Ondo Finance and NAVI Protocol launch a USDY rewards campaign as Sui’s DeFi ecosystem expands, integrating real-world assets into DeFi.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
Ondo Finance has partnered with NAVI Protocol to launch an exciting new campaign rewarding users who deposit USDY. The program will run from February 26 to March 12. The campaign offers a total prize pool of $35,000 to participants.
USDY is Ondo Finance’s stablecoin tied to US Treasury yields, providing users with a stable digital currency linked to government bonds. The campaign aims to increase liquidity for USDY while introducing more users to real-world assets in decentralized finance.
The $35,000 reward pool is divided into two segments: the top 100 participants will share $10,000 based on their points, and 2,500 additional participants will have a chance to win part of $25,000 in a raffle, ensuring widespread opportunity for rewards.
Users can boost their point earnings by trading Ondo RWAs (real-world assets) during the campaign timeframe. The program represents an effort to demonstrate how real-world value can be effectively integrated into decentralized finance through the Sui Network, making these financial tools more accessible and efficient for everyday users.
This initiative comes as the Sui DeFi ecosystem continues to expand. Sui recently surpassed $1.3 billion in total value locked (TVL), with nearly $500 million in stable assets alone. Ondo Finance noted in a post on X that this stable asset growth signals a shift from pure speculation to more developed, utility-driven financial use cases, making it an ideal environment for real-world assets to thrive.
USDY has been integrated into platforms such as Bucket Protocol, Turbos, Aftermath Finance, Cetus, and KriyaDEX. The stablecoin has experienced more than 1% increase in the past 24 hours, while its market volume has surged by over 45% during the same period.
Ondo Finance emphasized NAVI Protocol’s role, saying that it is one of the key platforms driving this growth, having secured over $450 million in market size and serving as a home for Ondo’s tokenized US Treasuries. The company stated:
“NAVI has become a home on Sui for Ondo’s tokenized US Treasuries, offering a platform that showcases the advantages of real-world assets — from yield on idle balances to cost-efficient lending and borrowing and more.”
NAVI Protocol reported a 2000% increase in 2024, positioning it among the top lending protocols on non-EVM chains. The platform has reached $750 million in total value locked, attracting nearly 900,000 unique users who have completed 7.45 million transactions. The company also stated that deposits on NAVI have exceeded $27.9 billion.
NAVI Protocol has integrated with more than 21 wallets and supports 17 asset liquidity pools, covering stablecoins, BTCFi LSTs, and Sui-native DeFi assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
