ONDO Price token price is moving steadily towards its all-time high, while its TVL surged more than 4x in 2024
The Ondo Foundation is a Cayman Islands Foundation Company whose mission is to usher in a new era of financial inclusivity, as per their website. They want to eliminate market efficiency through on-chain institutional-grade financial products and services. According to their website, the Ondo Foundation is a nonprofit with no beneficial owners.
ONDO token holders exercise control over the protocol, including economic, smart contract upgrades, and various others. Meanwhile, their fund invests exclusively in multi-billion dollar, highly liquid exchange-traded funds managed by some premier institutes like Blackrock. Let’s have a look at the price action and on-chain data of the ONDO protocol.
Is It Just the Tokenization Hype, or ONDO is Building Something Good?
Source: Dune
ONDO Protocol has OSUG and USDY, which are total return investment tools. It means that any interest paid out on the underlying asset is reinvested, which generally pushes the price in the long term. The USDY instrument is available for non-USA individuals and is minted after 40 to 50 days of USDC deposit. USDY has an APY of 5.2% with a TVL of $237 Million, while OUSG provides 4.96%. There are currently 108,974,747 USDY minted with 76 unique addresses. A significant surge in the cumulative minting request of the USDY token has also been observed in the last few months.
Source: TVL by Defillama
ONDO finance has seen a dramatic surge in the TVL from the start of 2024. It reached $420 million from a low of $185 Million in just a few months. The net inflow of the ONDO token has also surged, currently at nearly $650k. Despite the growth, the token liquidity has dropped to a low of $10.27 Million from $15 Million. The weekly commits of the protocol is 2 with only 1 developer every week. Many analysts are expecting continued growth in the asset in the coming months.
Are ONDO Bulls Looking For $2 Mark?
ONDO has a market cap of $1.31 Billion and is ranked 66th in the cryptoverse. ONDO token has a supply of 10,000,000,000, and 30% of it is circulating in the market. The coin price is currently trading near the value of $0.936, with a gain of 11.2%.
ONDO token price is currently forming strong bullish candles on the daily chart. The asset price on the 4-hour chart is trading above the 50 and 200 Moving Averages. Meanwhile, on the upside trend, the asset price can see a halt near the value of $1.05, and the support price can be observed near $0.8
The RSI and MACD of the ONDO token price are in an oversold zone. The overall sentiment of the indicators is bullish.
Conclusion
ONDO finance is one of the biggest platforms that provides a way to trade in the US treasury market. The protocol TVL has seen significant growth and reached $423 Million within a month. ONDO token price is bullish and can see a new high in the future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
