Ondo Has Billions Onchain—But Does ONDO Capture It? | Daily Crypto IQ🧐

So, Ono Finance has created an impressive collection of tokenized financial products. Its website currently displays more than 1 billion dollars in tokenized stocks, more than two billion in USDY and hundreds of millions in OUG. And those are the stable coins that we probably should be aware of affiliated with Onondo. Struggar, welcome in. Welcome in. Shout out to all my undergrounders. Thank you for being here. And of course that is real scale that they have that much going on both in their stable coins and their tokenized stocks. But when people purchase Onondo the coin ono not the project because you can't really buy it. It's not a stock. You can't buy the project. You're buying the token. What exactly are they buying? They're not purchasing of course a stock. They do not automatically receive the yield generated by USDY or

OSG. those two stable coins, you're not getting any of that revenue or share in Onondo, the token, and they don't automatically receive the fees retained by Ono stock either. Smash that like button, would you? Ono gives its holders governance rights connected primarily to the Onondo DAO and the Flux Finance. So, you are getting some governance right with the token. So, then that kind of creates the tension tonight, right? Because Ono may have one of the strongest products, but we have to examine Onondo the token. Tonight we are following the asset fees and legal rights the token supply separately because a great company, great product and great token are of course three different things as I say all the time. So our first segment of the night pertaining to stories going on is signal verse noise. Let me get that

so you can see it. All right, this is the signal verse noise section. So, the NASDAQ venture arm is investing a h 100red million in Kraken's parent company as the company deepens tokenized equities in infrastructure development. We're going to consider this to be signal or what is signal about it I should say is tokenized securities are becoming a more serious institutional market. They're getting a lot more attention. The noise to remove here is that institutional interest in tokenization does not automatically create demand foro the token and that is a great distinction. They might use the product ono and there might be some money transfer there but that doesn't necessarily mean that money is going to wind up in the token. Sunny little tree welcome in welcome in. He says hey boss man uh liked and loaded. I appreciate you

very much. Uh do you hold anyo? Who holds some ono here? I hold a little bit. It's not a lot. It's a little bit. So, ESMA warned that deeper integration between traditional finance, crypto, and tokenized markets introduced operational cyber and market structure risk. There's risk everywhere. The old traditional systems that they run all the time get exploited even though they've been using them for forever. So, I feel like a lot of this is people who are entrenched and don't want to see things change infrastructure because they probably have big interest or own a lot of the traditional infrastructure. They put out stuff like this. We're seeing a lot of this from the banks, you know. We'll get reliable Jay gifting some memberships. I always love to see who gets those memberships. Oh, Zip got one. I remember Zip. Shout

out to Gabriel Spark. Sunhome River Riviera Maya uh Money Maxwell New York and uh Syru Grayson. Appreciate you guys being here and of course Reliable Jay, my man. Thank you very much for dropping some of those gifted memberships there. I really appreciate that. Where was I? I was talking about this. Uh oh, ESMA warned about basically moving to tokenization. So the part that's important here is that regulators are treating tokenization as real but potentially consequential financial development. What is noise is that regulatory attention neither automatically approval or an automatic rejection of Onondo itself. NASDAQ investment is both validation and completion foro. It validates the market Onondo entered early. But it also means Ono may eventually compete with established exchanges instead of smaller crypto startups and that could be a problem for Ono. And of course, we'll get to the

whole moat. We'll get to the whole how they stack up against their competitors here in a bit. Blues Guy, welcome in. Welcome in. It's been a great night. We got a super chat from Melissa. We got all of a lot of our regular people here. Reliable Jay's gift and memberships. Amazing. Uh we're off to a good start here. Again, I did a little bit of our announcements earlier on. It was for a good cause. We didn't stream yesterday. I did an interview of somebody who, you know, and hopefully want to know even more. So, I think it was for a good cause. We've got rid of the ad revenue, of course, so you won't see any ads in this stream. That is for your viewership. Please consider a membership because I gave up that ad revenue or maybe throw

in a super chat or something like that. It helps me keep going and doing this stream. So for what is the problem? Investors seeo's partnership tokenized assets and growing product balances. And of course they're going to assume if does well theno the token is going to do well. So when we're talking about the company or the [music] business project that is ono, that's finance. When you see it all capital OD, that's the coin. Just so everybody's real clear on that as we get into this deep dive. And remember, this this channel was always highly about crypto education. We spent a lot of time through the bare market nailing down what certain concepts are, what definitions are, deep dive in different ecosystems. Like we've done a lot. You could refer back to all of those old streams. I think all

