Author: Biteye

🚀1. Major Background: What Exactly Did the SEC Ease?

Last night, the U.S. Securities and Exchange Commission (SEC) officially opened the gate for tokenized equities in the U.S. stock market. This is the first time that U.S. regulators have established a formal legal pathway for "real stock mapping on-chain."

👇 Overview of the three core policy elements:

1⃣ 15 years of innovation exemption period (license-free permit): Exchanges and market makers can operate without holding a traditional broker-dealer or ATS license for up to 5 years, significantly reducing the cost of compliance to start.

2⃣ "30 days default effective without objection" (Negative Consent): Platforms only need to notify the original listed company in writing 30 days in advance, if the company does not raise a clear written objection, tokenization mapping is automatically approved. This greatly compresses the asset-side approval process, reducing resistance to on-chain status for core blue-chip stocks like the S&P 500.

3⃣ 1:1 custody of real stocks (non-synthetic assets): Must be pledged 1:1 by a compliant custodian bank, along with on-chain reserve proof, making the $50 trillion U.S. stock equity assets officially tradable and stakeable on-chain as underlying assets.

💡2. Sharp Comments on the Favorable Token Shift from "Hype" to "Pull"

After the news fermented, the secondary market did not witness indiscriminate "concept surges," but quickly differentiated. Based on the increase rate and relevance of favorable news, I have organized the following "from hype to pull" rankings for everyone.

👑 [Hype] $UNI & $ARB - Secondary acceleration in the main upward wave, pricing core of the whole market

$UNI (Uniswap) | The liquidity matching core of U.S. stock tokenization

Core Data: Reached a peak of $8.88 (pre-policy $6.2-$6.7) | 24h +30% | Trading volume $1.5 billion+

Logic:

1⃣ Monopolizer of liquidity endgame: U.S. stock tokenization essentially is spot trading. No matter which market maker maps Apple or Nvidia on-chain through the 30-day implied mechanism, the largest global spot depth pool available 24/7 will undoubtedly choose Uniswap, anchoring it as the "on-chain Nasdaq."

2⃣ Dual Catalytic Resonance: In addition to the trading volume explosion expectations brought by SEC exemptions, there is also the recent fermentation of Robinhood's trading revenue and protocol fee destruction expectations, leading to significant capital entering at any cost, creating an accelerated vacuum.

$ARB (Arbitrum) | The largest L2 settlement stronghold for U.S. stock tokenization

Core Data: Current price $0.212 | 24h +28.1% | Circulating market cap ~$1.43 billion | Trading volume $72 million+

Logic: Robinhood's official self-custody wallet has long implicitly selected Arbitrum as the core network for low-cost on-chain exchange and cross-chain swapping; furthermore, the majority of compliant U.S. stock tokenization pioneers (such as Backed Finance) have their main asset pools launched and settled on Arbitrum.

Arbitrum has become the biggest L2 winner under this policy bonus.

🥈 [Top Performers] $ONDO / $HYPE / $BP - Carnival of Strong Tokens Structure

$ONDO (Ondo Finance) | RWA stabilizer, healthy turnover for large funds

Core Data: Current price $0.392 | 24h +11.8% | Circulating market cap ~$1.91 billion | Trading volume $240 million+

Logic: Backed by top Wall Street asset management and BlackRock background, expanding from tokenized U.S. Treasuries to tokenized U.S. stocks naturally. The volume surged by +11% to +13% over two days; although there was no explosive rise, the slope changing from steep to shallow is a typical form of sufficient turnover for large funds, where initial profits are realized and new long-term capital contests are at play, forming a solid secondary offensive platform.

$HYPE (Hyperliquid) | Derivatives sentiment amplifier

Core Data: Current price $86.55 | 24h +9.2% (two-day cumulative increase ~+10%) | Trading volume $1.27 billion | Circulating market cap ~$19.2 billion

Logic: The SEC exemption targets spot mapping, with no direct terms relating to high-leverage perpetual contracts. However, as the on-chain derivatives liquidity leader, $HYPE perfectly absorbs the speculative preference spilled over from the surging spot market, performing a deep V-shaped recovery intra-day, serving as an excellent sentiment gauge for the market.

