# Пов'язані статті щодо Ondo

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Ondo", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

This article analyzes three distinct approaches to on-chain tokenization of traditional assets like stocks and ETFs: Ondo Finance, xStocks (by Backed Finance, now Kraken-owned), and Hyperliquid's HIP-3. Ondo Finance employs an institutional-grade, indirect tokenization model. An offshore SPV holds the underlying stocks, issuing on-chain structured notes that represent economic exposure but not legal ownership. It features atomic settlement, instant minting/redemption, and requires KYC for accredited non-US investors. xStocks targets the retail market with a multi-chain, composable model. Similar to Ondo, it uses a 1:1 backed debt instrument structure (tracking certificates) issued by a Jersey-based SPV. It emphasizes self-custody, ease of access with no specific KYC for trading, and integrates a novel "xChange" engine to bridge TradFi liquidity into DeFi. Hyperliquid's HIP-3 offers a fundamentally different, permissionless model for creating perpetual futures markets on any asset. It requires no underlying custody of assets. Instead, it provides synthetic price exposure through oracle-fed perpetual contracts, allowing high leverage and 24/7 trading. It functions as a decentralized infrastructure layer for market creators. The piece concludes that these protocols are not in direct competition but serve different purposes: Ondo and xStocks offer economic ownership and redemption, while Hyperliquid provides leveraged synthetic trading. The common thread is expanding access and composability for on-chain users.

marsbit03/11 10:03

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

marsbit03/11 10:03

After Mainland China's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

China's "Document No. 42" (Yin Fa [2026] No. 42), issued by the People's Bank of China and eight other departments, formally recognizes and regulates Real World Asset (RWA) tokenization, defining it as the use of encryption and distributed ledger technology to convert asset ownership or rights into tokens. The document establishes a compliance pathway, requiring domestic entities to file with the China Securities Regulatory Commission (CSRC) and separating RWA from unregulated virtual currencies. Globally, the RWA market has grown significantly, reaching $23.7 billion. The article analyzes various token standards and their evolution. Early standards like ERC-3525 and ERC-3475, designed for bonds and contracts, saw limited adoption due to complexity. In contrast, successful application-first models like Aave's aToken (using a scaled balance mechanism for automatic interest accrual) and Lido's stETH (using a daily rebase model) thrive by prioritizing user experience and compatibility. For equity tokenization, platforms like Ondo and xStock on Solana use a "chain shares + multiplier" rebase model within the Token-2022 standard, adjusting display values for corporate actions like stock splits. Major exchanges and wallets (Jupiter, Binance, MetaMask) are increasingly supporting these tokenized assets. The author concludes that while China's regulatory clarity is positive, true success depends on leveraging blockchain's advantages—24/7 liquidity, fractionalization, transparency, and automation—to create practical value, rather than just defining perfect standards. The evolution should focus on user-centric solutions that address real market gaps.

marsbit02/12 06:10

After Mainland China's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

marsbit02/12 06:10

After Mainland's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

The People's Bank of China, along with eight other departments, issued Document No. 42 (2026), which formally recognizes Real World Asset tokenization (RWA) as a legitimate business model and outlines a compliance pathway. The document defines RWA as using encryption and distributed ledger technology to convert ownership or profit rights of assets into tokens or token-like equity or debt instruments. The article analyzes existing global RWA token standards and applications, arguing that the ideal standard should prioritize practical application and user experience over designing a perfect, all-encompassing specification upfront. It reviews several models: - **HK's ABT (2022):** An early framework highlighting benefits like fragmentation, liquidity, and transparency. - **ERC-3525 & ERC-3475:** Standards for bonds and contracts criticized for being overly complex and lacking adoption due to poor compatibility. - **Aave's aToken:** A highly successful model using a "Scaled Balance" mechanism where interest accrues and is realized during transactions, minimizing project overhead. - **Lido's stETH:** A "Rebase" model that automatically adjusts token balances daily to reflect staking rewards, offering a seamless user experience. - **Ondo & xStock (Stocks):** These platforms use a "Rebase" mechanism on Solana (via token2022 standard) where a "multiplier" adjusts to handle corporate actions like stock splits or dividends. The conclusion is that China's regulatory clarity is a positive step, but success hinges on building solutions that leverage blockchain's strengths—24/7 global liquidity, transparency, and automation—to solve real user needs, much like the successful native models (aToken, stETH) did. The true value of RWA lies in filling market gaps and enabling new forms of value discovery, not just in tokenization itself.

marsbit02/09 03:29

After Mainland's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

marsbit02/09 03:29

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