes on the heels of a successful pilot project completed by Chainlink alongside the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system.
The project, dubbed Smart NAV, aimed to establish a standardized way to deliver net asset value (NAV) data for investment funds onto various blockchains. This data delivery would be facilitated by Chainlink’s interoperability protocol, CCIP. Major US financial institutions including JPMorgan, Franklin Templeton, and BNY Mellon participated in the pilot.
The DTCC report concluded that the project successfully demonstrated the potential of on-chain data delivery and standardized processes for various blockchain applications, including tokenized funds and smart contracts managing multiple funds.
News of the pilot’s success initially pushed the LINK token price up by over 7%, reaching $15 for the first time since early May. This positive momentum continued, with LINK ultimately exceeding $16, a 16.11% increase in a single day. Trading volume also ballooned by a staggering 235%, surpassing 1 billion.
