Ondo Finance and LayerZero have launched a bridge enabling cross-chain transfers of tokenized shares and exchange-traded funds throughout Ethereum and BNB Chain.
Abstract
- Ondo Finance and LayerZero launched a bridge for cross-chain transfers of tokenized shares and ETFs.
- The bridge helps over 100 property throughout Ethereum and BNB Chain at launch.
- Ondo plans to develop the bridge to further EVM networks.
Ondo Finance has launched a brand new cross-chain software aimed toward increasing how tokenized securities transfer throughout blockchain networks.
The launch was introduced on Dec. 17 in a press release from Ondo confirming a collaboration with interoperability supplier LayerZero.
Cross-chain transfers for tokenized shares and ETFs
The brand new Ondo Bridge permits customers to switch greater than 100 tokenized shares and exchange-traded funds between Ethereum and BNB Chain. Extra EVM-compatible networks are anticipated to be added over time.
The bridge connects Ondo World Markets property throughout chains with one-to-one parity, that means tokens stay totally backed as they transfer between networks. Ondo mentioned the system replaces its earlier setup, which relied on separate bridge contracts for every asset and chain.
Ondo World Markets launched on Ethereum in September and expanded to BNB Chain in October. Since then, the platform has grown to greater than $350 million in whole worth locked and over $2 billion in cumulative buying and selling quantity, in response to the corporate.
Constructed on LayerZero infrastructure
The bridge makes use of LayerZero’s messaging framework, permitting Ondo to handle cross-chain transfers by a single structure quite than asset-specific bridges. Ondo mentioned this setup makes it simpler to deploy its tokenized securities to new chains, with integrations measured in weeks quite than months.
As a result of the bridge depends on LayerZero, purposes already related to that community can add Ondo property with restricted further work. LayerZero mentioned greater than 2,600 apps at present assist its normal throughout Ethereum and BNB Chain. Stargate has already added Ondo property following the launch.
Ondo described the bridge as the biggest dwell bridge devoted to tokenized securities, based mostly on the variety of supported property accessible at launch. The corporate has continued to develop its tokenized finance choices in current months, together with a personal tokenized cash market fund introduced with State Avenue and Galaxy Digital on Dec. 10.
Earlier this month, the U.S. Securities and Trade Fee closed its investigation into Ondo Finance, eradicating a regulatory overhang as the corporate pushes additional into compliant on-chain securities.
