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Ondo Finance (ONDO) has gained momentum since it launched. It focuses on tokenizing real-world assets (RWA) on the blockchain. On this, ONDO crypto relied on Layer 1s (L1s), such as Ethereum (ETH), Chainlink (LINK), and Stellar Lumens (XLM).
Tokenization enables traders to evaluate assets at any time, provided they have an internet connection. It eliminates the hassle associated with traditional finance (TradFi). The convergence of TradFi and DeFi ensured this was achieved.
The altcoin was considered a leader in the RWA revolution. Weekly DEX volume, activity over the past couple of months, and its price structure were some of the factors setting it up for this.
Weekly DEX Volume on ONDO Crypto
Weekly DEX volume on the ONDO crypto platform surged 5.5 times. This sharp rise marked a strong uptick in trading activity over the past week. This volume surpassed the $30 million mark, according to data from DefiLlama.
In October, ONDO’s weekly volume mostly stayed under $15 million. The month’s median volume showed the highest activity during that period.
The first week of October had the least activity, with a volume of less than $5 million. The recent data showed that DEX trading of the token had resumed after a low point in October.
To lead the RWA revolution, volume is a key aspect of getting in control. In terms of DEX volume, ONDO crypto has emerged as a serious contender to lead the RWA revolution.
This is because these tokenized assets are still traded on decentralized exchanges. They haven’t been listed on major centralized platforms like Binance or Coinbase yet.
Is ONDO Crypto Leading the RWA Revolution?
ONDO crypto positioned itself to lead the RWA revolution. It secured key partnerships with major institutions like JPMorgan and BlackRock.
This reflected the notable milestones achieved over the past couple of months. There, its TVL surpassed its ATH of $1.78 billion. The new peak TVL was $1.82 billion.
Another development was the launch of ONDO’s Global Markets. They expanded their operations in the European Union (EU) countries after a partnership with BX Digital.
ONDO crypto secured major wins with Fidelity FDIT backing 99% of OUSG. It also officially acquired SEC-registered Oasis Pro, boosting its regulatory credibility.
In particular, tokenized stocks TVL rose by 15% in a single day, reaching $360 million. This indicates the accelerating growth in global markets.
All these observations pointed to why ONDO crypto was leading this RWA revolution by bringing Wall Street on-chain. The institutions involved were a testament to why ONDO was well-positioned for this event. This is despite the price action not being aligned with their expectations.
ONDO Price Is Up 15% a Day, but Is a Rebound Coming?
After the ONDO crypto price briefly breached the support zone for the triangle pattern, the altcoin reacted positively thereafter. ONDO rose by 15% on the day, with the price trading at $0.6693.
This further increased the odds of ONDO leading the RWA revolution, especially if the price revisited its ATH of $2 and above. The general performance of the crypto markets suggested that ONDO was positioning for a rebound.
The ongoing consolidation resonated with this potential reversal. Adding the sentiments appraisal from the RWA revolution on ONDO supported such an undertaking.
On the other hand, a drop below the support level at $0.65 could delay the reversal. Altogether, ONDO was positioned to lead the RWA revolution. However, it faced a challenge from L1s that were also actively involved in it.
The TVL of tokenized stocks could be the breaker, and that of ONDO was looking pretty good.
