Grand Cayman, Cayman Islands, February 7, 2024, Chainwire
Ondo’s upcoming integration of Sui will provide native access to new tokenized assets such as on-chain treasuries, securities, and stablecoins.
Sui, a Layer 1 blockchain that has seen explosive growth since its launch eight months ago, today announced that Ondo Finance is expanding into the Sui ecosystem. With this expansion, Sui Network’s first native dollar-denominated token (including stablecoins and interest-bearing stablecoin alternatives) will be available in the form of Ondo USD Yield or “USDY” (a U.S. Treasury-backed interest-bearing token issued by Ondo).
Ondo’s expansion to Sui further builds on Sui’s ferocious DeFi momentum and demonstrates the growth and demand for financial applications and native on-chain functionality. Sui’s DeFi volume has increased over 1200% since October, and Sui recently ranked in the top 10 of his DeFi ecosystem as measured by TVL.
Ondo Finance is the third largest platform bringing tokenized derivatives of real-world assets onto public blockchains, with $185 million in new TVL launches in the first week of late January There is over $1 billion in governance token transactions. In addition to stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world assets create countless new opportunities for Sui-based teams.
Ondo’s expansion into the Sui ecosystem also continues the trend of top projects actively choosing to integrate into Sui. For example, in December 2023, Solend, the leading Solana lending protocol, announced the launch of a Sui-native lending protocol, and decentralized derivatives exchange Bluefin similarly announced the launch of V1 Arbitrum to focus entirely on Sui. Implementation finished.
“People using our platform expect fast and efficient transactions, which should be essential for any blockchain project,” said Nathan Allman, Founder and CEO of Ondo. ”. “Sui’s growth and network performance clearly confirms that the network is a great fit for his Ondo ecosystem.”
Tokenized Treasury products represent tradable tokens backed by real-world assets, and their presence on Sui is an important step toward growing DeFi across the ecosystem and industry. It becomes.
“Ondo is an amazing addition to the Sui ecosystem, creating new opportunities for Sui builders and developers, and creating a stablecoin-like offering with native yield that provides essential new functionality to users of their applications. Provide assets.” Sui Foundation. “Sui’s DeFi volume is already growing at an incredible rate, and the addition of Ondo will make that trajectory even stronger. I'm looking forward to seeing how you use it.”