In the past two years, we have researched many #RWA tokenized products in the US stock market, but the market has never been able to generate the prosperous scene of DeFi Summer. The fundamental reason is that most platforms still focus on the "price and betting" function, lacking the ability to collateralize or integrate into DeFi. As for dividends and stock splits, these serious matters depend entirely on the platform's credibility, rather than relying on a complete smart contract system!

Perhaps only when a robust RWA infrastructure is established can the building blocks of DeFi be modularly combined and assembled, allowing for the creation of more wonderful RWAFi gameplay. The emergence of @stoveprotocol has opened my eyes, as if I have found light and hope! It is different from many traditional crypto projects; it neither issues tokens nor charges protocol fees, and it is even too lazy to handle trading matching itself. It is doing something that sounds very dull and fundamental, but has long needed to be done: allowing "stocks" on the chain to truly achieve free combination and financial derivatives through a foundational standard protocol.

Thus, #Stove's strategy is very simple. It does not aim to reinvent the wheel or delve into the matter of "making stock tokens" (its parent company @HabitTrade has been deeply involved as a leading crypto brokerage for many years). Instead, it is filling the most lacking financial infrastructure for "putting stocks on the chain," solving the question of "once stocks are on the chain, how can we play with them like 'DeFi'?" Currently, in the RWA field, there are very few projects tackling this issue head-on.

1️⃣ #Stove's Features and Industry Pain Points

In simple terms, #Stove is an open-source infrastructure initiated by HabitTrade (which recently completed a $10 million Series A financing). Its goal is straightforward: to bring real US stocks and ETFs onto the chain in a 1:1, safe, compliant, and programmable manner. Its most distinctive feature is that it does not intend to "eliminate" traditional finance but seeks to find ways to deeply integrate with it.

In the past, I have seen too many failed RWA tokenization cases in the US stock market. The first generation of synthetic assets and synthetic stocks essentially involved betting against the platform, having nothing to do with Apple Inc. If the platform pulls the plug, the orders in your hand become worthless. The second generation is slightly more legitimate, holding stocks through brokerage custody. However, there are still issues; tokens can only be used on their own platform, cannot be transferred out, and cannot build DeFi gameplay; when events like Apple stock splits occur, everything relies on manual adjustments, which are slow and opaque. This leads developers to be hesitant to use these assets for DeFi or lending, as if dividends do not arrive tomorrow, the collateral liquidation logic collapses.

2️⃣ #Stove's Solution

Stove's approach is quite remarkable. It does not pursue being an extreme US stock tokenization platform but quietly builds the foundational "water, electricity, and gas" infrastructure. I don't even view Stove as a product; it resembles a public protocol similar to ERC-20. It does not teach you how to trade stocks, but it guarantees that the assets in your hands are "real."

• The foundation is genuine: it is not air or a simulated market. When you place an order, a compliant brokerage buys stocks on NASDAQ with real money, locked in a custody account.

• Trading is settlement: you do not have to bet against the platform. Through Stove's RFQ (Request for Quote) mechanism, your buying and selling intentions are sent directly to compliant brokerages, which report the results on-chain after transactions in the real market. The on-chain contract verifies and mints or destroys tokens accordingly. Transactions run compliantly off-chain, while the ledger is transparently recorded on-chain.

• Automated "corporate actions" (this is the most important point): Apple has a 1-for-4 stock split? Microsoft issued dividends? Previously, this relied on customer service announcements; now Stove directly writes it into the protocol. Through the Corporate Actions module, it automatically adjusts token quantities or distributes dividends. Where the money comes from and which treasury it enters can be traced on-chain. It is not based on luck but on code.

• DeFi Lego can be freely assembled: because token addresses are generated using Create2 (code generates unique addresses), the whole world knows "this address is Tesla." Want to create a lending protocol using TSLA tokens as collateral? Go ahead. Because there are real assets backing it, supported by dividend logic, the risks are calculable, and any DeFi combination model has traceable underlying assets!

3️⃣ What impresses me the most is Stove's silent dedication as foundational infrastructure.

Stove does not operate an exchange, does not take a cut, and does not offer subsidies; it hasn't even issued governance tokens yet. It is like a silent plumber, building a bridge in the gap between Web3 and traditional finance. It acknowledges reality: stock trading cannot bypass the SEC and brokerages. Therefore, it does not confront them head-on but separates "off-chain compliance execution" and "on-chain programmable rights," allowing each to function independently, ultimately linking them through the protocol.

In the future, through the #Stove protocol, we can truly hold a "chain-based Apple stock," enjoying the same rights as Buffett, including price fluctuations, dividends, and stock splits, without missing a beat. We can also throw it into DeFi, use it as collateral to borrow USDC, deposit it into aggregators for interest, or conduct cross-asset hedging… It is no longer just a "price difference asset," but a productive asset.

In summary, we used to think that "going on-chain" meant overturning tradition and decentralizing everything. But Stove made me realize that true integration is not about replacement but embedding. The ultimate goal of stock tokenization should not be to recreate a parallel NASDAQ but to genuinely and safely connect the lifeblood of the real capital market to the on-chain world. Stove is not building rockets; it is laying down tracks. And I am already ready to run my "on-chain US stock portfolio" on this track, which is highly anticipated. 🧐

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