Crypto Express

06/12 03:21

ONDO partners Ripple as TVL hits new high

The partnership of Ondo Finance and Ripple has seen the tokenization of the U.S. Treasuries cross stay at the XRP Ledger with 24/7 get right of entry to and redemption in RLUSD.

The mixing was enabled via the BUIDL fund, a BlackRock initiative, making ONDO the hub of institutional DeFi infrastructure

But this was not merely a story game — this was operational capital investment in the quest of scalable income. ONDO sprang a new all-time high on its Total Value Locked of $1.368B.

This was more than $20 million in additional growth since the previous milestone.The market cap was equal to $2.824 billion, and the daily volume was $167.02 million. The revenue was less impressive though — annualized fees stood at $54.24 million.

The platform revenue was $11.69 million as holders continued to get in revenue share.

That was indicative of the growth momentum in ONDO but also indicative of the absence of direct holder returns, which may become an issue as the sector matures.

Nevertheless, as the XRPL integration went live and the TVL was increasing, the strategy of ONDO proved to bring results. This was in terms of bringing real-world assets to DeFi rails.

The extent to which it can maintain this rate will relate to its success in balancing institutional attractiveness with community incentives.

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