Chainlink, a blockchain network, has recently experienced a significant surge in its price following the announcement of a partnership with DTCC [Depository Trust and Clearing Corporation]. The price of Chainlink rose by 15% in just 24 hours, reaching a trading price of $16.09 with a market capitalization of $9.44 billion. This increase in price was accompanied by a substantial 200% rise in the daily trading volume, exceeding $1 billion.

According to Santiment, a blockchain data analysis platform, the recent increase in Chainlink prices is attributed to robust whale activity. The number of Chainlink whales holding 100,000 LINK or more rose by 4.6% in just five weeks, reaching 564. This surge in whale activity sets Chainlink apart from the broader cryptocurrency market. Santiment suggests that if social dominance remains stable and FOMO [fear of missing out] does not prevail, Chainlink could experience a bullish trend in the future.

Chainlink's partnership with DTCC marks a significant milestone in the tokenization of traditional financial funds. The Layer-1 network Chainlink will collaborate with top-tier financial banks in the U.S. to enhance the tokenization process. DTCC has announced the launch of the Smart NAV Pilot program, which aims to standardize the method of providing NAV data for funds across different blockchain platforms. This pilot program leverages Chainlink's Cross-Chain Interoperability Protocol [CCIP], enabling the provision of structured data on-chain and establishing standard roles and processes.

The pilot program has revealed capabilities that could advance future industry research and facilitate numerous sub-applications such as brokerage services, automated data distribution and better access to historical data for funds. Leading U.S. banking firms participating in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and US Bank. This partnership demonstrates the growing interest among major traditional financial institutions in the tokenization of real-world assets. On March 19, BlackRock launched a tokenized money market fund called BUIDL on the Ethereum network, successfully providing U.S. dollar returns.