Ted
Bitcoin/Ethereum Research, On-Chain Data & Macro-Based Trading
Ondo's token has no value accrual, so tokenization's growth isn't flowing to holders. What Ondo is building is really good, as tokenization is the future, but not every project needs a token. Almost 20% of total supply unlocked in January 2026, and the same will happen next year. That is why the price is down 85% even with TVL and revenue at all-time highs. x.com
Ondo is grifting garbage that deliberately misrepresented its total value locked to pump insiders' net worth and create exit liquidity. It is also a worthless governance token with a high fully diluted valuation. The verdict answers @PWebborn's Elliott Wave review of ONDO alongside OP and PEPE. x.com
ONDO's token captures too little of Ondo Finance's value, and without a large buyback it risks being outpaced by RWA tokens that adopt fee switches sooner. It is mostly a governance token, with no large-scale staking and no gas role on Ondo Chain, while about 51% of supply vests until 2029, a constant sell pressure. @ar_web3's worry about roughly 1B tokens unlocking yearly would be a disaster without big buybacks. Decisive DAO action in 6–12 months could let ONDO reflect the protocol's strength. … Show more
Ondo Finance is still the biggest tokenized-stock issuer by a long way, with almost $1B in tokenized stocks, and ONDO at $0.50 hasn't priced that in yet. x.com
Injective faces no large early-investor unlock that could add selling pressure over the long term. All of its token supply is already circulating, with market cap equal to fully diluted value; that makes holding it a healthier long-term proposition than RWA layer-1 tokens with an unlock cliff. x.com x.com
Pump.fun's PUMP token has likely bottomed, because its revenue and buybacks are out of line with a price near all-time lows. Pump.fun earns over $1 million a day in fees, has burned about $370 million of bought-back PUMP, roughly 36% of circulating supply, and says it will buy back and burn at 50% of revenue for a year. As with HYPE, the market is deciding revenue matters, and the team keeps shipping. The weakness may reflect VC unlocks or OTC selling; a coming unlock looks partly priced in. … Show more
Ondo Finance is the leading real-world-asset protocol tokenizing US Treasuries onchain, and the RWA narrative is just getting started. Institutions such as BlackRock and Franklin Templeton are already in the space, and Ondo is already building it, with the ONDO token sitting at $0.55. x.com
Optimism's OP is worthless governance garbage with a high fully diluted valuation. x.com
Pendle's product-market fit wasn't strong enough: it was losing TVL even before the recent DeFi hacks. Capital allocators care about altcoins that make revenue, and Pendle isn't one, while its vote-escrow token model forces holders to lock up in a market where altcoins mostly fall over the long term. @katexbt adds that nobody wants to be in DeFi after the hacks, with layered yield turning into a liability in a bear market. x.com x.com x.com
Ondo and Centrifuge are building the issuance, distribution, liquidity and asset-management rails that benefit as more assets move onchain, and their value does not yet reflect how fast the product layer is expanding. Tokenized stocks, at $2.46B of market cap, produced $808M of daily volume, about 60% of the total, while tokenized ETFs at $583M traded $163M, turnover close to stocks and almost 5x commodities. Robinhood leads now, but the opportunity should expand beyond one platform. x.com
Monad has bad tokenomics that good tech cannot offset: the high-FDV, low-float model is over, as Berachain showed. The next unlock comes April 26, 2026, and large unvesting starts in November 2026. More than 130 dapps are live, and none has been a success. x.com x.com
