Author: flowie, ChainCatcher

Editor: Nianqing, ChainCatcher

The key driving force behind the current bull market that began in 2024 is the traditional financial asset management giants led by BlackRock.

Recently, the altcoin season has kicked off, with the first leading gains coming from sectors such as RWA and payments, which are heavily focused on by traditional financial giants. Tokens closely related to traditional asset management giants like BlackRock, such as Ondo, CRV, and ENA, have shown impressive gains. During the significant market downturn on the 10th and 11th, these tokens were among those that were relatively resilient or rebounded quickly.

Empowering traditional finance, especially in sectors and projects supported by traditional financial giants, may be one of the most certain directions in this bull market. ChainCatcher has briefly summarized the relevant projects. (Excludes content related to Bitcoin, Ethereum, Solana, and XRP crypto ETFs)

BlackRock

In March of this year, BlackRock launched the tokenized fund BUIDL through the compliant tokenization platform Securitize, which currently has a scale of over $550 million.

Most of BUIDL is still deployed on Ethereum. Last month, BlackRock announced the launch of the BUIDL fund on Aptos, Arbitrum, Avalanche, OP, and Polygon. Recently, partners or affiliates related to BUIDL have also performed quite well.

1. Ondo Finance (Ondo)

Ondo surged 40% last week, breaking through $1.93, reaching an all-time high, and has currently retraced to around $1.86. It has increased over 100% in the past month and over 880% in the past year; its market cap is nearly $2.6 billion, with an FDV exceeding $18 billion.

As a leading project in the RWA sector, Ondo Finance has a close partnership with BlackRock, which has propelled its multiple price increases.

Ondo Finance's two core products include the tokenized U.S. Treasury product OUSG. Previously, the majority of the OUSG investment portfolio consisted of BlackRock's iShares Short-Term Treasury ETF (NASDAQ: SHV). In March of this year, after BlackRock announced the launch of the tokenized fund BUIDL, Ondo also reallocated most of OUSG's assets to BUIDL. OUSG currently has a TVL of over $180 million and has provided clients with over $25 million in returns since its launch.

In addition to its close ties with BlackRock, Ondo Finance's ecosystem directory published this year on X also includes partners such as Morgan Stanley, Ankura Trust, Clear Street, and NAV Consulting.

The core team of Ondo Finance mostly comes from backgrounds in well-known traditional asset management companies. Its co-founder and CEO Nathan Allman previously managed global digital asset markets in Goldman Sachs' digital asset division. Other core members of Ondo Finance also primarily hail from top asset management firms like Goldman Sachs, McKinsey, and Bridgewater.

In addition to U.S. Treasuries, Ondo Finance will also launch Ondo Global Markets on February 6, 2025, which will tokenize stocks and bonds on-chain.

2. Curve (CRV)

As a veteran DeFi leader, CRV's recent price increase is also related to its collaboration with BlackRock. Curve is an important partner for BlackRock's entry into DeFi.

On November 30, Curve announced that it had partnered with the blockchain network Elixir to expand access to BlackRock's tokenized money market fund BUIDL in DeFi. Users will soon be able to use BlackRock BUIDL to mint Elixir's yield stablecoin deUSD. CRV subsequently surged from $0.50 to $0.80, approaching $1.30 on December 7.

As of the time of writing, it is reported at $1.16, with a nearly 300% increase in recent times; its market cap exceeds $1.4 billion, with an FDV over $2.5 billion. CRV's all-time high price was $60.5 in August 2020, and its all-time low was $0.18 in August of this year.

In addition to its collaboration with BlackRock, Curve has also seen a surge in market demand following the market rally. Curve stated that within two weeks of Trump's presidency, its revenue doubled from an average of $268,000 to $581,000.

Recently, CurveDAO also launched the interest-bearing stablecoin Savings crvUSD (scrvUSD) to expand new use cases.

3. Ethena (ENA)

On November 29, stablecoin issuer Ethena and tokenization platform Securitize announced their upcoming collaboration to launch the stablecoin USDtb, participating in Sky (formerly MakerDAO) lending platform Spark's $1 billion tokenization competition.

The reserves of the USDtb stablecoin will be invested in BlackRock's U.S. dollar institutional digital liquidity fund (BUIDL), making USDtb the only stablecoin supported by BUIDL.

