Citrini Research has identified five decentralized finance (DeFi) tokens that it believes are best positioned to benefit from the convergence of asset tokenization and AI-driven financial agents. The firm’s October 8 report, titled “Breaking The Wall,” highlights Aave (AAVE), Uniswap (UNI), ether.fi (ETHFI), Pendle (PENDLE), and Ondo Finance (ONDO).

The research firm’s analysis focuses on tokens where holders have a claim on protocol revenue through fee sharing, buybacks, or burns. These five tokens collectively represent 29% of a 15-token model portfolio constructed by Citrini Research. The report acknowledges that while protocol growth is increasing, it does not automatically translate to benefits for token holders. Key challenges to institutional adoption cited include liquidity fragmentation, securities regulations, and potential custody failures.

Ondo Finance’s Role in Tokenization

Ondo Finance is noted for its direct involvement in asset tokenization. On September 16, its subsidiary, Oasis Pro Markets, became the first tokenization platform admitted to the DTCC’s Fund/SERV network. This network handles over 85% of U.S. mutual fund transaction activity. Eight days later, Ondo launched Intelligent Portfolios, a suite of three BlackRock-developed strategies issued as transferable tokens for eligible international investors. The firm also introduced Ondo Private Markets on October 5, offering notes tied to the performance of a pre-IPO artificial intelligence company.

Ondo’s token, ONDO, was trading around $0.48, having previously reached approximately $0.60 at the end of September. The current price remains above its 50-day average of $0.434 and its 200-day average of $0.393. The report suggests that a sustained price above the $0.51 to $0.52 band is needed for further upward movement.

Aave and Uniswap’s Revenue Streams

Aave is presented with concrete financial figures, reporting approximately $34 billion in deposits and $13.3 billion in outstanding loans as of the end of September. The protocol’s accounting figures for 2026 showed revenue of $83.3 million and net income of $26.2 million. While these figures do not directly equate to cash distributed to AAVE holders, the protocol’s newer lending markets have reportedly surpassed $1 billion in deposits. Ether.fi is now routing its internal borrowing through Aave, positioning it as a backend service for other products.

AAVE was trading around $168, down from an early October peak near $185. The token’s 50-day average at $143.30 has crossed above its 200-day average at $121.74. Uniswap’s UNI token, historically an example of a governance token without direct fee sharing, implemented protocol fees and a burn of 100 million UNI in December 2025 following a governance vote. Proposals are in progress to extend fee collection to Uniswap v4 pools and the Robinhood Chain. UNI was trading at $7.33, directly on its 50-day average, after a significant rally from under $2.50 in June to nearly $11 in late September.

Ether.fi and Pendle’s Evolving Models

Ether.fi announced plans for a U.S. dollar stablecoin, ether.fi USD, with Ethena managing reserves, on October 6. This development follows earlier expansions into tokenized stocks, precious metals, and broader fiat payment options. The protocol has also been shifting focus from its initial weETH model on EigenLayer restaking. ETHFI has been trading within a rising channel since late August, with its price at $0.688 resting on the lower edge, supported by the 50-day average at $0.648.

Pendle allows users to separate an asset’s principal and future yield for independent trading. Its Boros product applies this concept to perpetual futures funding rates. The protocol opened its first yield market on the Robinhood Chain in September, and an upgrade to sPENDLE altered how holders participate in protocol economics. PENDLE was trading below its 50-day average at $2.16, having fallen from about $2.79 in mid-September to $2.10. The 200-day average is situated lower at $1.85.

Obstacles to Institutional Adoption

Citrini Research outlines several hurdles for widespread institutional adoption of tokenized assets. These include the fragmentation of liquidity across different networks, the complexity of securities regulations that dictate who can hold tokenized shares, and the risk of smart contract or custody failures. The report notes that while the tokenized asset market is projected to reach $5.5 trillion by 2030 according to Citi researchers, significant challenges remain in infrastructure and regulatory clarity.

The firm emphasizes that the success of these DeFi tokens hinges on their ability to demonstrably route protocol income to holders. Upcoming decisions, such as Uniswap’s vote on extending fees to v4 pools and the launch terms of ether.fi’s stablecoin, will be crucial indicators of this potential. The report also highlights that onchain activity at listed brokers, while growing, remains small compared to their core businesses.