of them still have a ton of value even right now. We're shifting gears because we believe the bottom of the market 4-year BTC cycle is rather in or is close to being in. And then we're going to start moving up. won't feel like a bull market for a while probably unless you've been here from the bottom, but it'll take some time and I think we're going to start heating up here. People screaming super cycle. I don't know about that one. I'm just going to stick to the four-year cycle for right now. But we switched to token autopsy because what tokens are actually going to get that value from their ecosystem into their coin. Those are the to me the ones that have the most likely to move on top of speculation to get money into their market cap because

people are buying it and also because they have it set up well the economy of the token. All right. So the shift here is that we need to separate the economy into four questions. What does the product do? Which legal entity operates it? Where do the fees and beneficial benefits go aka value? And what enforcable right does Onondo the token provide? The payoff of us doing this of course I think is obvious right lets us appreciate product success without accidentally treating like company equity like company equity right like is you're not getting any equity that's more for your trades that like there's no revenue sharing or any of that kind of stuff. It is not a stock you're not getting a dividend [music] that kind of thing. So let's start with the five things commonly called Onondo. We have

Onondo Finance, Ono Foundation, Ono the Dow, Decentralized Autonomous Organization. Hopefully you remember that from one of our teachings here raising that crypto IQ. Ono products and Ono to the token itself. I bet you didn't know there was five different things that are called Ono but are completely different. And you might hear about Ono Foundation doing something and you have no idea how bullish or bearish that is for Ono the token. That is what we're going to get into. I know a lot of people don't understand how powerful what we're doing is yet. So if you're here, smash that like button for me because in my [music] opinion, this is high value if you actually are a speculator in this market. So, Ono Finance is a commercial technology and asset management business. So, that's Ono Finance. No direct ownership right

from the Onondo token. The Ono Foundation is a Cayman nonprofit foundation supporting that ecosystem. Ono governance may influence parts of the broader DAO ecosystem. So with the token you do have some governance that can affect a little bit of Onondo Foundation but the foundation remains a separate legal entity and that is highly important. Ono DAO token governed organization associated with Flux and its treasury right so you see flux keeps getting thrown in here as well. So yes, this is Ono's clearest role. Ono the token's clearest role here is in the Dow. Ono products, Onondo stocks, USDY, O USG, Nexus, and related services. That's what products are. No automatic ono claim on assets, yield, or product fee. So this doesn't really directly have anything to do with the token. And then of course the token itself is used for governance.

Governance rights not a company share not a dividend. So Ando's documentation itself says that asset management arm creates tokenized products while its technology arm built the protocols. It also says protocols are structured to operate through separate entities rather than simply being controlled as company product. And that is a good distinction that'll matter more later in this deep dive. So what is Onondo actually built? All right. Have they built anything that even can capture any value before we even worry about if any of that value goes where we want it to go? So Ono stocks more than 450 tokenized assets displayed. I know that that's something [music] that you'll see if you look at a lot of coins. You'll see coins that are stocks that have been tokenized. approximately 1 billion in total value locked uh approximately 202,000 unique holders

tokenized stocks and ETFs assets available across several blockchains right so they're interoperable select assets support continuous minting and redemption right so certain assets have uh uh minting and redemption tokens can be transferred and used in compatible DeFi applications general targeted at eligible non US uh investors, right? So, why would you need these tokenized? Well, if you're outside of the US and it's hard to get the legit thing, you could maybe get these tokenized things. Of course, tokenized assets is a whole different ballgame because tokenized assets are very much an asset can be tokenized and it can mean a bunch of different things. Like for example, do you get the dividend associated with the stock when you buy a tokenized asset? Coinbase says that their tokenized assets are going to give you your dividend. Other ones haven't set a peep.

So, I'm going to just assume that other tokenized assets aren't going to give you that dividend. And that is highly important. If you're buying [music] a tokenized stock, it might not be the exact same thing as holding the actual stock. Let's think about this. [music] If you buy a ton of, say there's a small company, right, and you've got big money and you buy what you know is like 80% of that company's stock because you got the dough to do it. Now, in the traditional finance world, you'd have a lot of say in that company because you own 80% of that company. But if you buy 80% of tokenized stocks, that would equal 80% of their company, right? The same amount of stocks, right? but you're buying them tokenized. The company that you bought them through or wherever exchange

you bought them and things may be the ones who actually hold the physical thing. So that company has 80% say like say it's on Coinbase, right? Or say it's somewhere else. They may have the actual say in the business because they on paper are the ones who hold the actual asset. You just hold a tokenized version. These things are very important when dealing with tokenized anything yet alone stocks. So USDY is something they built as well. It's a stable coin. No surprise here. Tokenized notes secured by US treasuries and bank deposits. Approximately 2.2 billion displayed in total value locked. Current displayed annual percentage yield around 3.6%. Designed to combine dollar denominated stability with daily yield not generally available to US investors. again with the numbers when we start hitting some of these numbers if it goes over your head

don't worry about it there's a lot of wealth of knowledge here and rather you understand they [music] had 2.2 2 billion total value locked in USD. Why is it is not the end of the road for you. It's not make it or break it for you. I just want to encourage everybody. Shout out Blues Guy. I appreciate him saying what's up to everybody. Said Eugi always working hard behind the scenes to bring us Yeah. the sauce. Yeah, Blues Guy is is here with me helping me with a lot of things. And uh he he knows more than anybody how much I go through to make sure I can be here on this stream, right, and be freed up. We work a lot. So, OSG, so qualified access tokenized treasury product, right? Approximately 335 million displayed in total value lock.

