The post Chainlink Pumps 18% After Wall Street Pilot with JP Morgan, BNY Mellon, DTCC appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Chainlink’s LINK token has soared as much as 18.8% after DTCC, the biggest settlement and clearinghouse in the U.S., announced it had just concluded a tokenization pilot with Wall Street giants like JP Morgan and BNY Mellon, leveraging Chainlink’s CCIP. Chainlink is a decentralized oracle protocol, meaning that it’s a network that provides data to and across multiple blockchains networks. It was started in 2017 to solve the interoperabilty problem that many crypto investors complained about as they tried to transact on multiple different chains. Now, at the time of writing, the Chainlink price has soared past $16 and set a new monthly high, but is still quite far away from the 2024 high price of $21.64 that it set in March. That LINK price hike has been dramatic enough to trigger the liquidation of $1.68 million worth of LINK short positions over the past 24 hours, according to Coinglass. For context, that’s more liquidations that many of its larger market capitalization rivals, like Dogecoin, that haven’t seen big price swings in the past day. The market’s most popular meme coin, DOGE, has a $22 billion market cap compared to LINK’s $10 billion—more than twice its size. But the short liquidations for LINK in the past day amount to more than DOGE has seen for rekt short and long positions combined. The recently wrapped up DTCC pilot, Smart NAV, was meant to test a method for Wall Street institutions to make mutual fund data, like prices and rates, available on public networks in a way that’s blockchain agnostic. They did this by way of Chainlink CCIP,…

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Filed under: News - @ May 17, 2024 8:22 pm