$ONDO Ondo and Uni $UNI focus
Ondo does the dirty and labor-intensive work of “moving stocks onto the blockchain.” Its moat comes from licenses and custody relationships; Uniswap does the liquidity business of “making the tokenized stocks that have been moved onto the blockchain tradable.” Its moat comes from network effects of the protocol. The SEC’s five-year exemption order benefits both at the same time, but the paths are completely different—Ondo needs to prove that token holders can share the benefits of compliant growth, while Uniswap needs to prove that it can capture real value from the liquidity of “permissioned assets.”
Ondo does the dirty and labor-intensive work of “moving stocks onto the blockchain.” Its moat comes from licenses and custody relationships; Uniswap does the liquidity business of “making the tokenized stocks that have been moved onto the blockchain tradable.” Its moat comes from network effects of the protocol. The SEC’s five-year exemption order benefits both at the same time, but the paths are completely different—Ondo needs to prove that token holders can share the benefits of compliant growth, while Uniswap needs to prove that it can capture real value from the liquidity of “permissioned assets.”