Ondo Perps hit another ATH in daily volume. This is up from $79M three weeks ago, Monthly volume has crossed $3.98B (+198%) as it's live in 32 markets since the June 9 beta launch. The interesting part is that $ONDO’s current valuation is still based entirely on fees from its RWA business. Current market cap: $2.05B Current P/F multiple: 26.8x Now assume the market keeps that same multiple once perps begin generating fees: 2 bps take rate → $86M annualized fees → $2.31B implied market cap → 12.7% upside 5 bps take rate → $100.6M annualized fees → $2.70B implied market cap → 31.6% upside 10 bps take rate → $124.8M annualized fees → $3.35B implied market cap → 63.3% upside