DTCC has released findings from its Smart NAV pilot, which explored extending its Mutual Fund Profile Service using distributed ledger technology for data dissemination. The news caused Chainlink (LINK) to surge 30% over the past 48 hours, reaching $16.71 from a low of $12.8 on May 15. DTCC concluded that there is "an opportunity for on-chain price and rate data that can serve as a key enabler to the exploration of 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 is 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 providing clearing, settlement, and information services for various securities. The pilot targeted the growing industry interest in mutual fund tokenization and the demand for on-chain price and rate data. By adopting a chain-agnostic approach, DTCC sought to facilitate the distribution of Net Asset Value (NAV) data across multiple blockchains, enabling new use cases.

Ten market participants collaborated with Chainlink to assess the feasibility and value of a DLT-based solution for price and rate dissemination. The pilot aimed to embed foundational data into various on-chain use cases, such as tokenized funds and consumer smart contracts, supporting future industry exploration.

The initiative demonstrated that structured data delivery on-chain, with established roles and processes, can enhance numerous downstream use cases. These include brokerage portfolio applications and other business workflows, benefiting from real-time, automated data dissemination and historical data access.

Smart NAV’s core capability is to provide trusted, verifiable data on any blockchain network to support its use in business processes. DTCC acted as the data provider and governor of the on-chain solution, while Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enabled interoperability. The pilot’s success suggests potential applications beyond price and rate data dissemination across additional blockchains.