So, a lot smaller than your USDY. Um, approximately Oh, yeah. I already read that. Current displayed annual percentage yield around 3.4%. Don't worry about that. Uh, primarily backed through institutional treasury products and available only to qualified andredited investors. So, there's a barrier to entry. Now, why we're going over this is because these are the products that they have. This is what we're going to be talking about as we talk about value. If you've been holding Onondo for a long time and you're wondering why the heck your token is not going up, it came out around a dollar. It's chilling around 35. Why isn't it done significantly better? We're going to get to the root of that. This is why this is such high value. Ono's product page currently displays approximately 3.8 8 billion when these three balances are put

together. A separate DeFi Llama derived figure displays Coin Gecko as approximately 3.4 billion, illustrating how total value lock classification and update timing can differ. Things fluctuate, right? Use individual product figures rather than representing one combined number. Perfectly audited ecosystem. An IQ raising moment here when says, "Hey, we got 3.6 billion Total value locked. Well, locked in what? What does that even mean? See, to your un I It's going to sound terrible, but uneducated or low IQ crypto IQ person. I don't mean like they're dumb. I just mean like they don't know about crypto or maybe finances in general. They'll see that 3.6 billion and they think that Onondo has 3.6 billion. Like the company has 3.6 billion. That's that's not the same thing. And then they think somehow that 3.6 billion is like going to go into. No, that's

not how that works at all. And that's why it's so important to understand this. So what was the guy saying? Dedicated to his channel and his community. Absolutely. Uh total value locked measures assets represented or deposited within a product. It's kind of like a market cap, I guess, but not a market cap. I guess I shouldn't make that con comparison because I'm going to confuse people, right? So, it does not meano earned 3.6 billion. As I said earlier, good distinction to understand. And it doesn't meano holders will receive 3.6 billion either. Even more important to understand. So, why customers use the product? So, traditional limitations. Ono sees an issue with traditional limitations and has created these products. Markets close overnight and on the weekends. International investors can face access barriers to products that they would like to own. Settlements

can take time for them to own it. Even if they're able to buy it, it can take time to do that. Tokenized stuff moves much faster. Moving assets between financial applications is very difficult. and traditional securities are generally not programmable D5 collateral. That's a good point a lot of people don't think about. Different brokers maintain separate private records. Onchain would put all of that stuff together, at least for what is onchain. So onchain possibilities here. Continuous transfers, right? Meaning you can move around and still have your stuff. Fractional positions, you can't typically do that. uh in in Tradfi stable coin settlement of course faster mining and redemption use as collateral maybe loans and lending transparent token movements cuz we can see them on chain and integration within wallets exchanges and DeFi protocols ando currently supports 247 minting and redemption

for a selected select group or selected group of major tokenized stocks and ETFs so it's not everything but there are certain things that are 247 it describes more than 430 available tokenized assets and over 1 billion in Onondo stock total value blocked. What does a tokenized stock holder actually own with Ono? It's a [music] good question. Ono's documentation says that the tokens are designed to provide the same economic exposure as the underlying stock with dividends reinvested after applicable withholding taxes. So, it seems like your dividends are reinvested. So, you are capturing maybe some of that value, which is good. It's a little bit different than how it normally goes, but it's good. However, the token holder does not necessarily necessarily receive direct legal title to individual underlying shares like you would if you just bought them on the stock

market. Traditional shareholder voting rights, again, if a company or a shareholder, right, had 80% of a company or 70% of a company, they have a huge say in what goes on in that company, right? They're going to listen to them. [music] where if you buy 70 80% of a company through tokenized stocks, whoever on paper holds those stocks is the one who has the say, not who owns a tokenized version. So, traditional shareholder information rights and a direct relationship with the original public company. The tokens are issued through a separate legal structure and are backed by underlying assets and cash in transit. This is not automatically bad. It is different ownership structure and risk model. So there are trade-offs here between risk and ownership. Right? YouTube always gives me the wrong number. It says there's three people here and