As a result of this news, ENA has continued to rise from around $0.70. Last week, it broke through $1.14 and has currently retraced to $1.10, with an increase of nearly 80% in the past month; its market cap exceeds $3.2 billion, with an FDV over $16.5 billion.

Ethena is also a project in which Franklin Templeton has invested.

4. Velo (VELO)

Velo is a blockchain-based global settlement network that provides fast, secure, and low-cost cross-border payments for individuals and businesses. DWFLabs made a strategic investment of $10 million in it last year.

In September of this year, Velo announced that it had integrated BlackRock's tokenized BUIDL fund into its USDV stablecoin, providing seamless trading and yield opportunities for over 1 million users in Southeast Asia.

VELO surged 50% last week, breaking through $0.03, and has currently retraced to around $0.026, with an increase of over 84% in recent times; its market cap is nearly $200 million, with an FDV close to $800 million.

Fidelity

5. Chainlink (LINK)

The oracle network is also indispensable for financial institutions conducting tokenized assets. Chainlink can help institutions link on-chain and off-chain data, unlocking some DeFi use cases.

This year, Chainlink has collaborated with several traditional asset management firms, leading crypto companies, Web2 giants, and Trump's crypto project.

Chainlink partnered with Fidelity International and Sygnum to put Fidelity's $6.9 billion institutional liquidity fund's net asset value (NAV) data on-chain in real-time. Chainlink also completed a pilot project in collaboration with Swiss asset management giant UBS and SWIFT, providing settlement for tokenized fund subscriptions and redemptions through the SWIFT network.

21Shares integrated Chainlink's proof of reserves system to provide transparency for its Ethereum ETF; Sony's L2 network Soneium also chose Chainlink as a partner.

Notably, Trump's family crypto project World Liberty recently announced it would adopt Chainlink's on-chain data and cross-chain connection standards. In the past 9 hours, World Liberty has purchased over 40,000 LINK.

Last week, LINK's price broke through $20 and reached a high of over $27. After a brief retracement, it has risen again today, breaking through $29, with a nearly 30% increase in 24 hours and an increase of nearly 100% in the past month. The last time LINK was above $20 was in January 2020. LINK's all-time high price was $52.88 in May 2021.

As of the time of writing, LINK's market cap exceeds $18 billion, with an FDV over $28.9 billion.

Morgan

6. Avalanche (Avax)

Avalanche's token Avax is also one of the well-performing tokens in the recently started altcoin season. Avax surged to over $55 last week and has currently retraced to around $50, with an increase of over 37% in the past month. Currently, Avax's market cap exceeds $20.5 billion, with an FDV close to $36 billion.

From a news perspective, Avax's recent rise may be attributed to the "hype" surrounding hints from Ava Labs' founder about ongoing dialogues with the new U.S. government, as well as Avalanche's layout and growth in RWA.

Avalanche has a significant advantage in developing RWA, as it allows developers or enterprises to create their own independent subnets.

Some RWA projects can thus create dedicated subnets according to the legal requirements of different countries or regions, flexibly meeting collaboration requirements.

JPMorgan has a close partnership with Avalanche, utilizing its digital asset platform Onyx to create tokenized funds.

Additionally, other asset management giants, banks, payment giants, government agencies, and stablecoin leaders have adopted Avalanche.

In November, BlackRock announced that Avalanche was among several public chains it was expanding into. Tether's newly launched asset tokenization platform Hadron also includes Avalanche among its first public chains.

In October, Latin American bank Littio switched from Ethereum to Avalanche.

In August, Franklin Templeton expanded its tokenized money market fund (FOBXX) to the Avalanche network, which had previously traded on Stellar, Polygon, and Arbitrum.

At the beginning of this year, Citibank collaborated with WisdomTree and Wellington Management to conduct a proof-of-concept for the tokenization of private equity funds on the Avalanche subnet Spruce. The California Department of Motor Vehicles has also digitized the ownership certificates of 42 million vehicles in the state on Avalanche.

Franklin Templeton

Franklin Templeton's tokenized fund FOBXX currently has a scale of over $440 million, initially issued on the Stellar blockchain and later expanded to Arbitrum, Polygon, Avalanche, Aptos, Ethereum, and Base.

Franklin Templeton has invested in around 30 crypto projects, including Aptos (APT), Ethena (ENA), Sui (SUI), Puffer Finance (PUFFER), SHRAPNEL (SHRAP), LayerZero (ZRO), Spectral (SPEC), and Arcade (ARC), with 8 of them having issued tokens.

