Grand Cayman, Cayman Islands, February seventh, 2024, Chainwire
Ondo’s Sui upcoming integration will carry native entry to new tokenized belongings akin to treasuries, securities, and stablecoins on chain
Sui, the Layer 1 blockchain which has skilled explosive development since its inception eight months in the past, right now introduced that Ondo Finance is increasing into the Sui ecosystem. The growth will carry 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 lately broke into the highest 10 DeFi ecosystems as measured by TVL.
Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world belongings onto public blockchains with $185M in TVL and over $1B price of its newly-launched governance token buying and selling in its first week in late January. Along with stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world belongings will create numerous new alternatives for groups constructing on Sui.
Ondo’s growth into the Sui ecosystem additionally continues a pattern of high initiatives affirmatively selecting to combine into Sui. For instance, in December 2023, main Solana lending protocol Solend introduced it will launch a lending protocol native to Sui and decentralized derivatives trade Bluefin likewise shuttered its V1 Arbitrum implementation to focus totally on Sui.
“The individuals who work together with our platform need quick and environment friendly transactions, which needs to be important for any blockchain challenge,” mentioned Ondo’s founder and chief govt officer, Nathan Allman. “Sui’s development and community efficiency supply clear affirmation that its community is the right match for Ondo’s ecosystem.”
Tokenized treasury choices characterize tradable tokens backed by real-world belongings, and their presence on Sui is a big step towards rising DeFi within the ecosystem and throughout the trade.
“Ondo is an incredible addition to the Sui ecosystem, offering a local yield-bearing stablecoin-like asset that may unlock new alternatives for Sui’s builders and builders and important new performance for the customers of their functions,” mentioned Greg Siourounis, Managing Director of the Sui Basis. “Sui’s DeFi quantity is already rising at a outstanding fee and Ondo’s participation will make that trajectory even stronger. I’m excited to see how Sui’s group leverages the real-world belongings and progressive monetary merchandise Ondo affords.”