Everyone covering Ondo Perps this week is talking about the $3M in rewards. They are missing the actual unlock. Buried in the launch is one mechanic that changes what tokenised stocks are for. You can now post them directly as collateral to open leveraged perps, without selling the position. No other perp platform does this. Hyperliquid does not. GMX does not. Every DeFi perp platform until now has forced you to split your portfolio in two. Stablecoins to trade with. Everything else just sitting there. Ondo just merged those into one. $3,000,000 in total rewards. $150,000 set aside for week one alone. 20x leverage available without touching your spot exposure. This is what onchain prime brokerage actually looks like. Institutions have had this at Goldman for decades. DeFi has never shipped it until now. If you hold tokenised equities and still think selling is the only way to unlock trading capital, that assumption just got outdated. The people who read the docs always buy before the people who read the price. Full breakdown in the article.