Prototype

[Prototype @PrototypeVC]

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[Agentic Finance Summit @AgenticSummit]

Investing in frontier technologies that amplify individual agency in an increasingly digital economy.

@AricChang, Managing Partner at @PrototypeVC, will take the stage at Agentic Finance Summit on the panel: Consent, Liability and the Audit Trail.

June 3, New York · https://t.co/EUK63cR32k

[Aric @AricChang]

In my previous article, "Why NYSE's Tokenized Securities May Actually Strengthen DeFi," I talked about how permissionless venues will always need to exist, and highly liquid, regulated on-chain securities will make decentralized markets more efficient, which will drive more demand for DeFi composability and bring positive spillover effects into the broader altcoin market.

We at Prototype have been building a position in $ONDO because we believe @OndoFinance is positioned as the forerunner of this shift. Ondo Global Markets crossed $1B TVL in under 8 months, with 70%+ market share among tokenized equity issuers and over $18B in cumulative trading volume. USDY sits at ~$2B TVL, and total protocol TVL is approaching ~$3.7B. Ondo Perps has also recently gone live, bringing more utility to Ondo's tokenized spot assets by accepting them as collateral with full cross-margining.

Meanwhile, Ondo has been building one of the most credible institutional partnership stacks in crypto, working with the DTCC on tokenized securities infrastructure, tokenizing five Franklin Templeton ETFs, completing the first cross-border redemption of tokenized US Treasuries with J.P. Morgan, Mastercard, and Ripple, and partnering with Broadridge to bring on-chain proxy voting to 250+ tokenized stocks. Against this backdrop, the SEC is developing an innovation exemption for trading tokenized securities on DeFi platforms, while the CLARITY Act has cleared the Senate Banking Committee after Coinbase renewed its support.

Even now, the catalyst pipeline remains strong. The 21Shares Spot ONDO ETF is pending SEC approval; if it clears, it brings structural demand from institutions that can't hold crypto directly. While $ONDO is currently a speculative asset, there's growing market speculation around a potential vote on value accrual mechanisms. If that unlocks, it's a meaningful shift in how the token gets valued.

The confluence of product traction, institutional partnerships, and regulatory momentum makes $ONDO a high-beta play on the institutionalization of DeFi. While Robinhood (~$69B mcap) and Securitize (only accessible post-SPAC merger) are the other credible players in this space, $ONDO is the only liquid asset that gives you direct, asymmetric exposure to the tokenized securities trend at current valuations.

[Aric @AricChang]

https://t.co/d35Opt1FOr

[Aric @AricChang]

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