Chainlink becomes top gainer, surging 20% following DTCC partnership announcement

After
announcing
a
new
initiative,
the
Chainlink
token
has become
a
growth
leader
in
the
crypto
market.

According
to

CoinMarketCap
data,
Chainlink
(LINK)
has
outperformed
other
cryptocurrencies
over
the
past
24
hours,
gaining
more
than
20%.
The
coin’s
price
increased
by
over
$3,
rising
from
$13.69
to
$16.71
in
a
few
hours.

The
growth
in
LINK
trading
volume
was
even
more
remarkable,
soaring
335%
over
the
past
24
hours
to
$1.34
billion.

Santiment
data

shows
that
LINK’s
market
capitalization
surged
14%
in
eight
hours.
The
number
of
whales
has
also
increased
by
more
than
4%
to
more
than
564,000
in
just
five
weeks.

Experts
predict
that
bullish
conditions
lie
ahead
if
social
dominance
subsides
and
fear
of
missing
out
(FOMO)
does
not
take
over.

Why
is
LINK
surging?

LINK’s
growth
comes
shortly
after
Depository
Trust
and
Clearing
Corporation
(DTCC)
completed
a
pilot
with
blockchain
oracle
Chainlink
and
several
major
U.S.
financial
institutions.

The
Smart
NAV
project
aims
to
speed
up
fund
tokenization
and
create
a
standardized
procedure
for
generating
and
distributing
net
asset
value
(NAV)
data
of
funds
across
virtually
any
private
or
public
blockchain
using
the
Chainlink
CCIP
interoperability
protocol.

Chainlink
introduces
Transporter
for
cross-chain
transfers

Last
month,

the
company
also

launched
the
Transporter
app
to
facilitate
the
movement
of
crypto
assets
and
data
across
multiple
networks.
The
team
behind
the
app
said
it
is
a
cost-effective
solution
for
transferring
high-value
tokens
across
blockchains
and
provides
users
with
a
secure
transaction
experience.

The
Transporter
is
already
available
on
a
range
of
blockchains, including

Arbitrum,

Avalanche,

Base,

BNB
Chain,

Ethereum,

Optimism,

Polygon,
and
WEMIX,
marking
Chainlink’s
entry
into
the
growing
field
of
blockchain
bridges.