beincrypto.com
After a significant drop yesterday, Bitcoin and the broader crypto market finally recovered remarkably.
The recovery extends to the real-world asset (RWA) tokenization segment, with ONDO and PENDLE leading the charge.
PENDLE’s 36.5% Surge and Upbit Listing Drive Market Interest
According to CoinGecko data, the cumulative market capitalization for the RWA-related cryptocurrencies is $5.76 billion at the time of writing. This figure represents a 0.8% increase in the last 24 hours.
ONDO, the native token of Ondo Finance, has surged by 25.04% in the last 24 hours and is now trading at $0.71. However, ONDO’s price has seen a longer-term decline of 25%, having traded at $0.95 on August 1 before dropping to $0.52 during yesterday’s market meltdown.
Read more: Real World Asset (RWA) Backed Tokens Explained
Notably, amid the market drop, asset management giant BlackRock deposited over $8.1 million in USDC to Ondo Finance’s platform.
Ondo Finance is one of the most prominent players in the tokenized RWA sector. In March, it made headlines for transferring $95 million to BlackRock’s tokenized fund, BUIDL, to facilitate instant settlements for the Ondo Short-Term US Government Fund (OUSG), backed by US Treasuries.
In parallel, PENDLE, the native token of Pendle Finance, experienced a significant surge, increasing by 36.5% to $2.76. However, PENDLE’s price has seen a longer-term decline of 30.6%, from $3.63 on August 1 to $1.85 on August 5.
The recent price surge coincides with a listing announcement from Upbit, a major centralized crypto exchange in South Korea. Upbit has scheduled PENDLE trading to start on August 6, with trading pairs in Korean won (KRW) and Bitcoin (BTC).
“Deposit/withdrawal start time within 2 hours from the time of posting the notice. Transaction support start time scheduled for 18:00 [KST] on August 6,” the announcement reads.
Pendle Finance is a DeFi platform focused on tokenizing yield on Ethereum. It allows users to trade tokens while earning yields by dividing assets into Principal Tokens and Yield Tokens. This model has significantly boosted Pendle’s popularity in the DeFi space, leading notable industry figures, such as BitMEX’s co-founder Arthur Hayes, to label the project “the future of DeFi.”
Read more: How To Invest in Real-World Crypto Assets (RWA)?
In addition to ONDO and PENDLE, other RWA-themed cryptocurrencies are experiencing significant increases amid the broader crypto market recovery. For instance, OM, a native token of layer-1 (L1) blockchain for tokenized RWAs Mantra, has seen a 10.4% surge in the last 24 hours, trading at $1.02.