Recently, I’ve been paying attention to @OndoPerps’ activities during TOKEN2049 and feel its message goes beyond simply launching a new Perp DEX. On October 6, Ondo Finance hosted a private event in Singapore called “Open Interest By Ondo,” inviting institutional investors, trading teams, and crypto market participants to engage in dialogue. The event featured not only a product showcase of Ondo Perps but also institutional roundtable discussions and CT Alpha insights, with a focus on product direction, market trends, and the future of on-chain finance. In the past, discussions around Perp DEXes centered primarily on crypto assets themselves—but Ondo Perps aims to bring traditional market assets such as U.S. equities, ETFs, and commodities into on-chain perpetual trading. The broader potential here isn’t just about adding a few new trading pairs; it’s about creating deeper integration between traditional financial assets and on-chain trading infrastructure. When combined with Ondo’s existing expertise in real-world asset tokenization, the key development to watch will be whether it can truly connect assets, liquidity, and trading experience into a seamless whole. Of course, industry narratives ultimately must translate into products and meet real user needs. While the event has generated attention, what’s even more exciting to anticipate is how @OndoPerps will turn these ideas into tangible trading experiences. RWA shouldn’t stop at just putting assets on-chain—what matters more is enabling those assets to actively participate in on-chain finance. That’s the next crucial step.