RWA令牌化協議Ondo Finance訪問了新的TVL ATH，與Ripple的XRP Ledger集成了

該協議最近在總價值鎖定（TVL）的歷史上達到了新的，跨越了13.68億美元。這次激增是在與Ripple進行戰略合作之後的，利用XRP Ledger通過RLUSD提供24/7全天候進入令牌美國國債的訪問。

Decentralized Finance (DeFi) protocol Ondo Finance is making significant strides in the RWA tokenization space, recently hitting a new all-time high in Total Value Locked (TVL) and forging a strategic partnership with Ripple to provide 24/7 access to tokenized U.S. Treasuries via RLUSD.

分散的金融（DEFI）協議Ondo Finance在RWA令牌化領域取得了長足的進步，最近擊中了新的歷史最高價值鎖定（TVL），並與Ripple建立了戰略合作夥伴關係，可通過RLUSD通過RLUSD提供24/7的訪問權限。

However, despite these developments, there was no immediate reaction in the market.

但是，儘管有這些發展，但市場上沒有立即反應。

While the market didn’t react immediately in terms of price, the implications for both ONDO and Ripple’s XRP Ledger are substantial, potentially setting the stage for future growth in the institutional DeFi space.

儘管市場在價格方面沒有立即做出反應，但對Ondo和Ripple的XRP Ledger的影響都是實質性的，有可能為機構Defi領域的未來增長奠定了基礎。

ONDO’s TVL Soars Past $1.36 Billion

Ondo的TVL飆升了13.6億美元

The recent partnership between Ondo Finance and Ripple to integrate tokenized U.S. Treasury products into the XRP Ledger has already started bearing fruit, at least in terms of protocol adoption and capital flow.

Ondo Finance與Ripple之間的最新合作關係將令牌化的美國財政產品集成到XRP Ledger中已經開始取得果實，至少在採用協議和資本流程方面。

According to DeFiLlama data, ONDO’s TVL has surged past $1.368 billion. This surge follows a partnership with Ripple to continuously provide 24/7 access and redemption of tokenized U.S. Treasuries, offering an innovative product to institutional investors.

根據Defillama數據，Ondo的TVL飆升了13.68億美元。這次激增是在與Ripple建立合作夥伴關係之後，不斷提供24/7的訪問權限和贖回令牌美國國庫，並向機構投資者提供創新的產品。

These efforts are also backed by BlackRock’s BUIDL fund, further indicating a growing interest from institutional investors in these types of products.

這些努力也得到了貝萊德（BlackRock）的Buidl基金的支持，進一步表明機構投資者對這類產品的興趣日益增長。

At the time of writing, ONDO’s market capitalization is approximately $2.824 billion, and its 24-hour trading volume is $167 million. However, revenue generation has yet to keep pace with the explosive TVL growth. Annualized fees are reported at $54.24 million, and platform revenue is just under $12 million.

在撰寫本文時，Ondo的市值約為28.24億美元，其24小時交易量為1.67億美元。但是，收入產生尚未與爆炸性TVL增長保持同步。據報導，年度費用為542.4萬美元，平台收入不到1200萬美元。

This suggests that while user participation is increasing, immediate returns to token holders remain modest.

這表明，儘管用戶參與正在增加，但立即回報對代幣持有人仍然適度。

A Balancing Act: Institutional Adoption vs. Retail Incentives

平衡法：機構採用與零售激勵措施

The rapid growth in TVL underscores the platform’s strong appeal among institutional investors. Yet, this also highlights a developing tension in the DeFi space: How do protocols maintain long-term growth while offering attractive incentives to community members?

TVL的快速增長強調了該平台在機構投資者中的強烈吸引力。然而，這也凸顯了在Defi領域的發展緊張：協議如何保持長期增長，同時為社區成員提供有吸引力的激勵措施？

For now, Ondo’s strategy appears to be working. By focusing on stable, real-world financial products like U.S. Treasuries and enabling seamless access through blockchain rails, the platform is carving out a niche that many other DeFi projects are still struggling to define.

目前，Ondo的策略似乎正在奏效。通過專注於穩定的現實世界中的金融產品，例如美國國庫，並通過區塊鏈導軌實現無縫訪問，該平台正在開闢一個利基市場，許多其他Defi項目仍在努力定義。

But for continued growth, especially in token price and community involvement, ONDO may need to revisit its reward structure. While the protocol allows holders to share in revenue, the returns are relatively small, and that may not be enough to retain interest if new competitors offer more lucrative models.

