Ondo Finance, a number one tokenized real-world asset supplier, has partnered with Drift Protocol, a Solana-based decentralized buying and selling platform, to allow the combination of real-world property (RWAs) into the Solana DeFi ecosystem.
USDY, collateralized by short-term U.S. Treasury payments and providing a 5.30% annual share yield, is positioned as a bridge between conventional finance and decentralized finance (DeFi).
The mixing of USDY with Drift considerably enhances capital effectivity for perpetual merchants on Solana and signifies the start of a brand new period in DeFi
mentioned Justin Schmidt, President & COO of Ondo Finance.
The mixing of USDY as collateral is predicted to spice up buying and selling volumes and liquidity on Drift’s platform. Customers will not have to decide on between producing a yield on their stablecoins or utilizing them as collateral for buying and selling. As a substitute, they’ll earn yield and commerce concurrently, producing returns on their collateral whereas executing trades.
Cindy Leow, co-founder of Drift, added, “We are excited for this partnership as Drift’s aim is to create a fully on-chain platform for trading any asset with any collaterals. Ondo’s solution opens utility for tokenized real-world assets to unlock more capital efficiency for traders.”
The collaboration of Ondo Finance and Drift Protocol can mark the event of those relationships and RWA’s recognition in DeFi to create the opportunity of admitting extra tokens regarding RWA, which is able to complement the variability and high quality of pledged collateral among the many merchants.
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