Puffer Finance, Ethena, and SHRAPNEL are projects invested in over the past year. The tokens for PUFFER and ENA, both invested in this year, have shown the most impressive gains. Ethena has already been mentioned for its collaboration with BlackRock's tokenized fund regarding stablecoins, so it will not be elaborated on further.

7. Stellar (XLM)

Stellar is another payment network founded by Jed McCaleb, co-founder of Ripple. Over half of the TVL of Franklin Templeton's tokenized fund FOBXX is on Stellar.

Stellar has also partnered with WisdomTree, with WisdomTree's short-term treasury digital funds issued on Stellar. WisdomTree launched the WisdomTree Prime application, utilizing the Stellar network to launch in 41 states.

XLM has seen multiple increases in the past month, breaking through $0.60 at its peak, and currently retracing to around $0.44, with an increase of over 260% in the past month. Its market cap exceeds $13.3 billion, with an FDV over $22.1 billion.

8. Sui (SUI)

In addition to investing in Sui, Franklin Templeton announced a strategic partnership with Sui in November, focusing on supporting Sui ecosystem builders and deploying new technologies using the Sui blockchain protocol.

Sui is currently reported at $4.81, with an increase of over 53% in the past month; its market cap exceeds $14.1 billion, with an FDV over $48.1 billion.

9. Aptos (APT)

In addition to investments, Franklin Templeton's tokenized fund FOBXX has now expanded to Aptos.

APT is currently reported at $13.87, with little increase in the past month, peaking over $15; its market cap exceeds $7.4 billion, with an FDV of $15.6 billion.

10. Puffer Finance (PUFFER)

Puffer Finance is a liquid staking protocol based on EigenLayer. In April of this year, Franklin Templeton participated in an $18 million investment alongside Avon Ventures, a venture capital fund associated with Fidelity Investments' parent company.

Last week, PUFFER also surged significantly, approaching $1, and has currently retraced to $0.82, with an increase of nearly 130%. Its current market cap is over $84 million, with an FDV exceeding $820 million.

11. LayerZero (ZRO)

As one of the three major cross-chain protocols, LayerZero has also performed well recently. Last week, LayerZero's token ZRO reached an all-time high, breaking through $7.40, and has currently retraced to $6.98, with an increase of over 77% in the past month. ZRO's market cap is $760 million, with an FDV of $6.9 billion.

Recently, it is worth noting that LayerZero (ZRO) will hold a public referendum on December 19 to initiate fee conversion.

The LayerZero protocol may charge fees equal to the total cost of validating and executing cross-chain messages. If the fee switch is activated through governance, the referendum's financial contract will collect fees on the local chain and burn those fees.

12. SHRAPNEL (SHRAP)

SHRAPNEL is an AAA-level FPS game, with notable institutions such as Polychain, IOSG Ventures, Dragonfly, DeFiance Capital, Mechanism Capital, and Spartan Group among its investment team.

However, the Shrapnel team experienced internal conflict at the end of last year, with the Shrapnel game studio Neon Machine mentioning lawsuits to several investors, claiming attempts to seize control of the company and its treasury.

SHRAP is currently reported at $0.04, with a market cap exceeding $33 million and an FDV over $124 million.

13. Spectral (SPEC)

Spectral was originally a machine intelligence network on the Base chain and is now positioned as a platform to help users achieve AI programming for smart contracts.

In March of this year, Spectral launched the AI application Syntax, which can help anyone launch smart contracts on Ethereum and dozens of other blockchains, allowing users to compile, debug, and deploy AI-generated Solidity code.

In addition to Franklin Templeton's investment, early investors in Spectral include Polychain Capital, Galaxy Digital, Samsung, Circle Ventures, and Jump Capital.

Recently, as the AI sector leads the market, SPEC broke through its historical high of $18 and has currently retraced to $13; its market cap exceeds $183 million, with an FDV over $1.3 billion.

14. Arcade (ARC)

Arcade is a GameFi platform that allows the community to earn meaningful rewards from various Play-and-Earn metaverse games without directly playing the games or owning in-game NFTs. Franklin Templeton invested in Arcade in 2021, and notable institutions such as Pantera Capital, Crypto.com Capital, Solana Ventures, Shima Capital, GSR, LD Capital, and KuCoin Labs are among its early investors.

