LINK Surges Over 20%: Chainlink Collaborates with DTCC and Major Banks to Successfully Integrate Fund Data onto the Blockchain

The Depository Trust & Clearing Corporation (DTCC), one of the world’s largest clearing systems, has collaborated with leading oracle provider Chainlink and 10 major financial institutions including JPMorgan Chase to successfully complete a pilot project called Smart NAV, aimed at promoting the tokenization of traditional financial funds.
The Smart NAV pilot project expands DTCC’s Mutual Fund Profile Service I (MFPS I*) onto the blockchain, which is a financial industry standard for transmitting net asset value (NAV) data, including price and interest rate data, related to mutual funds. According to DTCC’s announcement, the pilot results showed:
(Note: MFPS I, provided by DTCC, is a service specifically designed to facilitate the efficient management and communication of mutual fund data, including price and interest rate data.)
Through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the Smart NAV project enables the cross-chain transmission of NAV data. DTCC not only serves as the data provider but also manages the on-chain solution for storing the data, while Chainlink’s CCIP acts as the interoperability layer to ensure the cross-chain transmission of NAV data.
The pilot report highlights the following achievements of the Smart NAV pilot project:
– Verification Model: A model was established for user interfaces and applications that utilize blockchain data.
– Automated Data Management: Dynamic data management throughout the asset lifecycle was achieved through smart contracts.
– Prevention of Future Fragmentation: A model was promoted to prevent future fragmentation by utilizing Chainlink’s CCIP.
– Limitation of Impact on Existing Market Practices: Customers are able to operate through their existing channels.
– Retrieval of Historical Price and Interest Rate Data: Customers can retrieve historical price and interest rate data without manual recording.
– Simplified Downstream Data Delivery: Downstream delivery of price and interest rate data was simplified through a new interface.
– Provision of API Solutions: API solutions were provided for customers to receive price and interest rate data.
Based on these findings, DTCC believes there is an opportunity to expand the scope of the pilot and explore how the technologies used in the pilot can support more application scenarios and be extended to more blockchains.
The 10 U.S. financial institutions participating in the pilot project include American Century Investments, The Bank of New York Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan Chase, MFS Investment Management, Mid-Atlantic Trust Company, State Street Bank, and U.S. Bank.
Encouraged by this news, the native token of Chainlink, $LINK, has experienced a significant increase in value. According to CoinGecko data, $LINK has surged over 20% in the past 24 hours, making it the highest gainer among the top 100 cryptocurrencies. At the time of writing, it is trading at $16.46, ranking 17th on the cryptocurrency market cap list.
Furthermore, sentiment analysis platform Santiment has reported that the number of whale users holding over 100,000 $LINK tokens has reached 564, representing a 4.6% increase in just 5 weeks.


LINK Price Trend Chart


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