- Ondo Finance launched a LayerZero-powered bridge for cross-chain transfers of tokenized stocks and ETFs.
- The solution reduces blockchain fragmentation, with plans to expand to more EVM chains.
- ONDO holds key support, signaling early accumulation and rebound potential to $1.50.
Another positive development for the growth of real-world asset tokens on the blockchain is that Ondo Finance, along with LayerZero, is offering a novel cross-chain bridge solution for on-chain securities. Through this facility, it will be possible to transfer Ondo’s security tokens, including stocks and ETFs, seamlessly from Ethereum to BNB Chain or vice versa.
The bridge makes use of the LayerZero cross-chain messaging infrastructure in its bid to address the fragmentation currently exhibited by different blockchain platforms. The specific technology is responsible for ensuring the efficient transfer of compliant securities. This is achieved through the elimination of custodian bridges.
Ondo has announced that it will indeed support other EVM-compatible chains, which means that there is a strategy in this regard to support multi-chains. As the need to tokenize securities rises, this becomes an important aspect, considering that Ondo will act as an infrastructure provider in ensuring that the securities market becomes more connected and scalable.
Also Read: Solstice Finance Integrates Ondo’s OUSG to Strengthen USX Stablecoin Collateral
ONDO Holds Channel Support, Hinting at a Rebound
Moreover, the crypto analyst, Jonathan Carter, highlighted that the token is presently testing the lower bound of its descending channel, an area that continues to draw in the buyers. On the three-day charts, the level is holding up well, indicating a weakening selling pressure as the demand gains momentum around the significant levels.
Source: Jonathan Carter
Momentum indicators are turning bullish around this level of support, hinting at early-stage accumulation. Volume expansion would be the primary indication of a possible rebound, indicating that market control is shifting in favor of buyers.
If the support level holds, a gradual recovery may begin for the token. The upside targets include $0.44 and $0.54 in the short term, and further on, there will be $0.68 and $0.86, while the more distant targets are $1.14 and $1.50.
Also Read: Ondo Surges: Can It Hit $2.00 After SEC Clearance?
