Ondo

Ondo is a real-world asset protocol built on Ethereum that aims to bring institutional-grade financial products, such as tokenized securities and yield-bearing instruments, onto public blockchains. It targets users who have historically lacked access to products like US Treasury-backed funds, which were previously available only to large institutional investors. The Ondo Foundation, a nonprofit entity formed in 2022 with no beneficial owners, oversees the broader ecosystem, including the Ondo DAO and its governed protocol, Flux Finance.

ONDO is a governance token on Ethereum whose holders participate in the Ondo DAO, which currently governs Flux Finance — a lending protocol that accepts tokenized securities as collateral. Token holders vote on decisions related to Flux Finance's operation and direction, giving them a defined role in shaping how the protocol evolves. Ondo itself does not operate its own blockchain or consensus mechanism; it relies on Ethereum for settlement and security.

The protocol generated fees of 270,246 USD in the most recent 24-hour period, 1,339,415 USD over the trailing 7 days, and 5,986,478 USD over the trailing 30 days, annualizing to approximately 72,835,482 USD based on that 30-day window. Trailing 12-month fees came in at 62,584,412 USD, while revenue over the same period was 1,523,771 USD, indicating that the large majority of fees generated do not flow back to the protocol as retained revenue. Fee growth over the last 30 days was 25.26 percent, reflecting recent expansion in activity. The market capitalization divided by annualized fees stands at roughly 31.08, and the fully diluted valuation divided by the same figure stands at approximately 63.83.