Ondo Finance has become one of the biggest names in tokenized equities, but the ONDO price still hasn’t moved the way many investors expected. That gap between business growth and token perfo
Ondo Finance has become one of the biggest names in tokenized equities, but the ONDO price still hasn’t moved the way many investors expected. That gap between business growth and token performance is now becoming one of the biggest conversations around the project.
CryptoBusy shared data showing Ondo Finance now controls 57.3% of the tokenized equities market outside ETFs, with more than $730 million in on-chain market cap tied to its products. The entire tokenized stock market is worth about $1.3 billion, which means Ondo alone controls more than half of the space.
The biggest issue traders keep coming back to is value accrual. Ondo’s business is growing, but many investors feel the token itself still doesn’t directly benefit enough from that growth. Analyst 2xnmore broke down the problem in a viral thread focused on Ondo DAO governance and the long-discussed “fee switch” that could eventually connect protocol revenue to token holders. The catch is that almost nobody can realistically force that conversation to happen.
Most $ONDO holders are waiting for the fee switch.Nobody is asking who is actually allowed to flip it.Here is what the DAO docs say and why it changes everything.You need 100 million ONDO just to submit a proposal.Not to pass one. Not to win a vote. Just to put something… pic.twitter.com/ozSM2RttSL
— 2xnmore (@2xnmore) May 28, 2026
DAO rules require 100 million ONDO tokens just to submit a proposal. Not pass it. Not win a vote. Just submit it for discussion. So far, the ONDO DAO has only seen nine proposals in total, and none of them involved revenue sharing or fee distribution. The last proposal dates back to January 2024 and only dealt with a token unlock. Since then, there hasn’t been any movement around changing tokenholder economics.
That has created frustration for smaller investors because the governance structure heavily favors whales, venture funds, and foundation-aligned wallets. Past votes reportedly averaged between 50 and 600 participating addresses despite the protocol having more than 3,000 delegates and a much larger holder base overall.
For many traders, that completely changes how they view the ONDO price. The bigger question now isn’t when a fee switch happens. It’s when a large wallet eventually decides it’s worth activating.
Even with those concerns, Ondo’s position inside the tokenized asset sector keeps getting stronger. Tokenized equities continue expanding, and Ondo remains the dominant player in that market by a wide margin.
Crypto commentator CryptoBusy pointed out that this problem isn’t unique to ONDO. He compared it to projects like XRP, Chainlink, and Avalanche, where network growth and adoption didn’t immediately translate into stronger token performance.
Source: X/@cryptobusyAt the same time, he mentioned projects like Hyperliquid, where token holders benefit more directly when the protocol grows. That comparison is becoming harder for investors to ignore as the ONDO price keeps lagging behind Ondo’s business expansion. Humphries also revealed he remains a holder despite being down heavily on his position, though he said newer capital is going toward assets with stronger tokenholder incentives.
Read Also: Donald Trump Vows to Never “Let Crypto Down” as Bitcoin Price Dips to $73,000
A big reason traders still keep watching the ONDO price is because Ondo’s actual platform growth keeps getting bigger almost every month. Web3Niels shared new data showing Ondo’s tokenized stock TVL has now moved above $1.17 billion, while total platform volume is getting close to $20 billion. That’s a huge jump for a protocol that was barely getting started less than a year ago.
Source: X/@Web3nielsThe growth happened surprisingly fast. Back in October 2025, Ondo’s TVL was sitting near zero. Within weeks, it climbed past $300 million before slowing down briefly between November and December. But instead of collapsing after the first wave of hype, capital stayed inside the platform. Then the next expansion phase started, pushing TVL above $700 million by March before eventually breaking through the $1 billion mark in May.
That part matters because the chart doesn’t show heavy outflows during consolidation periods. Users kept funds parked inside Ondo products instead of pulling liquidity out aggressively. At the same time, Ondo built a massive lead in tokenized equities, controlling about 57.3% of the market. The strange part for many investors is that even with all this business growth, the ONDO price still hasn’t fully caught up to the scale of the platform itself.
The ONDO price is now entering an interesting stage because the project itself continues posting strong numbers. Ondo dominates tokenized equities, institutional interest in real-world assets keeps growing, and the sector itself still looks early compared to traditional finance markets.
But many traders believe the next major move in the ONDO price may depend more on governance than adoption metrics alone. If larger holders eventually move toward activating fee-sharing discussions or restructuring tokenomics, sentiment around ONDO could change quickly.
Until then, the market continues treating Ondo as a booming business attached to a token that still hasn’t fully solved its value accrual problem.
Ondo Finance is a blockchain-based platform focused on tokenizing real-world assets like stocks, ETFs, and U.S. Treasuries to bring traditional finance on-chain.
Is Ondo Finance still growingYes. Platform volume is nearing $20 billion, showing continued usage even after the initial explosive growth phase.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
The post ONDO Price Keeps Lagging Even as Ondo Takes Over the Tokenized Stocks Market appeared first on CaptainAltcoin.
