As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely followed the developments of various projects and exchanges over the years. The recent listing of Ondo Finance’s native token ONDO on popular Seychelles-based crypto exchange OKX has piqued my interest.
The Seychelles-based cryptocurrency exchange OKX has announced that it will list the native token of Ondo Finance, ONDO, on its platform. According to a statement released on July 29, trading for the ONDO/USDT pair started at 8 AM UTC on the same day. Deposits for the token became available an hour earlier, while withdrawals are scheduled to begin on July 30.
The OKX listing reinforces the authenticity of the ONDO token. It expands the number of trading platforms where ONDO is accessible, which currently include Binance Futures, KuCoin, Bybit, and Coinbase. More recently, the token has been added to Revolut’s digital banking platform.
About Ondo Finance
Founded in 2021, Ondo Finance aims to bridge the gap between conventional finance (traditional finance or TradFi) and decentralized finance (DeFi). By tokenizing real-world assets (RWAs), this platform aspires to enhance liquidity, broaden accessibility, and boost efficiency within financial markets.
In 2022, the blockchain platform garnered significant investment, bringing in a total of $40 million. This was achieved through a successful token sale that raised $20 million and a Series A funding round led by Coinbase Ventures and Tiger Global, which contributed an additional $20 million.
In January of this year, our platform established its initial presence in the Asia Pacific (APAC) area by opening an office. Simultaneously, as part of our extensive global growth strategy, we formed a collaboration with Mantra, a Layer-1 blockchain platform, in June. This partnership resulted in the introduction of a tokenized US Dollar Yield offering. The alliance was motivated by the provision of ONDO and mainnet OM tokens as incentives.
Significantly, ONDO boasts a grand total of 10 billion tokens in circulation. A portion of this amount, specifically 5.21 billion, is earmarked for the development of the ecosystem. Another substantial allocation, consisting of 3.3 billion tokens, is reserved for protocol advancement. Meanwhile, 1.29 billion tokens are designated for private sales. The remaining 198 million tokens are intended for community access through sales, as stated on Ondo Finance’s official website.
Price Surge
The revelation of this latest addition to the exchange has caused a significant rise in the value of ONDO tokens. Immediately following the announcement, ONDO experienced a price jump of more than 7%, although it has since moderated slightly. At present, the token is being traded at approximately $1.02, representing a 5% gain over the past twenty-four hours.
With a market capitalization of $1.42 billion, ONDO ranks as the 61st largest cryptocurrency by market size. This placement has sparked significant trading activity, resulting in a volume of approximately $96 million for ONDO.
Based on my extensive experience in cryptocurrency markets and having closely monitored the ONDO token, I can’t help but express my concern over its current situation. The ONDO token reached a remarkable high of $1.48 back in January this year, a price level that brought excitement and optimism for many investors, including myself. However, as of now, it hovers around 31% below that all-time peak.
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2024-07-29 15:51