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ONDO, the native token of real-world asset (RWA) tokenization venture Ondo Finance, has expanded its availability out there. Upbit, South Korea’s largest crypto alternate, has listed the token on its platform.
This growth provides a major push for ONDO’s value actions.
ONDO Token Rallies 15% After Upbit Itemizing Announcement
As we speak, Upbit announced the itemizing of ONDO. The announcement detailed buying and selling help for ONDO throughout KRW, BTC, and USDT markets, together with particular deposit and withdrawal pointers.
Following Upbit’s announcement, ONDO’s value surged from $1.21 to $1.39, marking a 15% enhance in just a few hours. Nevertheless, the worth later corrected to $1.29, indicating some stabilization.
Learn extra: What Are Tokenized Actual-World Property (RWA)?
The on-chain analytics platform SpotOnChain identified vital actions by two crypto whales. In response to on-chain information, these whales deposited 2.95 million ONDO tokens (price roughly $3.86 million) to the crypto alternate Bybit following the itemizing.
The primary whale, with pockets tackle 0x440, sold 1.95 million ONDO price $2.55 million. It later achieved an estimated revenue of $1.94 million.
Equally, with pockets tackle 0xa87, the second whale offloaded 1 million ONDO, price $1.31 million. This whale recorded an estimated revenue of $808,000.
Regardless of these massive transactions, ONDO is certainly the main cryptocurrency within the real-world asset tokenization class. In response to CoinGecko data, ONDO has the very best market capitalization on this sector, at $1.87 billion.
By way of strategic partnerships, Ondo Finance continues to advertise its flagship product, the US Greenback Yield Token (USDY). Just lately, it partnered with Helio and Shopify to make USDY a settlement choice for thousands and thousands of Shopify retailers by way of Helio’s upgraded Solana Pay plugin. This improve allows retailers worldwide to just accept cryptocurrency funds, with real-time conversions settling in USDY and different stablecoins.
“Integrating USDY into the Solana Pay plugin is a pure match, permitting Shopify customers to transact with the market-leading yieldcoin,” Justin Schmidt, COO & President of Ondo Finance, remarked.
CoinGecko’s RWA Report 2024 additionally famous Ondo Finance as probably the most common issuers of yield-bearing stablecoins. Moreover, DefiLlama information shows, as of June 14, Ondo has a complete worth locked (TVL) of $534.31 million. This determine represents roughly a 178% enhance year-to-date.
Learn extra: RWA Tokenization: A Have a look at Safety and Belief
The latest surge in ONDO’s value and its increasing partnerships spotlight the venture’s potential within the real-world asset tokenization sector. Ondo Finance’s progressive method and strategic collaborations place ONDO as a major participant within the business, attracting consideration from buyers and business contributors alike.
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