Following its collaboration announcement with DTCC, Oracle service provider Chainlink (LINK) has experienced a robust surge. Over the past 24 hours, the <a href="https://coingape.com/price/chainlink/" target="_blank" rel="noopener">Chainlink (LINK) price</a> has soared by an impressive 15%, now standing at $16.09 with a market cap of $9.44 billion. Moreover, LINK’s daily trading volume has surged by a remarkable 200%, exceeding $1 billion. 
<h3 id="strong-whale-activity-boosts-chainlink-price">Strong Whale Activity Boosts Chainlink Price</h3> 
On-chain data provider Santiment reported that the recent Chainlink price rally comes on the backdrop of strong <a href="https://coingape.com/markets/chainlink-price-eyes-mayor-reversal-as-accumulation-intensifies/" target="_blank" rel="noopener">LINK whale activity</a>, setting it apart from the broader cryptocurrency market. 
The number of Chainlink whales—addresses holding 100,000 LINK or more—has risen to 564, marking a 4.6% increase in just five weeks. Santiment notes that if social dominance remains steady and FOMO (Fear of Missing Out) does not dominate, bullish conditions could be on the horizon for Chainlink. 
<figure id="attachment_197380" aria-describedby="caption-attachment-197380" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-197380" src="https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation.jpeg" alt="" width="2598" height="1788" srcset="https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation.jpeg 2598w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-300x206.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-1224x842.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-768x529.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-1536x1057.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-2048x1409.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-Whale-Accumulation-150x103.jpeg 150w" sizes="(max-width: 2598px) 100vw, 2598px">
 <figcaption id="caption-attachment-197380" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://x.com/santimentfeed/status/1791288113769386352" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<h3 id="partnership-with-dtcc">Partnership With DTCC</h3> 
In a major announcement, blockchain oracle Chainlink joined hands with Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system. These two players will work along with several top financial banks in the U.S. to boost the tokenization of traditional financial funds. 
On Thursday, May 16, DTCC reported that it conducted the Smart NAV Pilot program in order to standardize the method of providing NAV data of funds across different blockchain platforms by leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DTCC <a rel="nofollow" href="https://www.dtcc.com/dtcc-connection/articles/2024/may/16/smart-nav-pilot-report-bringing-trusted-data-to-the-blockchain-ecosystem" target="_blank">noted</a>: 
<blockquote>
 “The pilot found that by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, which are contracts that hold data for multiple funds”.
</blockquote> 
The pilot program has revealed capabilities that could propel future industry exploration and facilitate numerous downstream applications, such as brokerage services, automated data dissemination, and improved access to historical data for funds. 
Prominent U.S. banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank. 
There is growing enthusiasm for real-world asset tokenization among major traditional financial institutions. On March 19, <a href="https://coingape.com/how-blackrocks-launch-of-a-yield-bearing-stablecoin-on-ethereum-is-a-game-changer/" target="_blank" rel="noopener">BlackRock</a> introduced a tokenized money market fund called BUIDL on the Ethereum network, providing native U.S. dollar yields 
The post <a href="https://coingape.com/chainlink-link-price-shoots-15-after-dtcc-partnership-will-the-rally-continue/">Chainlink (LINK) Price Jumps 15% After DTCC Partnership, Rally to Continue?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink (LINK) Price Jumps 15% After DTCC Partnership, Rally to Continue?

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