TL;DR
- ONDO’s Performance: ONDO, the native token of Ondo Finance, one of the RWA cryptocurrencies, surged by nearly 37% in the last 24 hours, reaching a price of $0.71. Despite this short-term gain, ONDO has experienced a 25% decline from its August 1 price of $0.95.
- PENDLE’s Surge: PENDLE, the native token of Pendle Finance, saw a remarkable 48% increase, now trading at $2.79. However, PENDLE’s price has declined by 30.6% since August 1 (from $3.63 to $1.85 on August 5).
- Other RWA Cryptocurrencies: Beyond ONDO and PENDLE, several other RWA-focused cryptocurrencies are gaining momentum. OM, the native token of Mantra, has surged by nearly 15% in the past 24 hours, currently trading at $1.02.
Following a notable decline yesterday, Bitcoin and the wider cryptocurrency market made a strong comeback. This resurgence also includes the real-world asset (RWA) tokenization sector, with ONDO and PENDLE at the forefront of this recovery, among other RWA cryptocurrencies.
According to CoinGecko data, the cumulative market capitalization for RWA-related cryptocurrencies stands at $5.76 billion at the time of writing, representing a 0.8% increase in the last 24 hours.
ONDO’s Performance
ONDO, the native token of Ondo Finance, has surged by nearly 37% in the last 24 hours and is now trading at $0.71. However, ONDO’s price has seen a longer-term decline of 25%, having traded at $0.95 on August 1 before dropping to $0.52 during yesterday’s market meltdown.
In a significant move during the market downturn, BlackRock, the asset management powerhouse, made a substantial deposit of more than $8.1 million in USDC into Ondo Finance’s platform. Ondo Finance stands out as a key player in the realm of tokenized real-world assets (RWA).
In March, it made headlines for transferring $95 million to BlackRock’s tokenized fund, BUIDL, facilitating instant settlements for the Ondo Short-Term US Government Fund (OUSG), backed by US Treasuries.
PENDLE’s Significant Surge
In parallel, PENDLE, the native token of Pendle Finance, experienced a significant surge, increasing by nearly 48% to $2.79. However, PENDLE’s price has seen a longer-term decline of 30.6%, from $3.63 on August 1 to $1.85 on August 5.
The recent spike in prices aligns with Upbit’s announcement of a new listing. This prominent centralized cryptocurrency exchange in South Korea has set August 6 as the date for PENDLE trading to commence, featuring trading pairs in Korean won (KRW) and Bitcoin (BTC).
Pendle Finance is a decentralized finance (DeFi) platform that specializes in tokenizing yield on the Ethereum network. It allows users to trade tokens and earn yields by splitting their assets into two categories: Principal Tokens and Yield Tokens.
This model has significantly boosted Pendle’s popularity in the DeFi space, leading notable industry figures, such as BitMEX’s co-founder Arthur Hayes, to label the project “the future of DeFi.”
Other RWA Cryptocurrencies
Alongside ONDO and PENDLE, several other cryptocurrencies focused on real-world assets (RWA) are witnessing notable gains as the overall crypto market rebounds. For example, OM, the native token of the layer-1 blockchain dedicated to tokenized RWAs called Mantra, has jumped by nearly 15% in the past 24 hours, currently trading at $1.02.
