Drift Protocol, a decentralized and open-source exchange platform operating on the Solana blockchain, has unveiled a groundbreaking partnership. The company has teamed up with Ondo Finance, an institutional-level financial protocol, to introduce RWA collateral into Solana DeFi. This exciting development was shared with the public on the social media platform X.
In a historic move, Drift Protocol is pleased to announce that $USDY can now be utilized as collateral on their platform, marking the first time yield coins have been incorporated into a perpetuals platform. This integration opens up new possibilities for $USDY holders on Solana, allowing them to leverage their assets for various financial activities.
The collaboration between Drift Protocol and Ondo Finance is being hailed as a unique initiative that integrates assets such as tokenized treasury bills as collateral on a perpetual forum. Ondo Finance has provided detailed information about this partnership through a comprehensive X post, showcasing their commitment to innovation in the DeFi space.
Drift Protocol expressed its excitement about the partnership with Ondo Finance, emphasizing the significance of using yield coins as collateral for the first time. As part of this collaboration, $USDY tokens are now accepted as collateral on Drift Protocol, enabling users to engage in margin trading and perpetual contracts, thus enhancing capital efficiency.
Cindy Leow, co-founder of Drift Protocol, highlighted the importance of this development in achieving the platform’s mission. The company aims to create a fully on-chain platform that allows traders to access a wide range of assets and utilize any form of collateral. The partnership with Ondo Finance brings Drift Protocol closer to realizing this vision, offering traders increased capital efficiency and utility for real-world tokenized assets.
Justin Schmidt, COO and President of Ondo Finance, also emphasized the benefits of integrating the $USDY token with Drift Protocol, stating that it enhances capital efficiency for Solana-based perpetual users. This collaboration signifies a new era in DeFi, providing traders with innovative solutions and opportunities in the evolving digital asset landscape.