Surge in Token Value
Polymesh (POLYX), a crypto project focused on real-world asset tokenization, has seen its native token surge 69% in the past week. The token is currently trading at $0.415, up from $0.245 last week.
New Private Blockchain
The surge comes amidst the rollout of Polymesh Private, a confidential version of the project’s public blockchain. This private network allows companies to tokenize assets privately and then migrate to the public network when ready.
Seamless Migration
Graeme Moore, head of tokenization at the Polymesh Association, believes the new private blockchain offers “seamless public migration.” He notes that many banks and financial institutions are still using private blockchains for asset tokenization, and Polymesh Private provides a bridge to the future.
Nearing All-Time High
After this week’s gains, POLYX is only 16% below its all-time high of $0.494 set in October 2022. The token is used for staking, governance, and transaction payments on the Polymesh network.