I know that can't be true. So the dependency chain investors hold tokenized assets. That's where everything starts, right? Then on linked issuers, broker and custodian because that's important. You can't go around that regulation underlying stock or treasury legal right and asset [music] backing. So the blockchain records the tokens, the legal structure, issuer, custodian, and regulated financial institution establish off-chain claim. Who gets paid though? I think that we're going to get right into the sauce here. USDY or OUSG holder receives the products defined yield or economic return. Tokenized stockholders receive economic exposure to the referenced asset. Product issuer or manager can retain disclosed fees, spreads or management economics. Brokers, custodians, and service providers receive compensation for custody, trading, and administration [music] or settlements. The Onondo Foundation owns 99% of the common equity in the USDY issuer and says proceeds support

its ecosystem mission. So most of the ownership of USDY is owned by Andondo Foundation. That's a little nugget there that I think um could be highly important later on. So they say that they're using all the fees that are made, all the money that's being made from USDY to support the ecosystems mission. And if they're really doing that, big positive for Ono. Ono holders themselves, they receive governance right, but no documented automatic product income distribution. That's not great. It's not a great thing. Uh, so you're saying that Onondo, the token is basically a governance token. O, now I don't know if I like that. I would like some burn. I would like some buyback. I would like some revenuebased stuff. That's what I would like to see. Soondo's stock documentation says its quoted price can differ slightly from the

price paid from the underlying asset. The difference is an applicable fee may retained that is retained by Ono stocks. It also does not say the amounts are automatically distributed to Ono holders. The foundation's documents on the other hand say it benefits from USDY's [music] growth and uses those proceeds to further its mission. So what is their mission? that could indirectly support the broader ecosystem, but it is not it is not a construct uh contractual right held by owners. We've gone over that quite a bit. I hope that's really clear to you. So, so far, if we take a pause for a minute, I'm not really seeing a lot of great things for the token. Yes, of course, in a bull market, people are going to buy things. money is going to come into the market. They're going to, you

know, diversify and and they're going to buy more than Bitcoin. But are they going to buy Ono? I think Ono will go up, but will it go up exponentially or maybe a one or 2x? That would be very interesting. So, the clearest documentated Ono rights related to governance, Flux Finance and the Ono Dow. Did you know how much Flux Finance has to do with Ono and their ecosystem? So, Ono holders can participate in decisions involving listing new Flux markets, pause markets, pausing markets, updating interest rate models, changing oracle addresses, uh withdrawing protocol revenues, selecting a new administrator, managing the Dow's treasury, that could be important. controlling ono emissions that could be important and calling other governance controlled functions. These are legitimate powers. So I don't want to downplay ono governance rights as pertains to the DAO because they could

vote on something like a buyback or a burn or or how much ono's being put out could be pulled back. It could be increased. That's more negative. That's dilution, right? [music] We want deflation. Right. But they do not currently establish ono as any kind of equity in Onondo Finance. A claim on Finance profits. A claim to tokenized assets. Treasury yield. A required payment token for Ono stock. That would be really nice actually. Uh a gas token, not a gas token. That also would be utility for Ono, which unfortunately is not there. A revenue sharing token. And it is not a token automatically burned by product activity also no burn. So the core finding here is thato governance part of ecosystem but the largest ono branded products are not clearly governed for the financial benefit on of theo holder. And

what we're going over here might be like a really big part of why isn't pumping the coin. While Onondo's products are being used and Onondo tokenization is being used by institutions and Onondo, the foundation is making money. How much obligation should a project have to see the people who hold its token increase in value? Why should they care about that? What if you're just believing that the token of a project you're holding is meaningful to their eco ecosystem? Or maybe it's just a governance thing, right? So, is Onondo necessary? Right, that leads us right into that. So, a customer can access eligible products using stable coins or traditional money. So, there's no utility for Ono there. They do not need to hold USDY or OS or OSG. so many stable coin act uh you know tickers man receive treasury

yield mint a tokenized stock redeem a tokenized stock transfer supported asset use on stocks as collateral or access product performance I don't need it for any of that stuff that produces an an unusual sharp separation right it's kind of almost like is a little isolated from the entire ecosystem it's just for governance So Ono's network and future utility Onondo originally described plans for Ono Chain in July 2026. It introduced Ono Network instead. So instead of Ono Chain, we got Onondo network. Why the current system is not a conventional blockchain. So it wasn't a chain. Uses security hardware enclaves for private execution. Uses multiple uh at stores to approve code and manage distributed key material. Settles asset transfers on public blockchains though. [music] Currently runs execution through a single higherformance enclave. powers ono perpetuals as its first application. So it

seems like this is very much more focused [music] on perpetual markets for Onondo. Potential future direction, a large permissionless atttor set at a store set. I don't think I'm saying that right. Anyways, uh bonded participation, external watchers, more onchain settlements, additional cryptographic proofs, and a proofofstake security. So the future direction could eventually create a stronger Onondo role. So what we're saying here is although we've talked a lot about how ando is kind of isolated and and a lot of value is not being flowing into Onondo, there is some things happening that could possibly make value capture for Ono the token. But how much do you want to speculate on something that isn't guaranteed that is a hope and a whim? What's up Cam? Welcome in. Welcome in. We're talking about Ono tonight. So, those future directions could eventually create

