Grand Cayman, Cayman Islands, February seventh, 2024, Chainwire
Ondo’s Sui upcoming integration will deliver native entry to new tokenized property comparable to treasuries, securities, and stablecoins on chain
Sui, the Layer 1 blockchain which has skilled explosive progress since its inception eight months in the past, as we speak introduced that Ondo Finance is increasing into the Sui ecosystem. The growth will deliver Sui Community’s first native dollar-denominated token (together with stablecoins and interest-bearing stablecoin substitutes) within the type of Ondo USD Yield or “USDY” — a US treasury-backed and interest-bearing token issued by Ondo.
Ondo’s growth to Sui provides to Sui’s blistering DeFi momentum, demonstrating the expansion and demand for monetary functions and native performance on-chain. Sui’s DeFi quantity is up greater than 1200% since October and Sui not too long ago broke into the highest 10 DeFi ecosystems as measured by TVL.
Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world property onto public blockchains with $185M in TVL and over $1B value of its newly-launched governance token buying and selling in its first week in late January. As well as to stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world property will create numerous new alternatives for groups constructing on Sui.
Ondo’s growth into the Sui ecosystem additionally continues a development of high tasks affirmatively selecting to combine into Sui. For instance, in December 2023, main Solana lending protocol Solend introduced it could launch a lending protocol native to Sui, and decentralized derivatives alternate Bluefin likewise shuttered its V1 Arbitrum implementation to focus completely on Sui.
“The people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project,” stated Ondo’s founder and chief govt officer, Nathan Allman. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.”
Tokenized treasury choices characterize tradable tokens backed by real-world property, and their presence on Sui is a big step towards rising DeFi within the ecosystem and throughout the trade.
“Ondo is an amazing addition to the Sui ecosystem, providing a native yield-bearing stablecoin-like asset that will unlock new opportunities for Sui’s builders and developers and essential new functionality for the users of their applications,” stated Greg Siourounis, Managing Director of the Sui Basis. “Sui’s DeFi volume is already growing at a remarkable rate and Ondo’s participation will make that trajectory even stronger. I am excited to see how Sui’s community leverages the real-world assets and innovative financial products Ondo offers.”