Grand Cayman, Cayman Islands, February 7, 2024, Chainwire
Ondo’s Sui integration will enable native access to new tokenized assets such as government bonds, securities, and stablecoins on-chain.
Sui, a layer 1 blockchain that has experienced explosive growth since its launch eight months ago, today announced that Ondo Finance is expanding into the Sui ecosystem. This expansion brings Sui Network’s first native dollar-denominated token (including stablecoins and interest-bearing stablecoin alternatives) in the form of Ondo USD Yield (USDY), a U.S. Treasury-backed and interest-bearing token issued by Ondo. Will be.
Ondo’s Sui expansion further builds on Sui’s strong DeFi momentum, demonstrating growth and demand for financial applications and the chain’s underlying functionality. Sui’s DeFi volume has increased by over 1200% since October, and Sui recently entered the top 10 DeFi ecosystems as measured by TVL.
Ondo Finance is the third largest provider of tokenized derivatives of real-world assets to public blockchains, with $185 million in TVL in the first week of late January and over $1 billion in newly launched governance token transactions. It’s a platform. In addition to stablecoins, Ondo’s flagship treasury-backed tokens, tokenized securities and real-world assets will create numerous new opportunities for teams based on Sui.
As Ondo expanded into the Sui ecosystem, so did the trend of upstream projects making positive choices to integrate into Sui. For example, in December 2023, Solend, Solana’s primary lending protocol, announced that it would launch a Sui-specific lending protocol, and decentralized derivatives exchange Bluefin similarly discontinued its V1 Arbitrum implementation to focus entirely on Sui.
“People who interact with our platform want fast, efficient transactions, which are essential to any blockchain project,” said Nathan Allman, founder and CEO of Ondo. “Sui’s growth and network performance clearly demonstrate that its network is a perfect fit for Ondo’s ecosystem.”
Tokenized treasury offerings represent tradable tokens backed by real-world assets, and their presence on Sui is an important step toward the growth of DeFi across the ecosystem and industry.
“Ondo is an incredible addition to the Sui ecosystem, providing a stablecoin-like asset with a default yield that opens new opportunities for Sui’s builders and developers and provides essential new features for application users,” said Executive Director Greg Siourounis. said the director. Sui Foundation. “Sui’s DeFi scale is already growing at an incredible pace, and Ondo’s participation will make that trajectory even stronger. We are excited to see how Sui’s community leverages the real assets and innovative financial products Ondo offers.”
contact
Sui Foundation
media@sui.io