The native token of the cryptocurrency project focused on tokenizing real-world assets (RWA) has surged 69% in the past week amid the rollout of a new private blockchain.
Polymesh (POLYX) is a public blockchain designed specifically for RWA tokenization. The project's native token, POLYX, is trading at $0.415 at the time of writing, up from $0.245 one week ago.
The cryptocurrency asset, which ranks 192nd by market capitalization, rose 7% in the past 24 hours.
On Monday, the project announced the launch of Polymesh Private, a private version of the network's public permissioned blockchain. Polymesh points out that companies can use the new licensed private network and then move to the public network when it is ready.
Graeme Moore, head of tokenization at the Polymesh Association, says the new private blockchain will provide “seamless public migration.”
“The vast majority of RWA tokenization by banks and large financial institutions is still done on private blockchains. Polymesh Private will meet these players where they are while providing a future-proof technology stack.”
Following its gains this week, POLYX is only 16% below its all-time high of $0.494, which it pulled back in October 2022.
The token is used for staking payments, governance, and transactions on the network.
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