Ondo Finance Participates in Sky Ecosystem's Spark Tokenization Grand Prix, Emphasizing the Growing Relevance of Tokenized Assets in DeFi

In a tweet, Ondo Finance has announced its participation in the Sky Ecosystem's Spark Tokenization Grand Prix, strengthening its position as a pioneer in on-chain financial assets.

Fintech company Ondo Finance has announced its participation in the Spark Tokenization Grand Prix organized by the Sky Ecosystem (MakerDAO). The initiative aims to integrate $1 billion in tokenized financial assets, and Ondo Finance has submitted proposals for two of its flagship products: OUSG and USDY.

Together, these products currently have a Total Value Locked (TVL) of more than $600 million, and their integration into the Sky Ecosystem would significantly expand theの種類 of financial assets available in the ecosystem.

Ondo Finance, a pioneer in real-world assets (RWAs) with a combined TVL exceeding $600 million, is excited to announce its participation in the Spark Tokenization Grand Prix organized by the Sky Ecosystem (MakerDAO). The initiative aims to onboard $1 billion in tokenized financial assets, and Ondo Finance has submitted proposals for two of its flagship products: OUSG and USDY.

The Spark Tokenization Grand Prix is a competition designed to accelerate the adoption of tokenized financial assets and integrate high-quality financial products into the Sky Ecosystem. Participants are submitting proposals for various tokenized assets, ranging from RWAs and DeFi assets to NFTs and collectibles. A panel of judges will then evaluate the proposals based on their potential to generate revenue, expand the ecosystem, and adhere to regulatory standards.

As a leading provider of on-chain financial assets and➥RWAs, Ondo Finance is well-positioned to contribute to the growth of the Sky Ecosystem. The company’s flagship products, OUSG and USDY, have gained substantial traction in the DeFi market, and their integration into the Sky Ecosystem would further enhance their reach and impact.

OUSG is the first blockchain-based peer-to-peer transferable fund, offering a unique combination of benefits. It features lower costs, lower minimum investment criteria, and round-the-clock quick investment and redemption options. Most notably, OUSG ensures daily interest distributions, making it an attractive option for investors seeking liquidity and flexibility.

A majority of OUSG’s assets are currently invested in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), showcasing a close collaboration between Ondo Finance and BlackRock. For the Sky Ecosystem, Ondo will be offering direct conversions between OUSG and BUIDL.

“Our partnership with Ondo demonstrates how web3 native companies and traditional asset managers can come together to bring best in class products onchain and provide crypto-native capital with exposure to RWAs,” said Carlos Domingo, Co-Founder & CEO of Securitize.

This seamless integration is designed to provide users with the best of both funds, ultimately bolstering OUSG as the most efficient backer of sUSDS and a powerful savings tool for global on-chain investors.

Together with OUSG, another key offering from Ondo Finance is USDY. This permissionless yieldcoin has gained immense popularity, amassing over $400 million in TVL and becoming the most widely held yieldcoin of its kind.

Through Noble, USDY has been integrated into over 70 protocols spanning seven different blockchains, including Ethereum, Solana, Aptos, Sui, Mantle, Mantra, and Cosmos. By making USDY the first native tokenized real-world asset on many of these chains, Ondo Finance has enabled a range of novel use cases for both users and developers in these ecosystems.

The token’s ability to provide deep liquidity while also generating a high yield makes it a valuable addition to the Sky Ecosystem, which aims to include high-quality financial products in its offerings.

The increasing demand for on-chain Treasury has led to the rapid adoption of Ondo Finance’s products. A notable example is the Arbitrum DAO, which recently deployed 6 million Arbitrum (ARB) into USDY, marking the second-largest allocation after BlackRock’s BUIDL.

Moreover, Ondo Finance has applied to include USDY and OUSG in the Ethena Reserve Fund, indicating an intention to expand its operations in the DeFi space.

Another striking feature of the Ondo Finance ecosystem is the high yields offered to its members. For instance, USDY currently boasts an impressive annual percentage yield (APY) of 8.94%, which is available to all customers, including those in the United States.

This yield, which stands out in a market known for fluctuating returns, is one of the driving forces behind the increasing demand for Ondo’s tokenized assets.

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