Ondo Finance’s token fell with broader market weakness even as the protocol’s TVL held at $3.5 billion and the company expanded tokenized securities and perpetual futures offerings.
ONDO fell 9.96% over 24 hours to $0.3402, cutting its market capitalization to $1.65 billion, while trading volume rose 18.13% to $164.8 million during the sell-off. The token traded between $0.3383 and $0.3826 in the session, according to CoinMarketCap, leaving its fully diluted valuation at $3.4 billion. The drop erased a roughly 2.52% weekly gain and pushed ONDO closer to support near $0.33. Circulating supply stood at about 4.86 billion ONDO out of a total 10 billion, while Ondo Finance’s TVL (total value locked) held at approximately $3.5 billion and the platform had more than 205,500 holder addresses. The weakness came despite continued product expansion at Ondo Finance. This month, the company broadened tokenized securities on Solana with 24/7 minting and redemption for NVDAon, TSLAon and SPYon, launched Ondo Perps (perpetual futures, no expiry contracts) tied to equities and commodities, and partnered with RWA GLOBAL INC to widen access to tokenized real-world assets. On July 2, Ondo introduced what it described as the first live third-party tokenized U.S. securities under the SEC’s custodial framework, including BlackRock’s IVV ETF and Micron shares on Ethereum. The divergence between ecosystem growth and token performance suggests broader market conditions are outweighing company-specific developments. Repeated price declines after major announcements point to market skepticism and limited retail enthusiasm, and in the competitive RWA (real-world assets) sector, Ondo risks losing relevance if token performance continues to lag protocol progress.