Key Insights
- Ondo Finance launches Global Markets on Solana and introduces over 200 stocks.
- Solana is the third blockchain network where Ondo Global Markets will launch, after Ethereum and BNB Chain.
- Ondo Finance is seeing massive growth with TVL now over $2 billion. However, it faces competition from Tradfi heavyweights.
Decentralized tokenization protocol Ondo Finance has launched its Ondo Global Markets on Solana. With the move, over 200 tokenized stocks and other financial products will now be available on the network.
The protocol announced the launch on X, noting that it is bringing the full TradFi portfolio to the Solana ecosystem. Through Global Markets, Solana users will be able to trade stocks, exchange-traded funds (ETFs), commodities, and bonds.
Solana Becomes Third Network for Ondo Global Markets
The launch now means Solana is the third blockchain network on which Ondo Finance will deploy its platform. It had already launched on both Ethereum and BNB Chain. In deploying on Solana, Ondo Finance partnered exclusively with Jupiter Exchange.
The protocol described its platform as the way through which trillions in value will connect to the Internet capital markets. Solana also co-signed the launch, noting that tokenized financial products are now available onchain and as a sign of Wall Street expansion.
Interestingly, this will not be the first platform to launch tokenized stocks on Solana. Kraken and Backed have already partnered to launch xStocks on the network. However, Ondo Finance stated that it has now quadrupled the number of tokenized stocks on the network.
Speaking on the launch, Ondo Finance’s president, Ian Bolde, stated that Solana users can now buy tokenized stocks at brokerage prices. He added that more stocks will be launched on the platform.
He said:
“Ondo Global Markets’ liquidity model enables it to launch with hundreds of assets live on day one, with thousands more to come.”
Ondo Finance Sees Rising TVL Amid Tokenization Boom
The launch on Solana represents another milestone for Ondo Finance as it continues its multichain expansion. The DeFi protocol, which is pushing to become one of the leading tokenization platforms, has seen massive growth in recent months.
Its total value locked recently broke the $2 billion mark, representing over 100% increase from March of last year. It has already signalled its intention to drive decentralized tokenization with multiple efforts. This includes developing a universal tokenization standard.
ONDO token has struggled in recent weeks. Its price fell 14% over the past seven days. However, it is up 4% today along with the rest of the market.
Meanwhile, the platform already faces multiple competitors as tokenization attracts both DeFi and traditional institutions. Already, Nasdaq, the New York Stock Exchange, and even the Depository Trust Company have all announced tokenization plans.
NYSE recently disclosed that it is developing a platform to enable trading in tokenized stocks. According to the exchange, the platform could be launched as soon as this year, subject to regulatory approval.
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