RWA令牌化协议Ondo Finance访问了新的TVL ATH，与Ripple的XRP Ledger集成了

该协议最近在总价值锁定（TVL）的历史上达到了新的，跨越了13.68亿美元。这次激增是在与Ripple进行战略合作之后的，利用XRP Ledger通过RLUSD提供24/7全天候进入令牌美国国债的访问。

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）协议Ondo Finance在RWA令牌化领域取得了长足的进步，最近击中了新的历史最高价值锁定（TVL），并与Ripple建立了战略合作伙伴关系，可通过RLUSD通过RLUSD提供24/7的访问权限。

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

但是，尽管有这些发展，但市场上没有立即反应。

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.

尽管市场在价格方面没有立即做出反应，但对Ondo和Ripple的XRP Ledger的影响都是实质性的，有可能为机构Defi领域的未来增长奠定了基础。

ONDO’s TVL Soars Past $1.36 Billion

Ondo的TVL飙升了13.6亿美元

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与Ripple之间的最新合作关系将令牌化的美国财政产品集成到XRP Ledger中已经开始取得果实，至少在采用协议和资本流程方面。

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.

根据Defillama数据，Ondo的TVL飙升了13.68亿美元。这次激增是在与Ripple建立合作伙伴关系之后，不断提供24/7的访问权限和赎回令牌美国国库，并向机构投资者提供创新的产品。

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

这些努力也得到了贝莱德（BlackRock）的Buidl基金的支持，进一步表明机构投资者对这类产品的兴趣日益增长。

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.

在撰写本文时，Ondo的市值约为28.24亿美元，其24小时交易量为1.67亿美元。但是，收入产生尚未与爆炸性TVL增长保持同步。据报道，年度费用为542.4万美元，平台收入不到1200万美元。

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

这表明，尽管用户参与正在增加，但立即回报对代币持有人仍然适度。

A Balancing Act: Institutional Adoption vs. Retail Incentives

平衡法：机构采用与零售激励措施

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的快速增长强调了该平台在机构投资者中的强烈吸引力。然而，这也凸显了在Defi领域的发展紧张：协议如何保持长期增长，同时为社区成员提供有吸引力的激励措施？

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。通过专注于稳定的现实世界中的金融产品，例如美国国库，并通过区块链导轨实现无缝访问，该平台正在开辟一个利基市场，许多其他Defi项目仍在努力定义。

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，为了持续增长，尤其是在代币的价格和社区参与中，Ondo可能需要重新审视其奖励结构。尽管该协议允许持有人共享收入，但收益相对较小，如果新竞争对手提供更多有利可图的模型，则可能不足以保留利息。

Price Outlook: Slow but Steady Momentum

价格前景：缓慢但稳定的动力

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.

尽管TVL和生态系统的增长令人印象深刻，但Ondo的价格行动仍然有些静止。该令牌目前徘徊在0.88美元左右，测试了接近0.867美元的关键趋势支持。技术指标表明可能的短期弱点，MACD显示出看跌的交叉并浸入负面领域。

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的支持成立于公司，Ondo可能会看到$ 0.90地区的反弹，并可能重新测试最近的秋千高度接近0.98美元。但是，无法维持此支持可能会导致$ 0.84或更低的回调。

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.

对于交易者而言，$ 0.867和1.00美元的价格水平可能是确定令牌下一步行动的关键点。在上升趋势线以下的确认休息可能会在短期内将市场情绪转变为看跌。

XRP Price Stable Despite Strategic Integration

尽管战略性整合，XRP价格稳定

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在价格行动方面也相对安静，在过去的24小时内稳步交易约2.30美元。 RLUSD集成和OUSG令牌化尚未立即转化为XRP的价格上涨。

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.

这与基础设施改进的更广泛趋势并不总是导致市场反应。但是，长期利益可能是可观的。 Ripple与Ondo职位的合作将XRP Ledger作为现实世界中的可行资产令牌的可行平台，这将来可能会吸引机构投资者。

What This Means for the Future of Institutional DeFi

这对机构偏见的未来意味着什么

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最近的事态发展凸显了Defi景观的关键转变，这是一个优先考虑现实世界的效用而不是投机性炒作。像美国国债这样的传统金融产品集成到分散的生态系统中标志着市场的成熟。

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，它表明机构资本不仅是从场外观看。随着贝莱德（Blackrock）等主要实体的支持，并在分散平台上部署可靠的金融工具，主流采用的道路变得更加清晰。

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可以继续在机构参与与零售参与者的有意义的激励措施之间取得平衡，那么它的势头可能会持续到TVL和可能的代价价格。

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

Ripple在这个故事中的角色也不应该被忽略。通过提供带来实际所需的基础设施