Introduction: Clash Between Traditional Finance and DeFi's Native Forces
The tokenization of real-world assets (RWA) has surged, with DeFiLlama data showing RWA's Total Value Locked (TVL) surpassing $118.86 billion—a 46% increase since early 2025. BlackRock's BUIDL Fund leads with a 48.8% monthly growth rate ($28.16 billion TVL), followed closely by Ethena USDtb and Ondo Finance (both exceeding $10 billion TVL).
This financial revolution, driven by traditional institutions and DeFi protocols, has intensified competition in token economic models. Here, we dissect two leading projects—ONDO and ENA—to uncover their value-capturing mechanisms through token design, revenue streams, and liquidity dynamics.
Part 1: Token Economics—Deflationary Models vs. Points Systems
1.1 ONDO: Institutionalized Deflationary Experiment
ONDO, the RWA sector leader, employs a fixed supply of 100 billion tokens + deflationary burns via transaction fee buybacks. Key features:
- Institutional-first strategy: Staking yields derive from management fees (e.g., 0.15% for OUSG, tokenized U.S. Treasuries; 0.17% for USDY, a stable-yield product). Projected 2025 protocol revenue: $176 million.
- Unlock pressure test: Team/investor tokens (45.9% of supply) unlock gradually from January 2025, but liquidity is hedged via partnerships (e.g., BlackRock compliance pools).
- Governance premium: Holders vote on RWA asset rules (e.g., corporate bonds, real estate inclusion).
Strength: Ties to traditional finance yields. Weakness: Over-reliance on institutional inflows—Maple Finance’s 2022 crash showed risks of redemption spirals.
1.2 ENA: Points-Powered Stablecoin Empire
ENA’s DeFi-native model thrives on:
- Burn mechanism: 20% of USDe (algorithmic stablecoin) revenue burns ENA, while Shard/Sats points lock liquidity (e.g., sENA stakers gain future token allocations).
- Yield bundling: USDe offers 4% ETH staking yields + 10–18% derivative hedging, creating an "internet bond" effect. USDe’s $80B circulation backs ENA’s valuation.
- Multi-chain utility: ENA embeds into cross-chain restaking (e.g., Converge L1), diluting sell pressure.
Strength: Dominates high-frequency trading. Risk: Derivatives exposure (e.g., negative funding rates).
Part 2: Revenue Streams—Traditional Assets vs. Algorithmic Alchemy
2.1 ONDO: Tokenizing the $1T Fixed-Income Market
ONDO monetizes traditional finance:
- Treasury arbitrage: OUSG yields 5% vs. CEX’s 2.3% rates.
- Institutional pipelines: Partners like Fidelity offer私募信贷 (0.25% fees via OMMF funds).
- Compliance edge: SEC-approved custody (Ankura Trust) attracts家族 offices.
Challenge: RWA’s $118B TVL is just 0.2% of traditional基金.
2.2 ENA: The "On-Chain Bridgewater"
ENA’s收益引擎 includes:
- Funding rate arbitrage: Shorting ETH永续合约 yields 15.7% annually.
- Liquidity dominance: USDe integrates with 50+ protocols (e.g., Aave, Curve), generating $12B daily DEX volume.
- Regulatory arbitrage: Based in开曼群岛 to bypass U.S.衍生品 rules.
Risk: Liquidation cascades (e.g., ETH’s 23%单日 drop triggered 105% USDe抵押率警报).
Part 3: Liquidity Wars—Unlocks vs. Ecosystem Hooks
3.1 ONDO: Compliance as a Shield
Despite 45.9% unlocks, ONDO stabilizes via:
- OTC channels:定向销售解锁代币 to主权基金.
- 跨链 pools: Solana’s BUIDL基金 processes $120M daily机构存款.
- Governance perks: 100K+ ONDO holders join BlackRock RWA meetings.
3.2 ENA: Points-Driven Lockups
ENA’s防御策略:
- Nested staking: sENA积分兑换治理代币, locking 80%供应.
- CEX alliances: 币安Launchpool’s 63% ENA质押.
- USDe utility: Integrated with Amazon/Shopify支付.
Part 4: Sector Ceilings—$1T+ Pathways
4.1 RWA: The Compliance Marathon
- Treasuries dominate (78% share); 企业信贷/房地产 lag.
- Regulatory hurdles: MiCA requires金融牌照, pushing projects offshore.
- Tech limits: Chainlink预言机 delays triggered清算争议.
4.2 Stablecoins: Derivatives + Payments
ENA’s赛道 grows via:
- Yield wars: USDe’s 15% APY vs. USDC’s 2.3%.
- PayPal整合: Solana跨境汇款费率降至0.1%.
Part 5: Risks
- ONDO: Regulatory shifts, RWA合规争议.
- ENA: Stablecoin脱锚,衍生品波动.
Conclusion: The Ultimate Tokenomics Battle
ONDO tokenizes Wall Street, while ENA challenges monetary sovereignty. Short-term, ENA’s high yields lead; long-term, ONDO’s RWA expansion (e.g.,房地产) could redefine finance. As BlackRock’s CEO said: "Tokenization isn’t optional—it’s capitalism’s next chapter."
👉 Discover how top projects leverage tokenomics for growth
FAQ
Q: Which token has higher institutional adoption?
A: ONDO, via BlackRock/Fidelity partnerships.
Q: How does ENA mitigate liquidation risks?
A: Dynamic hedging and overcollateralization (e.g., 105%抵押率).
Q: Can RWA surpass DeFi’s TVL?
A: Yes, if房地产/碳信用 achieve scale.