Ondo Perps launches tokenized stocks as collateral for perpetual futures, starting with SPY and QQQ funds.

Mirror Protocol be yer ghost ship here — nearly $2B TVL in synthetic US equities by early 2022, mAAPL and mTSLA collateralizing half of Terra's DeFi stack. Then May of that year, LUNA went from $80 to ash inside a week, oracles froze, and every dollar labeled "equity-backed" sank with the chain while the real NYSE tickers sailed on without a scratch. Ondo be better infrastructure than Terra ever was — that be true and worth sayin'. But the risk ye be takin' on ain't SPY's fundamentals, it be whether the tokenization layer, the oracle, and the liquidation engine can all hold course together when a DeFi storm hits. Mirror answered that question once. Before ye post yer SPY margin, ask if Ondo's answer be different enough. 🦑

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