Ondo Finance launched its perpetual futures decentralized exchange less than a month ago, already carving out a strong presence among perps DEXs.
The platform’s daily trading volume doubled swiftly from $128 million at kickoff to more than $300 million, pushing its cumulative figure to nearly $6 billion in under three weeks.
This growth backed the native token ONDO’s market cap at $1.87 billion despite the wider crypto downturn, and its Open Interest peaked at $74.77 million, signaling solid trader interest.
Tokenized equities and commodities powered this surge, with assets like Nvidia, Tesla, oil, gold, and the S&P 500 available around the clock with up to 20x use. Trading of tokenized US oil alone jumped 59.3% in the past 30 days. Additional assets such as the iShares Systematic Bond ETF continue to expand the offering.
These developments come while the broader crypto market faces a slump; July saw on-chain activity and perps volume hit yearly lows, down more than 60% from highs last October.
Ondo’s rising numbers put it ahead of competitors Aster and Lighter in tokenized equities volume, and if the momentum holds, it could become a real contender to Hyperliquid, which currently leads with a normalized daily volume of $10.74 billion nearly six times that of Aster and Lighter.
This content is for informational purposes only and does not constitute financial advice.