a stronger role for Ono. They are currently not utility, right? And we will worry about if Ono has utility when it actually has more utility, not when they've hoped and promised something because you can see how quick it changed, right? They described plans for Ono Chain and then in July 2026, they came out with Ono Network. Well, that that wasn't what they told us, right? So [music] uh the official announcement described proof ofstake and bonded participation as possible directions not already operating ono value capture mechanisms tokconomics tokconomics ono. This is going to be interesting. Yeah. And we're figuring out why that is. We we're definitely getting to why Ono is not pumping because Ono's only road for increase in value is people buying the token. That's it. There's no treasury buyback, revenue burn. There's there's none of that. So,

we are going to go into a bull market. I think it will go up. If you're underwater and you want to at least get out without losing any money, I think that is possible over the next couple of years. But we're also talking about that there could be some things coming down the line with a proof of stake and bondo participation in Onondo and an Ono network or an Onondo chain. Right now, of course, it's about 35 cents 51 by market cap though. Top 100 coin. Uh, circulating supply 4.8 billion ono. Max supply 10 billion ono. Uh-oh. That's another problem right there. So, we need to know how fast are they putting Onondo out. Circulating percentage 48%. So, less than 50%, more than 50% isn't even out yet. So, you have more than 50% dilution, right? That's not good.

Meaning if all of that came out right this second, you could just take what Onondo is right now and just chop it in half pretty much. So the current circulating supply figure is supplied directly through the Onondo Foundations API. So we know it's kind of coming straight from the source. The initial allocation that and chain link I hear you. So the initial allocation here ecosystem growth about what what what's the time frame here? Okay, so I get it. From the inception of the Onondo token, it's grown 5.2 billion. Protocol deployment 3.3 billion. [music] Private sales were 1.2 2 billion and community access sale was only 198 million which is only 2% not very much more than 85% of Onondo was initially locked. The publish structure releases locked on tokens at the 12 24 36 and 48 and 60 month

points following public launch. So a lot of these other coins came out at those time periods, right? 1 year, 2 year, 3year, four year, 5year, so forth, right? So what matters here? Let's make this let's make some sense of what I was just showing you. Only about half of the maximum supply is currently circulating. Protocol development and private sale allocations equal approximately 45.9 or 46% of the maximum supply. The ecosystem growth allocation is large and administered for incentives and strategic contributors. Right? Unlock does not prove recipients will sell though and unlocks do not increase the supply capable of being transferred. Ono does not currently have a product driven burn to offset any of these releases. What were they thinking? Did they have a reason for that? Because otherwise it seems almost unstrategic to not have a burning deflationary mechanism

when you have so much inflationary stuff going on. Maybe too and the people in charge of putting this together. Maybe the Onondo token was never meant to be a thing that went up in value. At least not anytime soon. Maybe when it's 100% out into supply, maybe. So, competitive mode, how does it stack up against its competitors though as a product, as a company, not the coin? So, early leadership and tokenized treasuries, right? They were a little bit ahead of the curve with that. More than 450 tokenized assets. Significant product balances, right? They got a lot of total value locked. Institutional partners, so they're well connected. Complianceorated legal structure makes them highly attractive to institutions. Multi-chain distribution, strong brand recognition with realworld assets that can that's a big part of tokenization, especially down the line. rapid product execution, scalability,

Oasis Pro expanded US regulatory authorizations, internal partnerships, Onondo network ando per expansion. So expansion into the Onondo network that was supposed to be ono chain and then of course their perpetuals which should rake them in a bunch of money. So what I see here is Onondo is going to make money as a treasury and a product and stuff like that. How well will they treat those who hold their coin? And what is a fair conversation about what is really obligated to somebody who holds their token? Because I think sometimes this a high IQ crypto IQ specifically thing is maybe we thought that they that the token was supposed to be something that it never actually was and we just decided it was because other products have made their token a center to their ecosystem. Maybe gas fees and actual

real real utility. Not every product is obligated to do that and not every product even had the thought of doing that and they created a token for a different reason. Let me say this a totally different way so I can make sure that you understand why they created the token. The job that the token was supposed to do can be completely different and that is why you see such different tokconomics for a token. So before you buy a token, just because a name is associated with the company, you might want to think about does the token actually serve the purpose that I think that it serves. Never financial advice. This is just food for thought and research and things to think about when you're going through any any kind of asset, crypto asset. So the competition is securitized, right?

