The first week of ONDO Token launch has succeeded in attracting the attention of many investors because trading has reached extraordinary numbers. However, behind the success and praise for this success, quite a few also criticized ONDO's initial distribution strategy. Read more here
Successful Launch of ONDO Token
Ondo Finance, a decentralized finance (DeFi) platform focused on real-world assets (Real World Asset), has achieved an incredible milestone with ONDO token trading volume surpassing $1 billion within the first week of its launch. This achievement shows investors' optimism towards projects that convert real-world assets such as stocks and bonds into tokens.
ONDO tokens started trading on January 15 and have been listed on leading exchanges such as Coinbase, Bybit, Crypto.com, Kucoin, and HTX. On its debut day, trading volume reached $150 million, surpassing most tokens with higher market caps launched since the collapse of the Terra blockchain in 2022.
Responses Regarding ONDO's Success
Stanley He, Head of Research at Metaweb Ventures, praised the launch, stating, "This is definitely one of the more impressive token launches," attributing ONDO's transaction volume success to a timely launch amidst market fluctuations.
However, some critics questioned ONDO's initial distribution strategy, where only 14% of the total supply was in circulation. This approach may cause the token's value to decrease over time.
Ondo Finance is the third largest entity in the real-world asset DeFi sector and has raised more than $189 million in crypto deposits. The protocol securely stores users' crypto deposits at Coinbase and uses Clear Street's prime brokerage platform to purchase and hold shares of the ETFs that back its products.
The project has attracted $24 million in a funding round led by Peter Thiel's Founders Fund and Pantera Capital. As the third largest project in tokenized treasuries, with over $128 million invested, Ondo Finance stands out as a leader in the space.
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Behind the Success of ONDO Token
The ONDO token works astoken governance, similar to shares in a publicly traded company, and facilitates the setting up of Flux, a lending protocol for tokens built by Ondo Finance.
In May 2022, the Ondo Foundation sold ONDO tokens to over 18,000 people, raising over $10 million.About 1.4 billion ONDO tokens are in circulation, representing 14% of the total supply of 10 billion. The rest will be opened in stages over a period of one year.
The current value of ONDO in circulation is just over $300 million, with a token price of $0.22. The fully diluted market capitalization is $2.2 billion.
Critics of this model say that a flood of new tokens could slowly destroy the token's value. StanleyHe said that retail investors are now smarter and looking at token vesting and unlocking schedules.
However, Stanley highlighted that 88% of the tokens in circulation are controlled by the Ondo team, which could be a concern for investors.
ONDO's future depends on its ability to attract users and grow its ecosystem. However, it seems that topics related to ONDO investing have still managed to attract public attention.
How to Buy ONDO Tokens on Bittime
You can buy and sell ONDO tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. MANTA is available on Bittime with pairing ONDO IDR
To be able to buy ONDO/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make ONDO purchases in the application.
Monitor price movements of ONDO, Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read also:
What is Manta Network (MANTA)? Multi-modular Blockchain Ecosystem
What is Maverick Protocol (MAV)? DEX Platform with Revolutionary AMM
What Is ZetaChain (ZETA): The Blockchain Interoperability Revolution
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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