但是，為了持續增長，尤其是在代幣的價格和社區參與中，Ondo可能需要重新審視其獎勵結構。儘管該協議允許持有人共享收入，但收益相對較小，如果新競爭對手提供更多有利可圖的模型，則可能不足以保留利息。

Price Outlook: Slow but Steady Momentum

價格前景：緩慢但穩定的動力

Despite the impressive TVL and ecosystem growth, ONDO’s price action has been somewhat muted. The token is currently hovering around $0.88, testing a key trendline support near the $0.867 level. Technical indicators suggest a possible short-term weakness, with the MACD showing a bearish crossover and dipping into negative territory.

儘管TVL和生態系統的增長令人印象深刻，但Ondo的價格行動仍然有些靜止。該令牌目前徘徊在0.88美元左右，測試了接近0.867美元的關鍵趨勢支持。技術指標表明可能的短期弱點，MACD顯示出看跌的交叉並浸入負面領域。

If the $0.867 support holds firm, ONDO could see a rebound toward the $0.90 region and potentially retest the recent swing high near $0.98. However, failure to maintain this support may result in a pullback toward $0.84 or lower.

如果$ 0.867的支持成立於公司，Ondo可能會看到$ 0.90地區的反彈，並可能重新測試最近的鞦韆高度接近0.98美元。但是，無法維持此支持可能會導致$ 0.84或更低的回調。

For traders, the $0.867 and $1.00 price levels will likely serve as critical points in determining the token’s next move. A confirmed break below the rising trendline would likely shift market sentiment to bearish in the near term.

對於交易者而言，$ 0.867和1.00美元的價格水平可能是確定令牌下一步行動的關鍵點。在上升趨勢線以下的確認休息可能會在短期內將市場情緒轉變為看跌。

XRP Price Stable Despite Strategic Integration

儘管戰略性整合，XRP價格穩定

Interestingly, Ripple’s XRP has also remained relatively quiet in terms of price action, trading steadily around $2.30 over the last 24 hours. The RLUSD integration and OUSG tokenization have not immediately translated into price gains for XRP.

有趣的是，Ripple的XRP在價格行動方面也相對安靜，在過去的24小時內穩步交易約2.30美元。 RLUSD集成和OUSG令牌化尚未立即轉化為XRP的價格上漲。

This aligns with the broader trend of infrastructure improvements not always leading to instant market reactions. However, the long-term benefits could be considerable. Ripple’s collaboration with Ondo positions the XRP Ledger as a viable platform for real-world asset tokenization, which could attract institutional investors in the future.

這與基礎設施改進的更廣泛趨勢並不總是導致市場反應。但是，長期利益可能是可觀的。 Ripple與Ondo職位的合作將XRP Ledger作為現實世界中的可行資產令牌的可行平台，這將來可能會吸引機構投資者。

What This Means for the Future of Institutional DeFi

這對機構偏見的未來意味著什麼

ONDO’s recent developments highlight a crucial shift in the DeFi landscape—one that prioritizes real-world utility over speculative hype. The integration of traditional financial products like U.S. Treasuries into decentralized ecosystems marks a maturing of the market.

Ondo最近的事態發展凸顯了Defi景觀的關鍵轉變，這是一個優先考慮現實世界的效用而不是投機性炒作。像美國國債這樣的傳統金融產品集成到分散的生態系統中標誌著市場的成熟。

More importantly, it shows that institutional capital is not just watching from the sidelines. With backing from major entities like BlackRock and the deployment of reliable financial instruments on decentralized platforms, the path toward mainstream adoption becomes clearer.

更重要的是，它表明機構資本不僅是從場外觀看。隨著貝萊德（Blackrock）等主要實體的支持，並在分散平台上部署可靠的金融工具，主流採用的道路變得更加清晰。

If ONDO can continue to balance institutional engagement with meaningful incentives for retail participants, its momentum could persist, both in TVL and potentially in token price.

如果Ondo可以繼續在機構參與與零售參與者的有意義的激勵措施之間取得平衡，那麼它的勢頭可能會持續到TVL和可能的代價價格。

Ripple’s role in this story also shouldn’t be overlooked. By providing the infrastructure needed to bring real-

Ripple在這個故事中的角色也不應該被忽略。通過提供帶來實際所需的基礎設施