The broader crypto market is dealing with a downturn, however some initiatives are nonetheless recording important community exercise.
One such asset is Ondo (ONDO), the native token of the Ondo ecosystem. It’s a decentralized finance (DeFi) community that leverages blockchain expertise to tokenize real-world belongings (RWAs).
ONDO Dominates RWAs Area
In accordance with a tweet by the market intelligence platform IntoTheBlock, ONDO is at the moment dominating the real-world belongings area. The asset has outperformed most RWA tokens and has the best transaction quantity.
IntoTheBlock knowledge exhibits Ondo’s transaction quantity hovering near $300 million, in comparison with different initiatives whose numbers are lower than $40 million. A couple of weeks in the past, Ondo’s transaction quantity spiked to roughly $450 million earlier than a steep plunge that noticed the metric hover round $200 million. Nevertheless, it has begun to rise once more and is properly on its approach to smashing the $300 million mark.
Though ONDO dominates transaction volumes, the identical can’t be mentioned for asset costs. Because the fifth-largest RWA by market cap, ONDO was value $1.23 on the time of writing, recording a slight uptick prior to now 24 hours. The asset was down 7% weekly and 6% month-to-month, in response to knowledge from CoinMarketCap.
ONDO is among the many most visited tokens on CoinMarketCap, however the asset nonetheless lacks the every day and month-to-month momentum seen amongst its rivals.
Ondo Data Vital Developments
Nonetheless, the Ondo venture has recorded a number of developments currently. The workforce not too long ago unveiled the Ondo Chain, a layer-1 blockchain constructed for institutional-grade RWAs. The builders mentioned Ondo Chain was constructed to finish the shortage of options needed for regulated belongings to thrive on-chain.
The brand new community goals to crush infrastructure obstacles for tokenized regulated securities. The obstacles embrace incompatibility with DeFi, cross-chain liquidity fragmentation, excessive and unstable transaction charges, and insufficient safety. Ondo Chain combines the openness of public blockchains with the compliance and security measures of permissioned networks.
Moreover the introduction of the Ondo Chain, Ondo Finance not too long ago secured a strategic collaboration with the U.S. President Donald Trump-backed DeFi protocol, World Liberty Monetary (WLFI), to speed up the adoption of tokenized RWAs. The alliance sees WLFI exploring the mixing of Ondo’s tokenized belongings into the WLFI community as treasury reserve belongings.
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