Ondo Finance, a DeFi platform focusing on tokenizing real-world assets, saw its native token (ONDO) surge by nearly 20% to an all-time high of $1.15 on May 24, 2024. The spike is largely attributed to Coinbase adding ONDO to its perpetual market.

According to DefiLlama, the token's rise has pushed its market cap beyond $1.6 billion. Ondo Finance also achieved a peak total value locked (TVL) of $453 million on May 21. IntoTheBlock data reveals a 52.3% increase in large transaction volumes for ONDO, with 92% of large holders and 63% of investors holding their tokens for between one and twelve months.

The rally coincided with the U.S. SEC's approval of spot Ethereum ETFs. Despite the controversial impact on the broader market, ONDO has emerged as one of the top performers. Since its launch earlier this year, ONDO has rallied over 1,300% from its all-time low.

The addition of ONDO to Coinbase's perpetual market has been a significant catalyst for the price rally. Following the announcement, several market traders have issued bullish calls for ONDO, highlighting its potential as an "ETH beta" and a good alternative for those unable to acquire securitized tokens.