Ondo's dominance in tokenized equities just got wrecked. Market share crashed from 56% to 26% in 9 months as Binance and Robinhood steamrolled in.

The numbers:
• Total market exploded 483% to $3.8B
• Binance bStocks hit $905M (24% share)
• Robinhood grew from $20M to $170M since July
• xStocks sitting at $954M (25% share)

Chain wars heating up:
$ETH bleeding out - dropped from 50% to 22% dominance
$BNB pumping hard - 9% to 32% as Binance doubles down
$AVAX entered the chat at 9% after Securitize launch

On-chain activity is absolutely nuclear:
• Weekly volume: $420M → $17.5B (42x in 2026)
• Peak week hit $7.3B with Robinhood doing $5.4B alone
• DeFi TVL ripped 20x to $313M

But here's the reality check - we're still dust compared to TradFi. $3.8B vs $150T global equities market. That's 0.0025%.

The alpha: This is early innings. As on-chain rails mature and regulatory clarity hits, this sector could 100x and still be tiny relative to traditional markets. Watch which chains capture liquidity and which protocols nail the UX.

$ONDO still leading but the moat is gone. Competition era just started.