在咒語醜聞之後，Lekker Capital的創始人兼首席投資官奎因·湯普森（Quinn Thompson）再次提高了有關RWA項目ondo Finance的紅旗。

4月14日，奎因·湯普森（Quinn Thompson）上X發出了有關最近的咒語崩潰的有關Ondo Finance（Ondo）的新警告，並指出：“鑑於最近的Mantra $ OM Token騙局，可能會謹慎地將這一主題循環出來，以防$ ONDO省去，以防最終的財務破壞。”

In the wake of the Mantra scandal, Quinn Thompson, the founder and Chief Investment Officer of Lekker Capital, has once again raised red flags about another RWA project Ondo Finance (ONDO).

在咒語醜聞之後，Lekker Capital的創始人兼首席投資官奎因·湯普森（Quinn Thompson）再次提高了有關另一個RWA項目Ondo Finance（Ondo）的紅旗。

On April 14, Quinn Thompson took to X to issue his renewed warning regarding Ondo Finance (ONDO) in the light of the recent Mantra debacle, stating “In light of the recent Mantra $OM token scam, probably prudent to recirculate this thread on $ONDO in case it saves at least one person from the eventual financial ruin.”

4月14日，奎因·湯普森（Quinn Thompson）上X發出了有關最近的咒語崩潰的有關Ondo Finance（Ondo）的新警告，並指出：“鑑於最近的Mantra $ OM Token騙局，可能會謹慎地將這一主題循環出來，以防$ ONDO省去，以防最終的財務破壞。”

In the post, Quinn Thompson brought back his earlier thread from March 18, where he asked on-chain investigators to confirm whether Ondo Finance’s Total Value Locked is artificially inflated by the team selling tokens and redirecting the proceeds back into the protocol to create the illusion of organic user adoption.

在帖子中，奎因·湯普森（Quinn Thompson）從3月18日開始恢復了他的早期線索，他要求鍊鍊調查人員確認Ondo Finance的總價值鎖定的總價值是否由出售代幣的團隊人為地膨脹，並將收益重新將收益轉移到協議中，以創建有機用戶的幻想。

“Can one of the on-chain investigators confirm for me if it is true that the majority of Ondo’s TVL… is from the team’s selling of $ONDO tokens with the proceeds funneled back into the protocol to give off the appearance of organic growth?” he asked.

“一位鍊鍊調查人員可以為我確認，如果確實，大多數ondo的TVL……都是從團隊出售$ ondo代幣的出售中，收益回到了協議中以散發出有機增長的外觀嗎？”他問。

To support his claims, Quinn Thompson brought back his post from October 2024, where he slammed the project’s $7B fully diluted valuation despite generating no revenue and offering products (USDY and OUSG) that are “just wrappers on Blackrock’s BUIDL.”

為了支持他的主張，奎因·湯普森（Quinn Thompson）從2024年10月開始帶回了他的帖子，儘管他沒有產生收入和提供產品（USDY和OUSG），但他抨擊了該項目的7B稀釋估值，這些估值（USDY和OUSG）是“只是BlackRock Buidl上的包裝器”。

He also pointed to the company’s 0.15% take rate—which had been waived until 2025, meaning the protocol was earning no revenue despite its sizable TVL. He argued that once the fee kicks in, users will likely move their funds to BUIDL because it’s safer, cheaper, and has better yields. Even if Ondo does start charging the fee, it would only earn about $975K annually. “That is over a 7,000x FDV / revenue multiple on a near-zero margin business with no moat and increasing competition,” he added.

他還指出，該公司的0.15％的收費率（直到2025年）被放棄，這意味著該協議儘管有相當大的電視，但該協議仍未收入。他辯稱，一旦收費開始，用戶可能會將其資金轉移到Buidl，因為它更安全，更便宜並且有更好的收益。即使Ondo確實開始收取費用，每年的費用也僅為97.5萬美元。他補充說：“這超過了7,000倍的FDV /收入多重，在沒有護城河且競爭不斷提高的幾乎零保證金業務上。”

In response, one user @TimiBot commented, “Thought this was on open secret,” attaching a screenshot of what appears to be a circulated message from a Telegram group. The message details the alleged mechanics behind Ondo’s inflated TVL.

作為回應，一個用戶@TimiBot評論說：“認為這是公開的秘密”，附加了屏幕截圖，其中似乎是電報組中發行的消息。該郵件詳細介紹了Ondo膨脹的TVL背後的涉嫌機制。

This suggests that while the TVL funds are real, Ondo Finance’s TVL metric is being skewed as much of the capital in Ondo’s protocol isn’t fuelling DeFi, but is instead parked in tokenized U.S. Treasury Bills, which are low-risk, traditional financial instruments.

這表明，雖然TVL資金是真實的，但Ondo Finance的TVL指標卻偏向於Ondo協議中的大部分資金並不是在助長Defi，而是停放在標記的美國財政賬單中，這些賬單是低風險的傳統金融工具。

Both of these tactics create a misleading picture of the protocol’s actual adoption.

這兩種策略都對協議的實際採用產生了誤導性的圖片。