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Yuvi.
$ONDO
现实资产叙事升温，底层收益能到代币手里吗？
今天午后现货行情快照中，ONDO的24小时涨跌幅为+2.96%，区间为0.431—0.4623 USDT。
今天上涨超过BTC，但底层资产管理规模、产品收益与代币经济权益必须分开。产品受欢迎不自动让治理代币分享同等现金流。
核验重点是权益机制和可持续需求。若只增加产品规模却没有改善代币价值捕获，估值溢价就仍然依赖预期而非已兑现收入。
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