Ondo Finance usage grows as tokenized assets expand, but ONDO price declines

Tokenized funds expanded steadily, with market capitalization reaching $33.5 billion by April 2026, up from nearly $12 billion in early 2025. The increase reflected sustained capital inflows rather than speculative spikes, alongside projections ranging from $30.2 billion in a bearish case to $47.0 billion in a bullish scenario.

Despite sector growth, the Ondo Finance [ONDO] token price remained muted. While tokenized equities approached $1 billion, ONDO’s price did not show a corresponding move, suggesting that capital may be supporting the underlying infrastructure more than translating into direct token demand.

Why the price is still lagging

Ondo Finance continued to scale, with Total Value Locked (TVL) rising to $3.567 billion. Of this total, $2.198 billion was anchored on Ethereum [ETH], alongside expansion across other chains.

Fees also increased: annualized fees reached $54.11 million, including $4.44 million generated over the past 30 days. However, the article notes that this activity did not translate into token value. Protocol and holder revenue were reported as remaining at zero, leaving no direct economic link to the token and creating a “value-capture gap,” where adoption grows without benefiting ONDO holders.

Price performance underscored the disconnect. ONDO declined from $0.463 at the start of the year to $0.2532, indicating sustained weakness despite rising activity.

[Source: DeFiLlama]

Where the capital is flowing

The article points to tokenized equities as a key driver of growth. Tokenized equities market capitalization surpassed $270 million, up 40% year-to-date from near-zero levels in mid-2025. This steady climb was described as adoption driven by users seeking on-chain stock exposure rather than short-term speculation.

At the same time, investors were not described as chasing ecosystem tokens. Instead, capital was allocated directly into tokenized stocks and ETFs for access and efficiency. As a result, capital remained locked within these instruments rather than rotating outward, strengthening the broader ecosystem while leaving tokens such as ONDO with limited demand.

[Source: Token Terminal]

What this means for ONDO

The mismatch is framed as a value-capture failure: adoption and fee-generating activity can benefit the platform, while the token lags due to the absence of a direct economic link. Even so, continued growth could strengthen the ecosystem over time, but without that linkage, ONDO may continue to underperform relative to its own network activity.

Final summary

• Ondo Finance [ONDO] shows rising usage, while the token price falls from $0.463 to $0.2532 as value capture remains absent.
• ONDO’s demand appears weak as capital flows into tokenized assets, leaving growth disconnected from token performance.