Unsurprisingly, the staggering 102 percent increase in U.S. Treasury TVL was almost entirely due to an increase in USDY assets: according to Step Finance, the supply of solana-based USDY increased 117 percent, from 46 million to 100 million as of September 23, 2024. increased to 500 million.
In addition to the 117 percent increase in solana-based token supply, the number of $USDY holders also increased to 2,256, a 107 percent increase from last month. SolScan data shows that more than 50 million USDY tokens were minted on Sept. 23. Since then, all of the newly minted tokens have been distributed to six separate unnamed addresses.
The dramatic rise in $USDY in September does not appear to be related to any direct news or announcements from #Ondo Finance. However, the rise in $USDY coincided with Ondo's announcement that it intends to submit a proposal to the Sky ecosystem tokenization grand prize.
The former MakerDAO Sky announced its intention to expand its services to the #Solana network at Breakpoint 2024. Although unconfirmed, the increase in USDY USD offerings appears to be related to Ondo's bid for Sky.
Ondo Finance has a monopoly on Solana-based U. S. Treasury bond offerings, but new competitors have emerged to challenge it.
Ondo Finance recently launched its own stable income coin, $sUSD. This coin uses US Treasury bond yields to provide a stable reward for RWA holders, and Solayer is working with OdenEden to launch a stable income coin in the coming weeks.
Solayer is making strides in the RWA space, where #Ethereum dominates other networks. According to rwa. xyz, Ethereum holds over 70% of the treasury asset market on the blockchain, which puts Solayer in third place behind Stellar.
While Ethereum has a significant advantage over competing blockchains, it also has ample opportunity for disruption due to significant differences: by 2024, Solana will be competing with Ethereum on other key metrics, such as trading volume on DEX.
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