Ondo Finance partners with Pyth Network to integrate institutional assets into DeFi.
USDY stablecoin expands reach across 65+ blockchains, enhancing DeFi liquidity.
ONDO token surges 14% after Pyth partnership, offering stable, yield-generating opportunities.
Ondo Finance has partnered with Pyth Network to integrate institutional-grade assets into over 65 blockchain ecosystems. This strategic collaboration introduces a USDY/USD price feed, providing real-time data for Ondo’s yield-generating stablecoin, USDY. The integration aims to bridge traditional finance and decentralized finance (DeFi), potentially enhancing liquidity, security, and stability for DeFi applications.
This partnership expands USDY’s reach across multiple blockchains, including EVM, Solana, Aptos, and Sui, marking a significant step toward a more interconnected and efficient DeFi ecosystem.
The collaboration between Ondo Finance and Pyth Network represents a milestone for both traditional and decentralized finance sectors. By launching the USDY/USD price feed, smart contract developers gain access to accurate, real-time data, essential for the proper functioning of Ondo’s USDY token. This development is poised to enhance the reliability and efficiency of DeFi applications, making them more attractive to institutional investors.
This move is expected to increase liquidity in the DeFi market, providing more opportunities for investors and developers. By leveraging Pyth Network’s high-fidelity financial data, Ondo Finance can offer potentially more stable and secure yield-generating opportunities, attracting a broader range of participants to the DeFi space.
The Ondo Finance token (ONDO) rebounded following its integration with Pyth Network surging by 14%. The partnership has significantly enhanced Ondo’s market presence by providing accurate real-time data feeds for institutional assets.
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators reflect neutral positions, suggesting a balance between buying pressure and capital inflows. This suggests that while there is optimism, the momentum may not be strong enough for a sustained upward trend.
Furthermore, data from Santiment reveals a decrease in daily active addresses, indicating lower transaction activity. This decline suggests that while the partnership has been well-received, it may take time for broader market adoption to fully materialize.
The post How Ondo Finance and Pyth Network Are Bringing Institutional Assets to DeFi appeared first on Coin Edition.