Chainlink's LINK token experienced a remarkable 18% surge in the past day, reaching a monthly high of over $16. This significant price increase followed the successful completion of a pilot program with the Depository Trust and Clearing Corporation (DTCC), the world's largest securities settlement system.

The pilot program, known as Smart NAV, aimed to streamline the tokenization of traditional finance funds, paving the way for broader institutional adoption of blockchain technology. The project utilized Chainlink's Cross-Chain Interoperability Protocol (CCIP) to standardize the delivery of net asset value (NAV) data across both private and public blockchains.

The DTCC collaborated with Chainlink and several major U.S. financial institutions, including American Century Investments, BNY Mellon, and JPMorgan, to conduct the Smart NAV pilot. The project demonstrated the effective delivery of structured data on-chain, enabling real-time and automated data dissemination, and providing built-in access to historical data.

This innovation has the potential to power various future industry explorations and operational processes, offering benefits such as enhanced efficiency, faster settlements, and greater transparency. The success of the pilot program has contributed to the growing trend of tokenizing real-world assets (RWA) such as bonds, funds, and other traditional investments, attracting financial heavyweights like BlackRock and HSBC.

Chainlink's LINK token responded positively to the news, rising over 18% and exceeding $16 for the first time since April 12. At the time of writing, the token is trading at $16.5, with a daily trading volume of slightly over $1 billion, marking a 195.4% increase in the last 24 hours.