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Polymesh surged by over 85% on the unveiling of BlackRock's tokenized asset fund
The whole category is seeing a 35% increase, which is adding heat to the real-world assets story.
Thursday saw remarkable improvements for polymesh, putting it in the lead.
In 2023, the growth rate of tokenized treasury goods was 641%.
The tokenized asset-trading blockchain platform Polymesh (POLYX) saw an enormous 85% price increase on Thursday, after BlackRock's entry into the real-world asset (RWA) market. In anticipation of the next positive story, this has led to a surge in RWA crypto token prices.
BlackRock begins the tale of RWA
Ever since BlackRock announced that they will be developing an Ethereum-based tokenized asset fund, the value of Polymesh and many other real-world asset tokens has exploded. As members of the cryptocurrency community started endorsing initiatives they thought would be the next great thing, the impending launch of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) added gasoline to the RWA narrative.
For example, tokenized RWAs may stand in for fiat currency, commodities, stocks, bonds, real estate, intellectual property, etc., on the blockchain. Crypto community members have speculated that RWA tokens might see meteoric rise once an institutional player like BlackRock joins the market, much like Bitcoin.
Rise of RWA propels Polymesh
As an example, one RWA blockchain, Polymesh, had substantial growth on Thursday after the news. Tokenized regulated securities may be traded on Polymesh, a permissioned blockchain network. The POLYX token, which is its foundation, saw an 80% increase in value on Thursday and may see more price increases in the road.
Within a few hours of RWA tokens beginning their pump, Coingecko published its RWA report, "Rise of Real-World Assets." Notable findings from the survey indicate a bright outlook for the RWA industry, with tokenized treasury products projected to increase by 641% in 2023 and commodity-backed tokens reaching a market valuation of $1.1 billion.
