You can be right about tokenization and still hold the wrong token.
Here is the split between $ONDO and $UNI.
Ondo built one of the biggest tokenized product suites in crypto. The $ONDO token captures none of that revenue today.
Ondo's business is real.
USDY: near $2B
Tokenized stocks: over $1B TVL
Cumulative volume: tens of billions
But yield and fees stay with product holders and the company. The token sits outside that pipe, with no burn and no buyback.
Meanwhile, supply keeps arriving.
Circulating: ~4.87B of 10B max
Next unlock: ~1.9B on 17 January 2027
Uniswap sits on the other side of the trade. It is where a growing share of tokenized assets find spot liquidity.
On fee enabled pools:
LPs keep 0.25%
Protocol takes 0.05%
That protocol slice collects in TokenJar and only leaves when UNI is burned.
A one time 100M UNI treasury burn is already done.
Ongoing burns across multiple chains recently annualized in the mid teens of millions of UNI.
Holders get no check. They get a smaller float every time volume clears.
The caveat cuts both ways.
UNI still carries a 20M annual growth budget, so net supply rises until burns outrun it.
ONDO can still vote in a fee switch later.
Neither outcome is automatic.
The test I run on every RWA token is simple: does its supply react to the activity you are bullish on?
Most people bullish on tokenization are holding the token that never touches the flow.
Here is the split between $ONDO and $UNI.
Ondo built one of the biggest tokenized product suites in crypto. The $ONDO token captures none of that revenue today.
Ondo's business is real.
USDY: near $2B
Tokenized stocks: over $1B TVL
Cumulative volume: tens of billions
But yield and fees stay with product holders and the company. The token sits outside that pipe, with no burn and no buyback.
Meanwhile, supply keeps arriving.
Circulating: ~4.87B of 10B max
Next unlock: ~1.9B on 17 January 2027
Uniswap sits on the other side of the trade. It is where a growing share of tokenized assets find spot liquidity.
On fee enabled pools:
LPs keep 0.25%
Protocol takes 0.05%
That protocol slice collects in TokenJar and only leaves when UNI is burned.
A one time 100M UNI treasury burn is already done.
Ongoing burns across multiple chains recently annualized in the mid teens of millions of UNI.
Holders get no check. They get a smaller float every time volume clears.
The caveat cuts both ways.
UNI still carries a 20M annual growth budget, so net supply rises until burns outrun it.
ONDO can still vote in a fee switch later.
Neither outcome is automatic.
The test I run on every RWA token is simple: does its supply react to the activity you are bullish on?
Most people bullish on tokenization are holding the token that never touches the flow.