ANZ Bank’s Transaction with Tokenized Assets
One of Australia’s ‘Big Four’ banks, Australia and New Zealand Banking Group Limited, recently completed a transaction with tokenized assets utilizing its A$DC stablecoin and Chainlink’s CCIP (Cross-Chain Interoperability Protocol). CCIP functions on two separate Oracle networks. One network caters to transferring value and sending messages. The other examines and ensures that the transactions are not risky.
Nigel Dobson on ANZ’s Initiative
Nigel Dobson, ANZ’s Banking Services Lead, pointed out that the bank’s work with its A$DC stablecoin and the tokenization of real-world assets has already provided them with valuable lessons. In fact, the bank continued to investigate enterprise-grade use cases. With respect to macro adoption, he said,
“Based on market activity, we expect the continued adoption of digital assets will result in the proliferation of multiple assets across many blockchain networks.”
ANZ’s Participation in Swift Collaboration
In fact, ANZ was also a participant in the recent collaboration between Swift, Chainlink, and more than 12 of the largest financial institutions and market infrastructure providers to conduct blockchain experiments revolving around tokenization. Alongside ANZ, BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and The Depository Trust & Clearing Corporation took part in the experiment.
Chainlink was used as an enterprise abstraction layer. It basically connected the Swift network to the Ethereum Sepolia network. Parallelly, Chainlink’s CCIP fostered interoperability between the source and destination blockchains.
Recent Chainlink Integrations
Along with the ANZ Bank and Swift developments, ChainLINK has made several other strides lately. According to a recent adoption update post on X (formerly Twitter), seven integrations of ChainLINK’s VRF, CCIP, and Price Feeds services have taken place over the past fortnight. This had been done across six chains including Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon.
The 30-day average of the new adoption rate for LINK was hovering around 30% at press time. This has been the case since August. However, as illustrated below, the current rate is significantly lower when compared to the local highs registered in November 2022 and July 2023.
The adoption rate basically gauges the percentage of new addresses making their first transaction out of all active addresses on a given day. In simpler words, this metric provided insight into the share that newcomers constitute of total activity. A rising number points towards greater adoption.
Thus, the current stagnant rate indicated that LINK the token has not been outrightly benefiting from the rising use cases and adoption of the Chainlink protocol. The unappealing price of the asset is perhaps the main reason impacting this trend. Over the past month, LINK was down 8.23%, while on the yearly timeframe, it has depreciated by 18.08%. At press time, the asset was seen exchanging hands at $6.20, a level significantly lower than its $52.30 ATH.