Chainlink (LINK) is trading for $15.77 at the time of writing, up 12.9% in the last 24 hours. In the past eight hours alone, its market cap has increased by more than 14%, decoupling from the altcoin pack. There are now more than half a million LINK whales, a 4.6% increase in just over a month. Bullish conditions for Chainlink are ahead unless FOMO takes over.
Why is the LINK price rising today?
The LINK price is rising due to a key development: the Smart NAV industry project launched by DTCC, Chainlink, and ten other leading market participants. DTCC is a conglomerate advancing the centralization, automation, and standardization of processes crucial to digital asset markets’ safety.
The collaboration aims to explore an opportunity for on-chain rate and price data, which can enable new initiatives in mutual fund tokenization.
The Smart NAV pilot project explores an extension of DTCC’s Mutual Fund Profile Service, the industry standard for NAV data (“Price and Rate” data) transfer. DTCC and Chainlink cooperated to assess the value and feasibility of a DLT-based price and rate distribution solution that can support asset management experimentation.
The partners found it was possible to embed foundational data into tokenized funds by creating standard roles and processes. Another blockchain use case is smart contracts holding data for multiple funds. This capability can also power brokerage portfolio applications. Additional advantages include automated, real-time data dissemination and integrated access to historical data.
The Smart NAV project is vital because it makes it possible to deliver trusted, verifiable data on practically all blockchains and support the use of that data in company workflows. DTCC sourced the data and governed the on-chain solution that stores it, while Chainlink’s CCIP functioned as the interoperability layer.
According to our bullish price prediction for Chainlink (LINK), the price is expected to exceed $20, from its current $16.03 price, in the next few weeks if the optimism and excitement surrounding these new developments continue. Notably, LINK’s large transaction volume surged over 190% in just 24 hours following this announcement, according to CoinMarketCap data.
