Ondo perps just went live with 20x leverage on 260+ tokenized stocks. in crypto, perp volume runs 10-50x spot. $1.17b in tokenized stock TVL means the volume unlock thesis is enormous. but 328m $ONDO ($98.4m) moved to exchanges over the past 2 months, 1.71b tokens (17.1% of supply) unlock january 2027, and the pass-through model routes fees to market makers not token holders. $8.3b FDV for a governance token that doesn't capture the revenue it generates. the product is winning. whether the token captures any of that is a completely different question.