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After BlackRock launched its first tokenized fund on the Ethereum blockchain, the crypto market saw a significant increase in Real World Asset (RWA) tokens. Polymesh (POLYX), Centrifuge (CFG), and Ondo (ONDO) were among the risers, all experiencing notable gains of over 30% on average.
Polymesh (POLYX)
Polymesh, a blockchain specifically created for regulated securities, drew all attention with its token POLYX surging by approximately 80%. This rise was closely linked to the increased awareness and reputation of tokenized assets following BlackRock’s announcement.
As a platform that facilitates transactions of tokenized assets, Polymesh directly benefits from the growing interest in blockchain-based financial solutions, positioning itself at the forefront of this evolving sector.
As of the time of writing, the price of POLYX has jumped from its intraday low of $0.2847, marking a 38% increase to trade around $0.3. Additionally, its market value surged by 34% to overtake $322 million, while its 24-hour trading volume soared by 232% to exceed $1.347 billion.
Centrifuge (CFG)
Another project that stands out in the tokenization of real-world assets is Centrifuge (CFG), which experienced a 30.62% price increase as its token price moved between the day’s high and low of $0.9951 and $0.6806.
The project, which allows users to fund real-life assets in conjunction with DeFi, gained popularity alongside the rise of the tokenized assets concept. The upward trend has led to questioning the impact of DeFi on traditional financial practices like lending and borrowing.
Ondo Finance (ONDO)
Ondo Finance (ONDO) was positioned as the day’s biggest gainer according to Coinmarketcap data.
The token price also saw an increase of over 40.22% due to the impact created by tokenized assets in the market, reaching an all-time high of $0.8162. Currently, ONDO is trading at $0.74.
The platform’s movement with the expectation of bridging traditional finance and DeFi through the tokenization of securities seems to have placed it in a favorable position in the current market environment. On the other hand, the increasing variety of offerings by Ondo and its growing partnerships across various blockchain platforms have been beneficial to the project.
