This episode explores how Ondo is tokenizing real-world assets like stocks and bringing them on-chain, with a focus on their tokenized SpaceX stock launch and their new perpetuals platform that uses tokenized equities as collateral for more capital-efficient trading. Ian De Bode discusses the technical infrastructure behind instant minting, the advantages of backing perps with on-chain assets, and the broader vision for DeFi-based asset management.
Summarized by Podsumo
Ondo tokenized SpaceX stock on Ethereum within five minutes of its Nasdaq IPO, using a just-in-time liquidity model with market makers rather than AMM pools to avoid depegging.
Ondo's perps platform uses tokenized stocks as collateral, achieving near 100% capital efficiency for market makers, unlike traditional perps that require separate off-chain hedging.
The majority (80%) of Ondo's trading volume comes through integrations with wallets like MetaMask and exchanges like Binance, rather than their own frontend.
Circle is surprisingly the most popular tokenized stock on the platform, driven by trading groups in China that view it as the 'next NVIDIA'.
Ondo aims for $1.5-2 billion in tokenized stocks by end of 2026, alongside launching perps and portfolio products for asset management.
"The only way to really do this is to tap into that TradFi liquidity that already exists. There's no way an AMM pool is going to create anywhere near as much liquidity."
"The moment you enable the asset as collateral on a perp, you enable so many new use cases. You can deposit gold, be long gold, and short silver—you can do pair trades in a very different way."