AVAX Surges After J.P. Morgan's Onyx Showcases Portfolio Management on Avalanche, Nocturne Launched to Enhance Privacy and DeFi Compatibility on Ethereum

Daily Top Performer — Avalanche (AVAX)

The SPX index is up 0.16%, market activity coincided with data showing a 0.5% decrease in U.S. producer prices in October, the largest drop since April 2020, signaling a potential easing of inflation. The broader cryptocurrency market is up, with Bitcoin and Ether rising 5.65% and 3.38% respectively in the past 24 hours. 

Today’s outperformer is AVAX, which jumped 21.2% as Onyx by J.P. Morgan advances asset management with blockchain automation in project guardian PoC. 

Avalanche (AVAX), launched in September 2020, is an Ethereum-compatible blockchain platform addressing scalability, security, and decentralization through a unique Proof of Stake mechanism. Onyx by J.P. Morgan and Apollo Global, under Singapore’s Project Guardian, showcased a proof-of-concept (PoC) using blockchain technology to potentially revolutionize asset and wealth management. The PoC focuses on automating portfolio management and integrating alternative assets with liquid assets using smart contracts and tokenization. Leveraging Avalanche Evergreen Subnets for institutional applications, the initiative demonstrated the efficiency, scalability, and improved user experience in managing tokenized funds. This represents a significant advancement in streamlining and personalizing investment portfolio management at scale.

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Talk of the Town:

Nocturne, a protocol for on-chain private accounts, has successfully launched Nocturne v1 on the Ethereum mainnet. This version introduces private onchain accounts that are compatible with existing DeFi protocols, representing a significant step towards integrating privacy into the Ethereum ecosystem. Nocturne v1 functions like a smart contract wallet, offering privacy and compatibility with DeFi protocols using output tokens, like Uniswap swap tokens and Aave aTokens. The company, led by CEO Luke Tchang, aims to make Ethereum transactions secure and private, addressing privacy concerns that have hindered broader crypto adoption. Future plans include making Nocturne more permissionless, improving compatibility with general wallets and Ethereum accounts, and enabling public wallet authorization within Nocturne for enhanced security. Users can now access Nocturne v1 through a dedicated private vault UI for various transactions. Nocturne Labs, supported by notable investors and led by experienced developers, focuses on privacy and user experience challenges in the Ethereum ecosystem.

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