The Ondo vs. token performance disconnect is worth more attention. 60% market share in tokenized stocks doesn't automatically flow to ONDO token holders right now — the governance token structure means TVL growth and protocol revenue don't have a clean path to token value without that buyback/revenue share mechanism being formalized. If the SEC innovation exemption lands before that's resolved, you might see Ondo TVL explode while ONDO price lags. Meanwhile Kamino's borrowing-against-stocks use case on Solana is probably the sleeper bet here. Once US users can hold tokenized equities, using them as DeFi collateral becomes the killer app — borrow against your S&P 500 portfolio without selling and triggering capital gains. That's a $10T+ addressable market that TradFi literally cannot offer.
I agree and interesting plays primary DeFi tokens: JST and MORPHO. L1s with DeFi ecosystems: NEAR and ALGO. They show strong momentum as per Fich strategy’s algorithm: https://research.fich.ai/p/privacy-and-infrastructure-on-focus
I will look into JST, thanks! Near is great because of the AI narrative but it doesn't have a very well developed DeFi ecosystem.
Sent you a message. Thanks!
The Ondo vs. token performance disconnect is worth more attention. 60% market share in tokenized stocks doesn't automatically flow to ONDO token holders right now — the governance token structure means TVL growth and protocol revenue don't have a clean path to token value without that buyback/revenue share mechanism being formalized. If the SEC innovation exemption lands before that's resolved, you might see Ondo TVL explode while ONDO price lags. Meanwhile Kamino's borrowing-against-stocks use case on Solana is probably the sleeper bet here. Once US users can hold tokenized equities, using them as DeFi collateral becomes the killer app — borrow against your S&P 500 portfolio without selling and triggering capital gains. That's a $10T+ addressable market that TradFi literally cannot offer.