At the beginning of this year, Crypto.com Capital, Solana Ventures, Shima Capital, GSR, and KuCoin Labs invested in Arcade again.

ARC is currently reported at $0.038, with a market cap of less than $1 million and an FDV of over $30 million.

VanEck

In addition to its collaboration with Pudgy Penguins, in October of this year, VanEck announced the launch of a $30 million venture capital fund to support the development of the crypto and AI industries.

It has previously invested in at least 7 crypto projects, including GEODNET (GEOD), Parallel (PRIME), and 1inch (1INCH), which have issued tokens.

15. Pudgy Penguins (PENGU)

Last week, Pudgy Penguins, which plans to issue tokens and has an airdrop expected in 2024, saw its floor price surge, breaking through 27 ETH. Pudgy Penguins also has some connections with VanEck.

In June of this year, asset management firm VanEck changed its social media avatar on the X platform to Pudgy Penguins, captioning it: "The boss thinks it's too cute; it has to be the pfp." Pudgy Penguins also appeared in VanEck's ETH ETF promotional video.

However, recently, Pudgy Penguins' token plan is set to launch on Solana.

16、Parallel（PRIME）

Parallel is a sci-fi themed trading card game (TCG), with team members including senior developers from AAA games like "Assassin's Creed" and "Valorant," as well as Chad Hurley, co-founder of YouTube.

In addition to VanEck, Paradigm, Solana Ventures, Base, Amber Group, and Spartan Group participated in the investment. The first round of financing in 2021 secured a $50 million investment from Paradigm, reaching a valuation of $500 million.

This year, Parallel also launched the AI survival simulation game Colony on Solana and released the AI crypto game Moon Landing plan.

PRIME is currently reported at $15.78, with an increase of over 53% in just one month; its market cap exceeds $566 million, with an FDV over $1.7 billion.

17、GEODNET（GEOD）

GEODNET is a DEPIN project that uses new rooftop space weather stations to collect dense real-time geospatial data from the Earth and its atmosphere. In addition to VanEck, its investors include Animoca Brands, Pantera Capital, CoinFund, and IoTeX. Animoca Brands has also formed a strategic partnership with GEODNET.

GEOD is currently reported at $0.24, with no significant increase recently; its market cap exceeds $48 million, with an FDV over $240 million.

18、1inch（1INCH）

The established DEX aggregator 1inch is also the second-largest aggregator by market share. 1INCH broke through $0.60 last week and has currently retraced to $0.51, with an increase of over 63% in the past month; its market cap exceeds $720 million, with an FDV over $777 million.

After the price increase last week, the 1inch team sold 15.698 million 1INCH for a total of 8.38 million USDC over three consecutive days from the 5th to the 7th, with an average selling price of $0.533.

WisdomTree

In addition to applying for an XRP ETF, WisdomTree has recently been actively tokenizing funds and other RWA products.

WisdomTree recently announced that platform users can directly spend funds from the WisdomTree Government Money Market Digital Fund (WTGXX) using their Visa debit cards. Currently, the fund manages approximately $12 million in assets.

Additionally, WisdomTree has launched an RWA platform that allows users to access its regulated fund tokens through any wallet or blockchain network, with plans to eventually expand access to these assets.

WisdomTree has also obtained a license from NYDFS and will launch a crypto application called WisdomTree Prime.

The short-term treasury digital fund launched by WisdomTree in 2022 was initially deployed on Ethereum and Stellar. WisdomTree has also conducted a proof-of-concept for the tokenization of private equity funds on the Avalanche subnet Spruce.

Goldman Sachs

Goldman Sachs' plans in the crypto space for 2025 are also worth noting.

Recently, market news indicated that Goldman Sachs' CEO stated that if regulators allow, they would "evaluate" participation in the Bitcoin or Ethereum markets. Goldman Sachs' attention to cryptocurrencies beyond Bitcoin may also represent a significant shift.

Previously, the head of digital assets at Goldman Sachs mentioned mid-year that they plan to launch three tokenization projects by the end of the year, including their first U.S. project. Goldman Sachs is expanding its cryptocurrency services, focusing on the tokenization space, aiming to issue "real-world assets" such as money market funds and real estate through public or private blockchains.

Currently, Goldman Sachs has not disclosed more details about the tokenized fund projects and partners, so it is worth keeping an eye on.

Goldman Sachs has also previously invested in asset management or infrastructure projects such as Circle, BitGO, Blockdaemon, and Certik.

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