在咒语丑闻之后，Lekker Capital的创始人兼首席投资官奎因·汤普森（Quinn Thompson）再次提高了有关RWA项目ondo Finance的红旗。

4月14日，奎因·汤普森（Quinn Thompson）上X发出了有关最近的咒语崩溃的有关Ondo Finance（Ondo）的新警告，并指出：“鉴于最近的Mantra $ OM Token骗局，可能会谨慎地将这一主题循环出来，以防$ ONDO省去，以防最终的财务破坏。”

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).

在咒语丑闻之后，Lekker Capital的创始人兼首席投资官奎因·汤普森（Quinn Thompson）再次提高了有关另一个RWA项目Ondo Finance（Ondo）的红旗。

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·汤普森（Quinn Thompson）上X发出了有关最近的咒语崩溃的有关Ondo Finance（Ondo）的新警告，并指出：“鉴于最近的Mantra $ OM Token骗局，可能会谨慎地将这一主题循环出来，以防$ ONDO省去，以防最终的财务破坏。”

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·汤普森（Quinn Thompson）从3月18日开始恢复了他的早期线索，他要求链链调查人员确认Ondo Finance的总价值锁定的总价值是否由出售代币的团队人为地膨胀，并将收益重新将收益转移到协议中，以创建有机用户的幻想。

“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.

“一位链链调查人员可以为我确认，如果确实，大多数ondo的TVL……都是从团队出售$ ondo代币的出售中，收益回到了协议中以散发出有机增长的外观吗？”他问。

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.”

为了支持他的主张，奎因·汤普森（Quinn Thompson）从2024年10月开始带回了他的帖子，尽管他没有产生收入和提供产品（USDY和OUSG），但他抨击了该项目的7B稀释估值，这些估值（USDY和OUSG）是“只是BlackRock Buidl上的包装器”。

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.

他还指出，该公司的0.15％的收费率（直到2025年）被放弃，这意味着该协议尽管有相当大的电视，但该协议仍未收入。他辩称，一旦收费开始，用户可能会将其资金转移到Buidl，因为它更安全，更便宜并且有更好的收益。即使Ondo确实开始收取费用，每年的费用也仅为97.5万美元。他补充说：“这超过了7,000倍的FDV /收入多重，在没有护城河且竞争不断提高的几乎零保证金业务上。”

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.

作为回应，一个用户@TimiBot评论说：“认为这是公开的秘密”，附加了屏幕截图，其中似乎是电报组中发行的消息。该邮件详细介绍了Ondo膨胀的TVL背后的涉嫌机制。

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.

这表明，虽然TVL资金是真实的，但Ondo Finance的TVL指标却偏向于Ondo协议中的大部分资金并不是在助长Defi，而是停放在标记的美国财政账单中，这些账单是低风险的传统金融工具。

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

这两种策略都对协议的实际采用产生了误导性的图片。