Ondo Finance’s portfolio tokens are still new, but they are spreading quickly. The company has now brought them to a third blockchain. Ondo issues tokenized versions of stocks, ETFs and Treas
Ondo Finance’s portfolio tokens are still new, but they are spreading quickly. The company has now brought them to a third blockchain.
Ondo issues tokenized versions of stocks, ETFs and Treasuries, which are traditional assets recorded as digital tokens on a blockchain.
On Oct. 29, it launched its Ondo Intelligent Portfolios on Solana. Solana is a blockchain network known for fast, low-cost transactions.
The portfolios first went live on Ethereum and BNB Chain. Ondo says those versions passed $45 million in total value locked (TVL) within their first few weeks of trading. TVL is the dollar value of assets held in a product.
That is more than double the $20 million the company reported on Oct. 20.
Ondo now describes the lineup as the largest onchain portfolio product by TVL, though its post doesn’t say how it measured that.
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The Solana launch carries over all seven portfolios.
Each token holds a basket of Ondo Stocks and rebalances on a preset schedule through smart contracts, which are programs on a blockchain that run automatically.
Ondo groups the seven into three styles:
The three BlackRock-based portfolios use strategies that asset manager BlackRock developed for Ondo. Ondo runs the products.
The move to Solana doesn’t change who can buy. The tokens remain open only to eligible investors outside the U.S., in permitted jurisdictions.
What changes is where they can be held and used. On Solana, investors can keep the tokens in their own wallets, move them around the clock and plug them into DeFi apps that support them.
DeFi, or decentralized finance, refers to blockchain-based apps that offer services such as lending and trading without a bank.
Ondo says more portfolios are coming but hasn’t given dates. Adding Solana gives the existing lineup access to one of crypto’s most active trading networks while new products are built.
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