2024-3-1 18:36 |
Builders, developers, and end users can now utilize Ondo Finance’s yield-bearing stablecoin alternative on the Sui network, a Layer 1 blockchain that provides industry-leading performance and unlimited scaling. Sui made the announcement. The first native dollar-denominated token on the Sui Network is Ondo’s USDY, which is backed by the US treasury and pays interest.
With Ondo’s Sui extension, developers and builders in the ultra-composable Sui ecosystem have access to essential functionalities that let them make decentralized apps with a lot more power. Leading projects, including some from other platforms, are adopting Sui, and its rapidly increasing DeFi TVL and traffic suggest that the network is seeing increasing demand for its next-generation financial applications.
With a total of $185 million in TVL, Ondo Finance ranks third among platforms that deploy tokenized versions of real-world assets onto public blockchains. Many new options will arise for teams developing on Sui as a result of Ondo’s flagship Treasury-backed tokens and other tokenized real-world assets. Aftermath Finance, Cetus, NAVI, Typus, Bucket, Turbos, and KriyaDEX are among the first DeFi protocols that incorporate USDY.
“I am extremely excited to bring the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token to the builders and developers on Sui,” said Ondo’s founder and CEO, Nathan Allman. “The combination of our technologies offers this group, which is already creating apps at the forefront of DeFi, a unique opportunity to leverage Sui to advance the industry even further.”
A major step toward expanding DeFi throughout the ecosystem and throughout the industry is represented by the tokenized Treasury-backed offerings that are already available on the Sui Network.
“Sui’s rapid growth in decentralized finance, exemplified by the significant assets and projects coming to the ecosystem, is a clear illustration that the network is ready to incorporate the latest in tokenized real-world assets,” said Greg Siourounis, Managing Director of the Sui Foundation. “Having a version of Ondo’s USDY that is native to Sui will unlock exciting new opportunities for Sui’s builders and developers and new features for the users of their applications.”
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