Recently, the leading project in the RWA field, ONDO, has seen a significant drop in funding rates.

This should be related to the massive $3.1 billion that is set to be unlocked on January 18, which exceeds the current circulating market value and also includes over $500 million from private placements.

Many investors are now short hedging on contracts to lock in profits in advance, avoiding losses from market crashes after the unlocking.