Polymesh’s native cryptocurrency POLYX recently rallied a staggering 150% in the last three days amid BlackRock’s entry into the RWA tokenization scene. The POLYX price has surged all the way to $0.50 with its market cap crossing $400 million.
What’s Behind POLYX Price Rally?
Following BlackRock’s debut of its inaugural tokenized fund on the Ethereum blockchain, there was a notable surge in Real World Asset (RWA) tokens across the crypto market. Notable risers included Polymesh (POLYX), Centrifuge (CFG), and Ondo (ONDO), each experiencing significant gains averaging over 30%.
Of these, Polymesh garnered particular attention. Positioned as a blockchain designed explicitly for regulated securities, Polymesh serves as a conduit for transactions involving tokenized assets. Its prominence reflects the growing interest in blockchain-driven financial solutions, establishing it as a frontrunner in this evolving sector.
More About Polymesh
Polymesh stands as an institutional-grade permissioned blockchain meticulously crafted for regulated assets. It addresses the challenges associated with legacy processes while ushering in a new era of financial instruments. By resolving issues with public infrastructure surrounding governance, identity, compliance, confidentiality, and settlement, Polymesh paves the way for streamlined operations and innovative opportunities.
At the core of Polymesh lies POLYX, its native protocol token. POLYX serves multiple purposes within the network, including staking and network security, covering transaction fees, and participating in governance decisions.
One of Polymesh’s distinguishing features is its integration of built-in financial primitives, which enable seamless blockchain operations at minimal fixed costs. Furthermore, developers can leverage the platform to create decentralized applications (dApps), fostering innovation and expanding the ecosystem.
The project unveiled Polymesh Private on Monday, introducing a confidential iteration of the network’s public permissioned blockchain. Polymesh highlights that businesses can leverage the private permissioned network initially and transition to the public network at their convenience.
Graeme Moore, the head of tokenization at the Polymesh Association, expresses that the new private blockchain will provide a smooth transition to the public domain. Moore said:
“The vast majority of RWA tokenization by banks and large financial institutions is still taking place on private blockchains. Polymesh Private will meet these players where they are while providing a future-proof tech stack.”
The post Polymesh (POLYX) Price Jumps 150% In Three Days As BlackRock Eyes Tokenization appeared first on CoinGape.
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