Daily Top Performer — Ondo Finance (ONDO)
The SPX index is up 0.56%, US stock futures remained stable as investors awaited the Federal Reserve’s policy decision, with expectations that interest rates will be held steady. The broader cryptocurrency market is down, with bitcoin and Ether dropping by 3.79% and 6.43%, respectively in the past 24 hours.
Today’s outperformer is ONDO, which jumped 25.84% after Ondo Finance expands with Ondo Global Markets and multichain integration on Sui, solana, and Aptos.
Ondo Finance (ONDO), founded in 2021, is a DeFi protocol that aims to democratize access to institutional-grade financial products by tokenizing real-world assets, such as US treasury-backed tokens. It consists of an asset management arm for product creation and a technology arm for protocol development, facilitating broader on-chain access and financial inclusivity. Ondo Finance recently unveiled Ondo Global Markets, expanding its offerings to include a wider range of tokenized assets. Additionally, in the past eight months, the company has focused on multichain expansion, launching its products on the Sui, solana, and Aptos blockchains via integration with Axelar and deBridge.
Check Out the Latest Prices, Charts, and Data of ,ONDOUSDT, Perp and ,ONDO/usdt, Spot!
Talk of the Town:
The solana-based meme coin, Slerf, exceeded the trading volume of all ethereum-based decentralized exchanges within just one day of its launch, recording over $2.7 billion in transactions. This surge in popularity followed an incident where its developer accidentally sent all raised funds to a burn address, igniting a trading frenzy that drove the price up significantly. Dubbed a “blue-chip meme” by some traders due to its fair distribution and anticipated future demand, Slerf’s community and exchanges are now working to compensate presale participants through donations and trading fees.
Check Out the Latest Prices, Charts, and Data of ,SLERFUSDT, Perp!
Macro Events to Watch:
Date
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Report
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Previous
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Thu, Mar. 21
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Fed Interest Rate Decision
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5.5%
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Thu, Mar. 21
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FOMC Economic Projections
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–
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Thu, Mar. 21
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Fed Press Conference
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–
The Federal Reserve is anticipated to maintain the fed funds rate at its 23-year peak of 5.25%-5.5% during its March 2024 meeting, marking the fifth consecutive time without change. This decision reflects the Fed’s caution, prioritizing assurance that inflation is steadily returning to the 2% target before adjusting rates. Fresh quarterly economic projections and the updated “dot plot” will be closely watched for hints on potential rate cuts and their timing, especially since December’s forecast suggested three quarter-point reductions by the end of 2024. Despite these expectations, recent data showing a slight increase in annual inflation to 3.2% in February, up from 3.1%, alongside a less-than-expected drop in the core rate to 3.8%, indicates challenges in achieving the inflation target, particularly with persistent services inflation.
Airdrop to Watch:
The Ten Protocol is launching a new incentivized Layer 2 testnet on ethereum, offering full data encryption, with no fund requirement for participation. A total of 22.5 million $TEN tokens, accounting for 2.25% of the supply, are allocated as rewards for all participants. Rewards distribution includes 2.15% for Galxe participants and developers, and 0.10% for node operators. Interested node operators can apply via a provided form, with 250 being selected. The native token of Ten Protocol, previously known as Obscuro, is anticipated to launch in Q2 of 2024, with testnet participants potentially receiving an airdrop at launch.
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Read the full crypto news article ONDO Surges After Launching Ondo Global Markets Offering More Tokenized Assets on bybit” target=”_blank”>bybit News.
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