Ondo Finance launched their perps DEX platform less than one month ago. It is gradually cementing itself as the top platform for perps DEX, despite its low price.
These factors have led to the ONDO native token commanding a $1.87billion market cap, even during a bearish period. This platform’s Open Interest has also been increasing, indicating it will soon have the ability to compete with other platforms.
What is driving Ondo Perps and OI volume growth?
Ondo has seen its perps volumes double from their launch on 7th July. Volume increased from $128 to $300, a more than 2x increase.
The cumulative Ondo volume reached a record high of $5.996 Billion three weeks after the launch.
Lighter, Lighter and Lighter were the top three perp DEXs by volume on July 31. [LIT] AsterDEX [ASTER].
Also, OI reached a new high level of $74,77 millions. Ondo’s DEX platform was becoming the traders’ favorite.
Perps volumes grew sharply due to tokenized stocks, commodities and indexes. They included instruments like Nvidia, Tesla, oil, gold, and the S&P 500 with up to 20x leverage traded 24/7.
Ondo, for example, has seen a 59.3% increase in the trading of US Oil tokens over the last 30 days. As the platform grew, more assets were added, such as the iShares Systematic Bonds ETF.
These additions could help stabilize the price and allow it to move upwards. It is worth noting that its price, like all crypto, remains in a structure of a bearish market.
Can Ondo challenge Hyperliquid, Aster & Lighter?
Ondo’s rapid growth occurred against a backdrop of falling perps volume and DEX volumes for the wider crypto market.
On-chain activity closed the month of July as another red one. As reported by DefiLlama, DEX volume as well as Perps Volume hit new yearly lowests. Both are down 60% or more from their October peaks.
Hyperliquid was established in October and has since attracted many popular DEXs like Aster, Lighter, etc.
Ondo’s perps volumes diverging from the trends in the wider crypto market, would pose a threat to Aster & Lighter should growth continue at the same pace. It could eventually challenge Hyperliquid with its Normalized Daily volume of $10.74billion.
Hyperliquid, with a combined volume of $1.85 and $1.35 Billion dollars, is 6x larger than Aster and Lighter. It is still important to maintain consistent trading of Ondo Finance perps.
Final summary
- Ondo’s perps volume has exploded from $300 million to nearly $6 billion per day.
- Ondo’s DEX perps volume is growing, while crypto markets are declining. This suggests that Ondo has slowly taken over the DEX perps volumes.
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Source: ambcrypto.com
