Upbit announces support for new digital asset ONDO financial transactions: trading restrictions and project information release

Upbit issued an announcement at 12:00 on June 14, 2024, notifying that it supports the trading of the new digital asset Ondo Finance (ONDO).

Trading restriction information

Trading limit price is determined based on the market price provided by CoinMarketCap.

Buy limit: Buy orders are restricted within about 5 minutes after trading support.

Minimum selling price limit: Within about 5 minutes after trading support, selling orders that are 10% lower than the previous day's closing price are restricted.

Market price and pre-order limit: After trading support, market price and pre-order limit will be restricted for about 1 hour.

Please check the table below for the previous day's closing price and the latest market price.

Source: upbit

Deposit Notes

Unreflected deposits may take a long time to be returned, please check the notes carefully.

1.Deposits and withdrawals are only supported on the bootstrap network (ONDO-Ethereum). Please be sure to check the network before depositing.

2.In order to implement the travel rule, if assets are deposited to Upbit through an exchange that is not included in the list of virtual asset business operators that allow deposits and withdrawals, the deposit reflection needs to be reviewed separately. Deposits that cannot be reflected may take a long time to be returned.

3.Deposits and withdrawals can only be made to personal wallet addresses that have completed "ownership verification". Even if recharges are made through an associated personal wallet, the recharge may need to be returned depending on the network situation of the assets.

4.When a large amount of digital assets of unknown origin are deposited, an explanation of the source of funds may be requested.

About Ondo Foundation

• Ondo Finance Project Introduction

Ondo Finance is a decentralized institutional-grade finance protocol (Institutional-Grade Finance), dedicated to using blockchain technology to provide institutional-grade financial products and services, and to create an open, permissionless, decentralized investment bank.

Ondo's current core business is to introduce zero/low-risk, stable interest-bearing, scalable fund products (such as U.S. Treasury bonds, money market funds, etc.) to the blockchain, providing an alternative to stablecoins for on-chain investors, and allowing holders rather than issuers to earn most of the income from the underlying assets.

• Basic information of the Ondo Finance project

• Ondo Finance project development history

When Ondo Finance was first established, it focused on the DeFi track. It changed its development route to the RWA track from the end of 2022 to the beginning of 2023 and achieved good results in 2023. The important time points of the project development are as follows:

(1) March 2021: The company was founded and focused on DeFi

Former Goldman Sachs employees Nathan Allman and Pinku Surana co-founded Ondo Finance Inc. At the beginning of its establishment, the company positioned itself as introducing structured assets with good yields to the DeFi field.

Ondo launched its first product, Ondo Vaults, in August 2021 - a structured financial protocol running on Ethereum. This product allows investors to choose "increase returns" or "downside protection" when providing liquidity to decentralized exchanges such as Uniswap.

(2) August 2021: Seed round financing

Pantera Capital led the investment, and Genesis, Digital Currency Group, CMS Holdings, CoinFund, Divergence Ventures, Stani Kulechov, Richard Ma, Christy Choi and others participated in the investment. The amount of this round of financing is US$4 million, and the token price is 1 ONDO = 0.0057 USD.

Pantera Capital led the investment, and Genesis, Digital Money Group, CMS Holdings, CoinFund, Divergence Ventures, Stani Kulechov, Richard Ma, Christy Choi and others participated in the investment. The amount of this round of financing is US$4 million, and the token price is 1 ONDO = 0.0057 USD.

At this stage, Ondo describes itself as "the protocol is designed to allow DeFi traders to hedge and exploit risks at their own will." Ondo allows users to initiate risk-isolated, fixed-income loans backed by digital assets. Lenders and borrowers both inject funds into Ondo's smart contract-executed "Vault", which provides two options: "fixed income" to reduce risk and "variable income" to maximize returns.

(3) Second half of 2021: Launch of LaaS service

Liquidity-as-a-Service (LAAS) helps token issuers improve the liquidity of decentralized exchanges. It pairs DAOs with underwriters (stablecoin issuers) to guide highly liquid AMM trading pairs. DAOs provide governance tokens, underwriters provide stablecoins, and Ondo assists in building liquidity pools. The ultimate goal is to help DAOs build their own liquidity without having to rely on liquidity mining or market making companies.

More than 10 DAOs, including NEAR, Synapse, and UMA, as well as underwriters such as Fei, Frax, Terra, and Reflexer, have participated in the program. Ondo has provided more than $210 million in total liquidity (TLP) between the community and the LaaS Vault.

(4) April 2022: Series A financing

Pantera Capital and Founders Fund led the investment, with participation from Wintermute, Tiger Global Management, Steel Perlot, GoldenTree Asset Management, Flow Traders, Coinbase Ventures, etc. The financing amount of this round is US$20 million, and the token price is 1 ONDO = 0.0285 USD.

At this stage, Ondo describes itself as "a protocol that provides structured investment products built on decentralized exchanges." In addition to the "treasury" investment mentioned in the seed round of financing in August 2021, Ondo also provides LaaS to DAO at this stage.

(5) May 2022: ICO financing

Ondo completed ICO financing on the CoinList platform. 3 million ONDOs were sold at $0.03, with a lock-up period of 1 year and linear release within 18 months after unlocking; 17 million ONDOs were sold at $0.055, with a lock-up period of 1 year and linear release within 6 months after unlocking. This round of financing amounted to $10.25 million. For most public investors: 1 ONDO = 0.055 USD.

At this stage, Ondo described itself as "providing services and connections to various stakeholders in the emerging DeFi ecosystem - including DAOs, institutions and individuals." At that time, the project roadmap announced by the Ondo team was as follows:

(6) January-February 2023: Abandon Vaults and LaaS and transform into the RWA track

With the compression of DeFi yields in 2022, the Ondo team decided to eliminate Vaults and LaaS (collectively referred to as "Ondo V1") and focus on the research and development of the next-generation protocol. Ondo V2 included Ondo Funds and Flux Finance when it was launched.

Ondo changed its positioning to "building the next-generation financial infrastructure to improve market efficiency, transparency and accessibility", and successively launched two tokenized financial products, USDY and OUSG, and transformed into a member of the RWA track.

(7) January 2024: ONDO tokens are unlocked for circulation

After a vote by the on-chain community, the ONDO token was unlocked for circulation on January 18, 2024. After unlocking, the price rose significantly, and once exceeded 0.3 U. Coinbase also announced that ONDO will be included in the coin listing roadmap.

• Background of the Ondo Finance core team