Black Rockck's uh Beetle Fund. I don't know how you're supposed to say that. It's weird. Franklin uh Templeton's tokenized funds, Kraken and Xtocks, Backed Finance, Robin Hood, Coinbase, Traditional Brokers, the NASDAQ, the NSY, London Stock Exchange, Bank building tokenized deposits, right? They have a lot of competitors. So, traditional institutions entering tokenization validates OnDo's thesis while threatening its its ability to fend off its competitors because what happens when the big boys come in and they sit down at the table? Does Onondo even still have a seat or does Ono have to get up and leave so that you know the big players can have the table? Ando will need more than uh the statement or assets are moving on chain like that's not going to be enough for them. It must remain the preferred issuer, distribution layer, or infrastructure provider

after traditional exchanges offer competing products. So basically, competing products from their competitors could come in right now and just [music] absolutely take over all their business. They have most of their business that they have, I'm theorizing, because they were early, right? Because they were building this before them. But that early mover advantage is not always a guarantee that you get to stay in the first place. Security and decentralization. So the strengths is published smart contract audits, institutional asset managers and custodians, segregated legal structures, daily asset reporting for tokenized stocks, annual audits, uh bankrupt remote structures, bankruptcy remote structures, compliance and identity checks, thirdparty security interest, and over collateralization for applicable stock products. It's good to be over collateralized, right? So centralized dependencies is of course how are they centralized is what we're saying on what are they depending on

that could break issuers asset managers custodians brokers know your customer providers KYC uh banking partners legal jurisdiction oracles and pricing systems redemption administrators smart contract controls and of course the currento network um atesters at [music] testers. I don't know why I can't say that word right now, but you can read it on there. And enclave operators. So, the point is there's a lot of things that they're actually highly centralized on, even though they're kind of presented as a crypto project and crypto's ethos is very much decentralized, but is far from a guarantee. So, this is a hybrid finance, not a permissionless DeFi, right? So, it's not fully decentralized finance in any way, shape, or form. that centralization may be necessary to provide enforcable claims on regulated assets. So, some of this could be because their business model kind of

forces them, what they're doing kind of forces them, right, to have these things because regulators aren't going to let you tokenize assets unless you can live up to the regulation. And in order to live up to the regulators standards, you might have to have some centralized functions. It may it may also mean that the users trust more than the code. Right. Code is law. Well, that's different once you bring all that centralization in. What you may not know about the token is not ownership into finance. The company product TVL is not company revenue. And this goes for anything. TVL is not company revenue. Company revenue is not token holder revenue. Ono is not required to purchase most ono products like the token is not needed in the ecosystem for gas fees or to you know exch to buy tokenized

asset. You don't need that would have been pretty smart if they would have done that but would have created a barrier to entry for a lot of customers. Tokenized stockholders receive economic exposure but not necessarily direct shareholder rights. Most stocks access has historically targeted non US investors. This is a product that seems to be most useful to people who can't get normal US um you know stocks. While the US strategy operates through separate regulated infrastructure, OSG is limited to qualified and accredited investors. The future network is not a traditional blockchain today. It seems like they proposed that idea and they kind of scrapped it. You know, they were going to do ono chain and they kind of decided no, let's do network, more centralization, less blockchain. Current execution uses a single high performance enclave with multiple additers. I don't

know why I can't say that word, but don't worry about it. Don't worry about it. Approximately half of Onondo's maximum supply remains outside circulating supply. So, we've got like 50% of tokens to come in. So, the [music] price could get dropped in half if that were to come in. But, most projects have enough sense to let it come out slowly over time. Seems like they unlock tokens yearly from what I can see. Governance could add future value capture, but possibility should not be scored as present utility. So, there could be some cool things rolling out for the token that will capture value, but I wouldn't put all of your eggs in that basket personally. So, first we want to identify the product, right? This is a good test of anything else. Identify the product. Identify the entities operating it.

Follow the revenue. Right? Read the token rights. What do you get from the token? Is it the token necessary for the ecosystem? Separate current and future utility. Examine dilution and then you will understand how we do what we do. [music] So let's start with real utility and adoption. It earns an 18 out of 20. [music] And I would like to know why. Ono has built functioning products with substantial reported asset balance. The products solve recognizable problems involving global access. So it seems like the majority of their score here is coming from their utility, but that's not token utility. I don't know if I agree with that score. Ono has one of the strongest real products examined during token autopsy. Right. The product passes this category. Okay. So, this is really just about how well um the actual project has

utility and it's true. And they have a lot of adoption. So, that makes sense. Token value capture is low. Okay. Just wanted to make sure they weren't putting token value capture into that because uh that wouldn't make any sense. They have a very low token value capture, meaning money into the tokens [music] market cap. That is why we're seeing not go up. Again, I will post these things over on Twitter. I'm a couple behind, but I will catch up. So, tokconomics and supply, 6 out of 15. So far, I don't know that they're going to get that great of a score. Competitive mode of 12 out of 15. a lot of competitors here. And what are they going to do to keep themselves above everybody? Security and decentralization, a six out of 10. That's not a horrible score. Uh,

