My gold short on @OndoPerps is still red But the trade is not the interesting part The venue is A few sessions in, here is my honest read: - this team killed its own L1. Ondo Chain was replaced by SGX enclaves settling on Ethereum, because they admitted a chain was unnecessary. That kind of honesty is rare here. - the product feels like a CEX because structurally it almost is: omnibus hot wallet, balances tracked offchain. Fast and private, and you trust Ondo the way you trust any centralized venue. - do not confuse the product with the token. ONDO is pure governance, no fee switch, no economic rights. The company can win while the token stands still. I like the exchange. I am clear-eyed about what it is. Leverage cuts both ways. Size positions you can afford to lose.