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The SPX index is up 0.28%, driven by significant increases in technology stocks like Tesla, Apple, Microsoft, Amazon, and Meta Platforms. The broader cryptocurrency market is up, with Bitcoin and Ether rising 1.47% and 0.09% respectively in the past 24 hours.
Today’s outperformer is ORDI, which jumped 86.8% amid Bitcoin Ordinals popularity surge.
Ordinals (ORDI), introduced in January 2023, introduced NFTs to Bitcoin. Users can use the Ordinals protocol to insert data that references digital art, text, audio, etc into a Satoshi, the smallest unit of Bitcoin. This resulted in a new BRC-20 token standard, allowing users to issue tokens directly on Bitcoin. The possibilities of NFTs within the Bitcoin network has tremendous use case and, Ordinals can carve out a unique niche for itself and ride the wave of Bitcoin, the most successful cryptocurrency. However, it's important to consider the technical hurdles the project needs to overcome due to the limitations of Bitcoin.
Mantle and Ondo Finance have introduced USDY, a yield-generating token backed by real-world assets on the Ethereum Layer 2 Mantle Network. A rebasing version, mUSD, is set to follow, designed to maintain a $1 peg and distribute interest through token issuance. USDY offers an alternative to traditional stablecoins, secured by U.S. treasuries and bank deposits, allowing holders to earn yield via asset appreciation. With support from Mantle's large treasury, the tokens aim to provide sustainable yields within Mantle's DeFi ecosystem and have potential uses as collateral, in liquidity provision, and for payments and settlements.