Ondo Finance

Ondo Finance is a decentralized lending protocol that offers specialized financial products that connect retail investors, institutions, and decentralized autonomous organizations (DAOs) within the Defi ecosystem. The company’s platform offers a choice between downside protection and enhanced returns as well as “liquidity-as-a-service” (LaaS), which matches DAOs with underwriters to provide liquidity for native governance tokens. As of April 2022, Ondo has partnered with over ten DAOs including Terra, Frax, and Fei, and had a total value locked (TVL) of over USD 200 million in liquidity deposited into its protocol.

Ondo also planned to decentralize its governance structure by launching a native ONDO token and related DAO. Additionally, it also aimed to launch vaults that bundle yields from algorithmic stablecoins and aggregate yield across different blockchains. In January 2023, Ondo Finance launched a tokenized fund that enables stablecoin holders to invest in bonds and US Treasuries and receive ownership tokens on the Ethereum blockchain. The company stated that this fund will process daily subscriptions and redemptions in both stablecoins and fiat currencies. Investors will be able to transfer ownership tokens between whitelisted investor addresses and smart contracts that pass a compliance review to engage in on-chain trading and lending with fund tokens. The company expanded this product onto the Polygon blockchain in July 2023, the Solana blockchain in December 2023, and the Aptos blockchain in February 2024

Funding and financials

In April 2022, Ondo Finance raised USD 20 million in Series A funding led by Founders Fund and Pantera Capital to expand the company’s employee base and support new product launches including its multi-chain expansion. In May 2022, Ondo Finance announced the initial sale of its native token (at a price of USD 0.055 and a total supply of 400 million tokens) on Coinlist via its subsidiary, Nami industries.