catalyst and execution, nine out of 10. That's actually a pretty good score. Of course, risk and unanswered questions, a five out of 10. So, there's a lot of things that are just very unclear for the future of Onondo. So, all in all, they get a 61 out of 100, which is I'm seeing a lot of these products wind up in that 60 region. That's not a really great score for token value capture. Hey, 00, welcome in. Welcome in. It is great to see you. All right. So, the strongest counterargument for everything that we've laid out, what could makeo token explode? Ono may be building a dominant brand and distribution system for tokenized financial assets. Ono the token holders govern a flexible DAO with control over treasury assets, emissions, and arbitrary functions. Governance could eventually be connected to Onondo the

token to Onondo network security product fees, buybacks, and other economic activity. But we haven't seen that yet. It's just a possibility. If that connection is introduced after Ono has already established billions in products, the token could gain utility on top of an existing ecosystem rather than waiting for adoption to begin. Well, that would be super bullish, right? If we could get that. But again, that is us making kind of the most bullish case for Onondo that would prove everything we just said wrong. The bare case is investors may be paying billions for governance tokens because a separate company has built a successful product. I don't know if there is a better way to say this. Investors in Onondo token collectively may be paying billions of dollars for nothing more than governance rights to the decentralized autonomous organization aka the

DAO because it's a separate company that actually owns and operates a successful product. I don't think there's any better way to say it than that. The company foundation DAO product issuers and Onondo token are legally and economically different from one another. Ono's products can grow without customer purchasing ono and product entities can retain fees without sending them to a token holder. Meanwhile, only about half of maximum supply circulates. So, you have a lot of room for dilution. A strong realworld asset narrative can therefore increase expectations foro faster than it increases actual rights to anything. What would defeat a bare case? Well, what we went over in the bullish case, right? Product fees begin flowing into controlled treasuries. Documented Ono buybacks or burns would be a positive. So, how do we fix this for Ono? This is what we're laying

out. Ono becomes required collateral for Ono's network. What? How is that? I just don't even understand how that wasn't like a guarantee. Why would you build this network and have a token and then not give it a job? Ono staking secures at testers or applications. So staking can secure applications that would increase. Remember that isn't happening yet. Token holders receive enforcable control over meaningful economic ecosystem economics, right? New utility begins before most remaining supply enters circ circulation. So, we would need these very bullish things to happen before we start getting heavily diluted. So, here's our final score. I will definitely post those in the proper place which is well the Twitter. So follow me crypto rom blue check mark, right? What happens when I click on that? Okay, I have no idea what happens when I click on that.

Let's go to the profile. That would make more sense. Crypto ROM blue check mark should look like this. I don't know if I have any uh impersonators, but I'm working on Twitter. I've not for the longest time not been a huge fan of Twitter. So, I'm working on it for sure. Come over here, follow me. That's where I'll be posting a lot of this stuff until I get it all organized inside of the Discord. By the way, link to the free Discord in the chat. Make sure you grab that. come on over, hang out when we are not streaming. Uh, another announcement, there is no gaming stream tonight. I know you guys are super bummed. I was too busy today. I didn't have time to figure out a game and things like that. And I have a lot of

product that I need to get um, both shipped and photos taken and listed. It's a whole thing. I won't go into it because it's a crypto stream, but I definitely wanted to hop on here and deep dive something and increase my crypto IQ. I learned so much, right, with like every single one of these token autopsies, both about specific projects and their token value capture, right? But also just about what matters when we're [music] evaluating a token. Can you imagine when we do another year of a lot of this, how good we will collectively be at looking at coins? We'll look at them and be like, "That doesn't have any token value capture. That doesn't capture any value for anybody. Oh, look at this thing. Oh, look. Buybacks. Oh, revenue buybacks. That's better than a treasury burn. Learn a

lot of things." A lot of things, right? Did you know an atomic swap is better than a bridge? Unrelated, but that's crypto IQ type stuff that you pick up from the compounding knowledge of this channel. So, let's see. The SSJ says, "Ono scam, just like other RWA projects, Chainlink, [music] Liberty Finance, etc., they just use the native token to get donations and exploit people who are uninformed." Well, there you go. That is a hot take and I wouldn't say that you're completely wrong. Um, the one thing I would say about that though to challenge your thought a little bit is who ever told us that their tokens were supposed to be a certain thing because a token is just a token and it can be assigned many utilities aka jobs. And who has made us believe that a token

is supposed to do this or do that? It's supposed to be highly useful in the ecosystem. What if they just created it as a governance token? What if some of the and I and I know I'll get push back for this, but what if some of the blame, like you said, uninformed, low crypto IQ, it's what we're trying to solve out here, one day at a time. What if a lot of the problem is us as speculators in this market seeing other tokens and how they do it and thinking everybody has to do that. A token is kind of a blank canvas. The way that a company is a new start company can build whatever they want and do it however they want. Structure their company however they want. Offshore, onshore, how many employees, AI, you know, bots, like

