$20M seed in Apr 2022 at $200M from Pantera and Founders Fund, tokenized US Treasuries as the headline product. Became the poster child of the RWA narrative and hit $3.3B mcap at peak tokenization hype. Then BlackRock launched BUIDL and institutions realized they could do this directly without a token aggregator middleman, and ONDO spent the rest of the year retracing..