Hassan Maishera
Chainlink announced on Wednesday via X that Paxos Labs’ latest PAXGy is powered by Chainlink CCIP and Price Feeds.
Paxos Labs has launched PAXGy, a gold-backed token built on $1.8B+ PAX Gold (PAXG) issued by Paxos that accrues in gold terms. PAXGy is powered by CCIP as its exclusive cross-chain infra & Chainlink Price Feeds for reliable onchain pricing to enable adoption across DeFi.
Holders deposit PAXG, or swap accepted stablecoins and receive PAXGy, which accrues value to an exchange rate denominated in gold terms. PAXGy is live on OKX as the only centralized exchange listing at launch and across onchain platforms including X Layer, 0x, Uniswap and Ether.Fi. Chainlink's CCIP is the exclusive cross-chain messaging provider, so holders can move a PAXGy position across chains without unwinding it first.
Chainlink is powered by the LINK token, which is used to pay for platform services and secure the network’s proper functioning. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve.
Chainlink is at the forefront of financial innovation and the global tokenization trend. Traditional financial institutions and infrastructure, such as SWIFT, DTCC, Euroclear, J.P. Morgan, Mastercard, the Central Bank of Brazil, UBS, SBI, Fidelity International, ANZ, and many others, are adopting Chainlink as a fundamental infrastructure as they move toward tokenizing trillions onchain. Demand for Chainlink has already generated hundreds of millions of dollars in revenue across a variety of traditional and decentralized use cases.
Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up 8.5% over the past 24 hours, trading at $13.45.
