Depository Trust & Clearing Corporation (DTCC) has released the findings of its Smart NAV pilot, which examined expanding the Mutual Fund Profile Service to leverage distributed ledger technology for data dissemination and consumption. The news led to a huge rise in Chainlink (LINK). 30% over the past 48 hours, trading at $16.71 from a low of $12.8 on May 15, as the DTCC concluded That,
“an opportunity for on-chain price and tariff data that can serve as a key factor in exploring new initiatives.”
The Smart NAV pilot aimed to leverage DTCC’s digital asset capabilities and Chainlink’s technology for cross-chain interoperability and blockchain abstraction. This initiative was part of DTCC’s broader efforts to support the financial industry’s exploration of digital assets in financial services.
DTCC is a post-trade financial services company that provides clearing, settlement and information services for a variety of securities, including equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives
The pilot focused on the industry’s increased interest in mutual fund tokenization and the need for on-chain price and fee data. By taking a chain-agnostic approach, DTCC sought to enable the distribution of Net Asset Value (NAV) data across multiple blockchains, enabling new use cases.
The Smart NAV pilot included the expansion of DTCC’s Mutual Fund Profile Service I (MFPS I), the industry standard for transmitting NAV data. Ten market participants and Chainlink collaborated, focusing on the feasibility and value of delivering a DLT-based price and rate dissemination solution. This initiative aimed to embed fundamental data into various on-chain use cases, such as tokenized funds and bulk consumer smart contracts, to support future industry exploration.
The pilot demonstrated that structured data delivery in the chain and established roles and processes can improve numerous downstream use cases. These include portfolio applications for brokerage and other business workflows, which benefit from real-time, automated data dissemination and access to historical data.
Smart NAV’s core capability revolves around making trusted, verifiable data available on any blockchain network to support its use in business processes. DTCC served as the data provider and administrator of the on-chain solution, while Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enabled interoperability. The success of the pilot suggests the potential for broader applications beyond the distribution of price and tariff data across more blockchains.
Chainlink Market Data
At the time of printing 14:09 UTC in May. 17, 2024Chainlink is number 15 in terms of market capitalization and so is its price upwards 20.34% in the last 24 hours. Chainlink has a market capitalization of $9.73 billion with a 24-hour trading volume of $1.28 billion. Learn more about Chainlink ›
Summary of the crypto market
At the time of printing 14:09 UTC in May. 17, 2024the total crypto market is valued at € $2.41 trillion with a 24-hour volume of $78.19 billion. Bitcoin’s dominance currently stands at 54.19%. Learn more about the crypto market ›