Demex Daily #121: Ondo Finance Merges with BlackRock's BUIDL to Accelerate Tokenized Treasury Deals

What’s Interesting Today:

Ondo Finance, overseeing $220 million in assets, plans to transfer the majority of its OUSG fund, valued at $88 million, into BlackRock's recently introduced BUIDL Fund, signaling a move towards the tokenization of securities. BUIDL, established on Ethereum, has rapidly accumulated $245 million in assets, demonstrating the increasing appeal of tokenized Treasury securities. To meet client demands for quicker transactions, Ondo now offers immediate processing for both subscriptions and redemptions of OUSG. Additionally, it's rolling out a rebasing token, rOUSG, which guarantees a stable redemption price of $1.00 per share and daily returns distributed as additional rOUSG tokens. The surge in interest in tokenized real-world assets has significantly benefited Ondo's token, which has seen its value increase tenfold, pushing its market capitalization to $1.3 billion as of late March.

Degen, a popular memecoin, has launched Degen Chain, a Layer 3 network based on Arbitrum Orbit, in collaboration with Syndicate. This new chain, which settles transactions on Base (an Ethereum Layer 2) and uses AnyTrust for data services, enables the DEGEN token to serve as the network's gas token, adding utility. The move aims to facilitate easier bridging and on/off-ramping for users and developers, with the DEGEN token and community to be hosted on this chain moving forward. Third-party developers are also invited to build on Degen Chain, with interest from several socialfi apps. DEGEN, which was initially airdropped to users of the decentralized social platform Farcaster, has seen its value increase significantly, with a 2,045% rise in price over 30 days, partly due to its adoption in the Base ecosystem and as a fundraising tool, amidst a broader surge in memecoin market value.