On November 16, AVAX, the native token of the Avalanche ecosystem, briefly rose to $24. According to CoinGecko data, the increase reached 26.2% in 24 hours, 77.5% on the 7th, and 152.1% on the 30th. As of press time, the price was quoted for $23.65.
Just the day before, Avalanche officially announced a related cooperation with JPMorgan Chase.
Avalanche announces partnership with JPMorgan Chase
On November 15, Avalanche officially announced that JPMorgan Chase’s digital asset platform Onyx has reached a cooperation with the alternative asset management company Apollo to “demonstrate proof-of-concept (PoC)”. This cooperation has also been included in the Monetary Authority of Singapore In the "Project Guardian" (Project Guardian) launched by (MAS) in cooperation with the financial industry.
At the same time, the cooperation between the two will utilize the full-chain interoperability protocol LayerZero to connect Onyx with the permissioned Avalanche Evergreen subnet (Avalanche’s subnet launched for institutional blockchain deployment), thereby promoting the application of tokenized assets. Subscription and redemption of funds provided by Wisdom Tree Prime.
Ava Labs President John Wu said in the official document : "This move by Project Guardian is fundamentally in line with Ava Labs' mission to provide tools and technology to digitize and tokenize the world's assets, while leveraging Avalanche's speed, availability and Scalable and customizable. We are honored to partner with these industry leaders as they help drive the future of finance."
The founder and CEO of Ava Labs also said: "This is a big thing that happened to Avalanche."
Avalanche Ecological Tokens Increased by Over 300% in 7 Days
Perhaps affected by the cooperation with JPMorgan Chase, the Avalanche ecological token has generally risen during the day. According to CoinGecko data, JOE rose by 37.2% on the 7th, BENQI rose by 54.0% on the 7th, PNG rose by 324.3% on the 7th, XAVA rose by 119.7% on the 7th, and ALOT rose by 63.8% on the 7th.
This cooperation may also be part of Avalanche RWA strategy
It is worth noting that this time Avalanche will connect Avalanche Evergreen, its subnet deployed specifically for institutional capital, with Onyx, which may also be part of Avalanche's RWA strategy.
The launch of Avalanche Evergreen subnet Spruce will focus on introducing institutional partners into DeFi, initially involving some core financial services such as foreign exchange and swaps, with plans to expand to more asset types and financial services in future stages.
Related reading: " 100% increase in one week, Avalanche's RWA strategy and European market occupation "
“The RWA market is expected to quickly surpass the current DeFi industry. Recognizing this huge potential, Avalanche has launched a $50 million fund called Avalanche Vista to accelerate the adoption of RWA by purchasing tokenized assets minted on its chain. "
"Major asset manager Franklin Templeton plans to bring its money market funds to Avalanche. Prominent investors Andreessen Horowitz and Polychain Capital also support Avalanche's institutional appeal."
Avalanche Evergreen: A key to expanding RWA
Avalanche Evergreen, which connects to JPMorgan Chase's Onyx, is a subnet specifically deployed by Avalanche in April this year for institutional use. It is reported that the subnet will be a set of institutional blockchain deployment services and tools specifically designed for financial services. Institutions can launch their own Evergreen subnet for R&D and "production-ready use cases" and can deploy it on private, licensed Implement blockchain strategies in-chain with known and approved counterparties while retaining the ability to communicate with other subnets via Avalanche's native communications protocol, Avalanche Warp Messaging (AWM).
In addition, Avalanche Evergreen announced a cooperation with the DeFi oracle RedStone in July. The latter provides data sources for dApps on Spruce, the test network of the Avalanche Evergreen subnet, supporting traditional financial institutions to interact with OnFi (on-chain finance).
Onyx: JP Morgan’s blockchain ambitions have settled nearly a trillion dollars in tokenized treasury bonds
In addition, Onyx, which has reached cooperation with Avalanche this time, is a department specially established by JPMorgan Chase to handle blockchain business.
On October 27, 2020 , Takis Georgakopoulos, head of JPMorgan Chase’s global payments business, said that JPMorgan Chase’s management has agreed to establish a new department called Onyx to be responsible for blockchain and digital currency projects, and it will be officially launched in October 2022. release.
It is reported that since its previous launch, Onyx processes US$1-2 billion in tokenized assets every day and has settled more than US$950 billion in tokenized treasury bonds.
Tyrone Lobban, Head of Onyx Digital Assets, also commented on this collaboration: “Our work under Project Guardian demonstrates the significant opportunities for the asset and wealth management industry. By leveraging the power of blockchain technology, we demonstrate how to build and manage full authority Delegated investment portfolio.”
In addition to partnering with Avalanche, Onyx also partnered with cross-chain infrastructure protocol Axelar on the same day. It is reported that JP Morgan’s Onyx uses Axelar (AXL)’s cross-chain technology to achieve interoperability with the Provenance blockchain, which currently has $9 billion in RWA asset value locked on the chain.
Project Guardian: Singapore’s Crypto Layout
In this cooperation, there is another figure that has appeared quite frequently recently - Project Guardian . The project just announced on November 15 that it will cooperate with the financial industry to expand asset tokenization plans and expand basic capabilities to promote the large-scale development of the tokenization market.
It is reported that these expansions under Project Guardian will catalyze the adoption of digital assets by institutions, aiming to release liquidity, open investment opportunities, and improve the efficiency of financial markets. An industry group composed of 17 financial institutions in Project Guardian has launched five industry pilot projects to test promising asset tokenization use cases, which is expected to provide integration for the entire capital market value chain, including listing, distribution, trading, Settlement and asset services.
These include Apollo, DBS Bank, HSBC, JP Morgan digital asset platform Onyx, Japanese financial group SBI Digital Asset Holdings, Schroders, Standard Chartered Bank, Swift, UBS, UOB, Ava Labs, Chainlink and LayerZero.
