Yahoo Finance
Ondo Finance's derivatives platform has raced past $7 billion in cumulative trading volume, according to data from analytics site DefiLlama, a fast climb for a product that only recently opened to the public.
DefiLlama's figures putOndo Perps at about $7.03 billion in cumulative perpetuals volume, with roughly $200 million traded in the past 24 hours and around $69 million in open interest, the total value of positions currently held on the platform.
The platform's volume has risen steeply since the spring,DefiLlama's chart shows, with the sharpest gains coming in the weeks through early August.
Related: Ondo Perps unlocks tokenized gold and silver for perpetual trading According to Ondo, more than $5 billion of that total has been traded since public access went live, which the company says tops any otherreal-world-assetperps platform in its first month, citing the same DefiLlama data.
Ondocalledit the fastest start in the category's history.
Ondo Finance is a tokenization company, taking traditional assets like stocks, indices, and commodities and issuing them as tokens that can be traded on a blockchain.
Jim Cramer rethinks Bitcoin after IBM CEO's three-year warning Exclusive: Peter Schiff says the Fed 'never should have stopped hiking' Bitcoin service shuts down after wave of AI attacks Ondo Perps, built for non-U.S.
traders, is its platform for perpetual futures, crypto derivatives that let traders bet on an asset's price with no expiry date, offering up to 20x leverage and 24/7 trading.
Much of Ondo's pitch rests on how the platform handles collateral.
Rather than requiring cash orstablecoinsto back positions, Ondo Perps lets traders posttokenized stocksand other assets directly as margin, keeping their holdings working instead of selling them or parking money elsewhere.
Ondo calls this its "productive capital" approach.
The company said the milestones mark only the beginning, with more markets and features to come.
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