Ondo Finance Expands into Sui Ecosystem to Bring Tokenized Assets on Chain
Ondo Finance, the third-largest platform for tokenized derivatives of real-world assets, is expanding into the Sui ecosystem. This integration will allow native access to new tokenized assets like treasuries, securities, and stablecoins on the Sui blockchain. As part of this expansion, Ondo will introduce the Ondo USD Yield (USDY), a dollar-denominated token backed by US treasuries and offering interest-bearing capabilities.
The addition of Ondo Finance to the Sui ecosystem contributes to the rapid growth of decentralized finance (DeFi) on Sui. The platform has experienced a 1200% increase in DeFi volume since October and has become one of the top 10 DeFi ecosystems by total value locked (TVL).
Benefits of Ondo’s Integration with Sui
Ondo Finance’s integration with Sui opens up new opportunities for developers and teams building on the blockchain. The availability of tokenized securities, real-world assets, and stablecoins will provide countless possibilities for creating innovative financial applications.
Sui has been attracting top projects looking to integrate with its network. In December 2023, Solend, a leading Solana lending protocol, announced its plans to launch a lending protocol native to Sui. Similarly, Bluefin, a decentralized derivatives exchange, shifted its focus entirely to Sui by shutting down its V1 Arbitrum implementation.
Positive Outlook for Sui’s Growth
“The people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project,” said Nathan Allman, founder and CEO of Ondo Finance. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.”
The presence of tokenized treasury offerings on Sui represents a significant step towards expanding DeFi within the ecosystem and the broader industry. This collaboration with Ondo Finance will further strengthen Sui’s growing DeFi volume and provide users with essential new functionality.
Contact
Sui Foundation
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Hot Take: Ondo Finance Expands into Sui Ecosystem to Fuel DeFi Growth
Ondo Finance’s integration with the Sui ecosystem marks a significant milestone in the growth of decentralized finance. By bringing tokenized assets such as treasuries, securities, and stablecoins onto the Sui blockchain, Ondo opens up new possibilities for developers and users alike. The expansion aligns with Sui’s mission to provide a fast and efficient network for blockchain transactions. With its increasing DeFi volume and strong network performance, Sui proves to be an ideal platform for Ondo’s ecosystem. This partnership is expected to fuel further growth in DeFi within the Sui ecosystem and contribute to the advancement of the industry as a whole.
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