Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our May edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
ZetaChain (ZETA) is an EVM-compatible smart contract platform built with the Cosmos SDK offering omnichain functionality to create an interconnected ecosystem of blockchain applications. ZetaChain uses a Proof-of-Stake consensus mechanism and Tendermint PBFT to secure the network and offer five-second block times and instant finality to users. ZetaChain validators approve block proposals as well as observe and record connected chain transactions to provide native smart contracts access to cross-chain data. Omnichain smart contracts use observed data to enable users to call contracts to create outbound messages and transactions. Smart contracts can communicate with a network such as Bitcoin to transfer value to multiple addresses in a cross-chain transaction despite Bitcoin not natively supporting smart contracts. ZETA tokens are used to register application data collection and pay transaction fees which are rewarded to validators staking tokens and securing the network.
Ondo Finance (ONDO) is an asset-backed token protocol enabling non-U.S. users and institutions to invest in on-chain tokenized assets. Ondo is currently building and maintaining three products: USDY, a token representing short-term treasury bonds and bank demand deposits; OUSG, a fund investing in U.S. treasuries; and OMMF, a tokenized fund providing exposure to Money Market Funds. Users can complete KYC requirements to receive access to investing in the products, trading USDC for investment in the approved products, and earning yield from the underlying investments. Token holders can use products as collateral on Flux Finance, a fork of Compound v2 to borrow liquid stablecoins on the blockchain. ONDO tokens are used to participate in the Ondo DAO and direct product development, including Flux Finance, to promote secure on-chain financial systems.
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