Ondo's TVL flow started when team unlocks hit circulation, that was a very interesting coincidence. I don't believe it's an accident that the largest OUSG minters to date received USDC used to mint OUSG from the same Safe. Also, TVL has been propped by delayed fees. OUSG fees have been constantly rolled back and kept at 0%.
Multiple analysts started digging and saw the signs:
TVL wasn’t from users.
It was likely just proceeds from ONDO sales recycled into Ondo’s own products.
Sell tokens → get USDC → buy OUSG/USDY → boost TVL → attract attention → repeat. A financially engineered ponzi.
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