they can structure their company how they want. And a token is just another part of an ecosystem of a company that's built. Of course, itself is not even really that much of a blockchain company. They deal with traditional finance, right? Almost all their stuff is built on very uh centralized stuff. They may settle some things on chain in order to be tokenized, right? If you're gonna have a tokenized asset, there's got to be a blockchain somewhere, but it's not at the core of what they do. And they've separated the foundation from the Dow, from the token, from everything separated out into different companies and entities. I think that they're I think that my fairest assumption here is that Ando is doing what Andondo set out to do, and that's what's good for them as a company and a business.

I think it's us who decided that their token is supposed to be this heavily utility thing and it should make us a bunch of money. Nobody ever said that. Ono. Now, if would have came out and said, "Hey, buy our token. It's going to be the center of our business and it's going to capture a ton of value and we're going to do buyback burns and we're going to do all of this stuff." And then you bought it and they didn't do any of that stuff. That's what I'm talking about. That is a totally different story than we as speculators in the market just decided, hey, is going to do well. Their idea is great. They have all these connections. So, the token must go up. That is what we're trying to solve here. Token value capture, a token

autopsy. And we're going by token by token by token. And hopefully you stuck around and listened to me say that because it is so highly important because us just getting mad at a company and calling them a scammer is not going to do anything to make you better the next time around. Maybe it'll just make you bitter and like I'm just not going to buy anything cuz it's all scams. Well, that's fine. Go, I don't know, go golf. Like go buy stocks. I don't know. Uh that's people's own business. Go buy oil or go buy gold. you know, if you are completely down and out. But through our token autopsy, we've shown that there are some crypto projects that do a good job of token value capture and have a high potential of going up. It's all at the

center of what the company is trying to do. Are they trying to be next level, next generation technology for the future built on blockchain? or are they just trying to accomplish something and throw it on a blockchain at the end of the day? That's pretty much Ono in my opinion. Anyways, that really concludes our token autopsy for Ono as we roll into an hour streaming here. Again, we have been separating the streams and I have not really got anything for you guys tonight as far as gaming and that's just how it goes sometimes. But I will be back again tomorrow night at 8:30 p.m. New York time for a Defi Gaming stream. So, we will get it all out. Uh SSJ says, "Wow, you interact with audience. Sorry if I was rude in the last." No, you're not rude.

No, don't don't think that, please. I appreciate that. Um your point is valid and a lot of people feel that way. Like you really do uh have a valid point there, but where does the lame does the where does the blame lie? Like did they promise us stuff and we bought their token or did we assume that the token was something that the token never was and we tricked ourselves, right? That's what I want to know. But you weren't rude. I would really appreciate if you smash that like button and subscribe. We do this six days a week and uh we have a free discord in the chat if you ever want to chat about anything uh with me or anybody else. That's what that discord gets you access to me and of course other people in the ecosystem

said I agree governance is a utility but I think it's a red herring and most of the time you would be right. You're really not far off uh from what I would say either. We 15 plus people used to email Onondo last bull run to provide info about what would happen with the native token and they kept ignoring normal questions felt like bad actors. Wow. So you definitely have a little bit of skin in the game here and you actually have uh some history with Onondo and and communications. That's really cool. If you're somebody who is emailing, you should be in our group because this group is not about numbers. This channel is about people who really have some understanding of cryptocurrency. At the same time, that makes us the perfect place for new people to come in and

get an education in cryptocurrency that's not just somebody shilling a token. You know what I mean? because that gets old and they just lose all their money and then they hate crypto and you just have another person out there saying terrible things about crypto because they didn't do any research. They just went somewhere and had somebody shill a coin to them. They bought a ton of it and then they dumped on them with exit liquidity. I'm sure you understand that well. It's almost like a right of passage here. But we deep dive tokens and do a lot of different things every night. So, I'd love to see you back on the stream or in the Discord. Struggart says, "Thanks again." Thanks everybody. I had a great time. Uh we'll be live again 8:30. We do a lot of DeFi

gaming for the new person here or any new people. Um and we'll be doing some blockchain gaming tomorrow night. Friday nights is a cool place to come hang out. If you really love crypto and you're not going to be at the bar being a hooligan, you want to hang out with some quality crypto people. We'll come to the stream. We're going to play some crypto games. I will find something to debut for you tomorrow. No matter what it is, if it's silly, it's silly. But at least we'll have some game to start with [music] that we've never seen before. All right, guys. You know what it is. Stay underground. Stay crypto. I hope you enjoyed this Onondo breakdown. Think about smashing that like button and subscribing. And I'll be back again tomorrow night. Uh, Underground Crypto out.