Ondo Finance Global Markets (GM)

Chainlink provides tokenized equity feeds for Ondo Finance Global Markets (GM) tokenized equities. These feeds differ from standard market-rate feeds in that they report Total Return Values rather than raw equity prices.

Available Ondo tokenized equity feeds

The following table shows the available Ondo tokenized equity feeds.

Total Return Value calculation

Ondo tokenized equity feeds calculate the token price using the following formula:

Token Price = Underlying Equity Market Price × Multiplier (sValue)

Where:

• Underlying Equity Market Price: Sourced from Chainlink's 24/5 equity price feeds, which aggregate data across regular, pre-market, post-market, and overnight trading sessions
• Multiplier (sValue): Sourced from Ondo's SyntheticSharesOracle contract, which tracks dividend reinvestments and corporate action adjustments (see Corporate action handling below).

This approach ensures that the token price reflects the total return of the underlying equity, including dividend reinvestments and corporate action adjustments, rather than just the current market price per share.

How the multiplier works

The multiplier (sValue) accounts for events that change the relationship between token quantity and underlying equity value:

The SyntheticSharesOracle contract enforces two update paths:

• Small updates (≤1% per 24-hour period): Applied immediately via automated processes. These handle routine dividend reinvestments.
• Large updates (>1%): Requires a scheduled pause window and manual confirmation. These handle major corporate actions like stock splits.

Corporate action handling

Large corporate actions require special handling to maintain price continuity. The system operates in two modes:

Normal mode: The feed returns the current stock price multiplied by the current sValue.

Corporate action mode: When a large corporate action is scheduled, the system enters a pause state where:

1. The pause is scheduled at least 24 hours in advance
2. At the scheduled pause time, the price freezes at the last known good value
3. The new sValue is staged but not yet applied
4. After the corporate action takes effect and Ondo confirms that both the stock price and sValue reflect the new values correctly, the system is manually unpaused
5. The new sValue takes effect, and normal operation resumes

This pause mechanism ensures price continuity during corporate actions. For example, during a 10:1 stock split:

The token price remains continuous at $200 throughout the event, even though the underlying equity market price dropped from $200 to $20.

Example scenarios

Normal operation

- Stock price: $200 → $201
- sValue: 1.000 (unchanged)
- Token price: $201

Dividend reinvestment (small sValue drift)

- Stock price: $200
- sValue: 1.000 → 1.008 (0.8% increase, within allowed drift)
- Token price: $201.60

Stock split (10:1, scheduled corporate action)

1. Ondo schedules pause for Tuesday 8pm with `newSValue = 10`
2. At 8pm, feed freezes at current token price
3. Market opens Wednesday with stock price at $20 (post-split)
4. Ondo confirms alignment and unpauses
5. sValue becomes 10.0, token price = $20 × 10 = $200 (continuous)

Split with timing mismatch (stock price updates before sValue)

- Scheduled pause at Tuesday 8pm with `newSValue = 10`
- At 8:01pm: stock price = $20, sValue = 1.0 (not yet updated)
- Result: Feed remains frozen at the pre-pause price until Ondo confirms the sValue update and unpauses

This fail-safe behavior prevents incorrect token prices from being published when the stock price and sValue are temporarily out of sync.