- Chainlink co-founder highlights the impressive evolution of its platform and the groundbreaking partnerships to power the DeFi and the TradFi sector.
- An analyst has predicted that LINK could hit between $200 and $800 by the end of the cycle.
Co-founder of Chainlink (LINK) Sergey Nazarov has disclosed in a latest X post that the unprecedented breakthrough of Chainlink in the entire Traditional Finance (TradFi) and Decentralized Finance (DeFi) Industry is just the beginning of major advancements in the pipeline.
According to him, the platform has significantly evolved from being just a standard for powering DeFi to recording several active integration works as well as becoming an integral component in the TradeFi and DeFi sectors.
In his submission, Nazarov highlighted that Chainlink has successfully enabled institutions, including central banks, traditional financial system participants, custodian Banks, and financial markets infrastructure, to transact across multiple chains quickly and effortlessly. Fascinatingly, this is done in a secure and compliant manner which Nazarov believes that no standard currently matches.
Responding to the post, an independent researcher identified as “The_Crypto_Oracle” also lauded the incredible evolution of Chainlink as it has become the standard in which tokenized asset transactions are settled globally.
Chainlink and the DTCC Pilot Program
Over the years, Chainlink has sealed several high-profile partnerships with financial institutions across the globe including JP Morgan, UBS, Euroclear, Fidelity International, Wellington Management, Citi, Central Bank of Brazil, etc. Its platform enables financial institutions to develop customized, compliant, and future-proof blockchain applications and tokenized assets. So far, more than $17 trillion in value has been enabled.
⬡ Swift
⬡ Depository Trust and Clearing Corporation (DTCC)
⬡ Euroclear
⬡ Clearstream
⬡ Central Bank of Brazil
⬡ JP Morgan
⬡ State Street
⬡ UBS
⬡ BNY Mellon
⬡ Citi
⬡ BNP Paribas
⬡ Edward Jones
⬡ Franklin Templeton
⬡ Wellington Management
⬡ Invesco
⬡ Fidelity… pic.twitter.com/IXVzfCt3Vz— Chainlink (@chainlink) December 2, 2024
To further improve its delivery in funds tokenization, Chainlink recently launched a pilot program with the world’s largest securities settlement system, Depository Trust and Clearing Corporation (DTCC), alongside major financial institutions in the US.
As we earlier reported, the project dubbed Smart NAV is meant to establish a standardized process to bring the net asset value (NAV) data of funds across private or public blockchains via Chainlink’s interoperability protocol CCIP. Some of the known participants of this project include “American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank.”
The data meant to be provided by the Smart NAV would be sourced from DTCC as well as the “governor of the on-chain solution that stores that data.”
The core capability explored is applicable across endless use cases that could ultimately power more streamlined and efficient operational processes. Based on these findings, we see an opportunity to potentially expand the scope of the pilot to explore how the technical capability leveraged in the pilot could power a broader range of use cases beyond the dissemination of price and rate data and across a greater number of blockchains.
At press time, Chainlink (LINK) was trading at $24.9 after surging by 7.4% in the last 24 hours and 35% in the last seven days. Meanwhile, an analyst identified as Marcfcee has predicted that the asset could hit between $200 and $800. Mathematically, this would require that LINK rises by 700% and 3,233%, respectively.
