.@OndoPerps whole moat pitch is tokenized shares as collateral instead of double-collateralizing with stables. Wanted to see if the onchain numbers actually back that up. – $5.44B cumulative volume – $333M 24h volume – $68.5M OI across 32 markets – ~5x daily volume against OI Typical of an incentive-heavy early phase, so I'm watching whether that leverage ratio holds once points taper off. Pledge TVL breakdown: – $28.24M total – $11.71M cash, $16.53M tokenized shares – 58% of collateral sitting as actual equities – 15K depositors, $34.7M total deposited SNDK, GOOGL, TSLA, MSFT… all showing up as actual margin. The productive capital thesis actually showing up in the accounts. Hyperliquid wins on throughput, Ondo Perps bet is winning on capital efficiency for anything that trades on wall street hours