$BP (Backpack) | Pioneer of pure small-cap stocks, beware of capacity ceilings

Core Data: Current price $0.536 (touched a peak of $0.548) | 24h +18.7% | Circulating market cap ~$130 million | Trading volume $3.7 million+

Logic: Focusing on compliant trading and self-custody entry, it is the purest asset that directly aligns with the SEC exemption terms. With a light market cap and favorable chip structure, speculative capital achieved an extreme elasticity of nearly +19% in the first wave, but due to the $130 million market cap, it cannot accommodate continued large-scale institutional capital influx, entering high-level consolidation after reaching $0.548.

⚖️ [NPC] $PYTH / $LINK - "Public Pipes" with Right Logic but Minor Price Movement

$PYTH (Pyth Network) | Narrative is perfect but lacks value capture loop

Core Data: Current price $0.0585 | 24h +8.5% (two-day cumulative increase ~+9%) | Circulating market cap ~$460 million | Trading volume ~$33 million

Logic: Directly connected to top U.S. market makers such as Jane Street and Virtu, feeding prices during U.S. stock trading provides an irreplaceable high-frequency advantage. However, the lack of a direct binding mechanism that transforms "price feed invocation" into "token destruction/dividends," combined with long-term inflation expectations, means the market is merely passively trailing the overall market recovery.

$LINK (Chainlink) | Indispensable infrastructure, a value trap in the secondary market

Core Data: Current price $11.72 | 24h +5.3% (two-day cumulative increase ~+4.5%) | Circulating market cap ~$8.75 billion | Trading volume $370 million+

Logic: Whether it's the DTCC partnership, CCIP cross-chain, or Proof of Reserve, genuine technology for U.S. stock on-chain cannot bypass Chainlink. However, no matter how important the water company is to the city, it is hard to become a speculative target.

$LINK

Years of deep losses have turned it into an escape window during major industry positive news, leading to a complete collapse of secondary elasticity across the board.

🪨 [Finished Pulling] $ETH / $SOL / $AVAX - Elephant public chains dulling, extreme aversion to "distant water"

$ETH (Ethereum) | Value capture drawn away by L2

Core Data: Current price ~$2,475 | 24h +1.8% | Circulating market cap ~$280 billion |

Logic: Although the vast majority of tokenized stocks are still issued in the ERC-20 format, L2's division prevents the main network from capturing significant transaction fees. The two-day increase was only +1% to +2%, with the massive volume showing no ripple in the face of positive news.

$SOL (Solana) | Existing advantages cannot translate into spot explosion

Core Data: Current price $104.7 | 24h +4.5% | Circulating market cap ~$61 billion | Trading volume $3.5 billion+

Logic: The enormous market cap significantly dilutes the Beta of a single event; there has long been offshore U.S. stock token inventory on-chain, lacking expectation gaps. On-site liquidity remains trapped within meme coins interacting internally, failing to form a collective force to push native tokens, showing only a follow-on increase of 3.5% over two days.

$AVAX (Avalanche) | Institutional subnet narrative collapse, can only follow passively

Core Data: Current price $7.84 | 24h +5% | Circulating market cap ~$3.46 billion | Trading volume $280 million

Logic: Avalanche has promoted the Evergreen institutional compliance subnet and Spruce test net for several years, but the secondary market is extremely pragmatic: they prefer to buy DEXs ($UNI) that can bring real cash transaction fees tomorrow, rather than pay for compliance subnets that institutions may build in three years. It rose only 2.5% over two days, completely becoming a follower of the broader market.

⚠️3. Friendly Reminder

1⃣ Mainline should not fear heights, respect liquidity black holes ($UNI): large funds clustering during major upward waves often produce excessively high peaks, and one should avoid blindly buying stagnant public chains and infrastructure for the so-called "catch-up" just because "prices have risen too much."

2⃣ People above people division, small stocks prevent depletion, ensure rotation of middle units: $BP's high drop is warned against liquidity being absorbed by head stocks;

$ONDO steadily and effectively has sufficient turnover and is a primary accumulation position during the main upward leader's consolidation.

3⃣ Recognize NPC and public chain traps: In event-driven markets, distinguish between "industrial importance" and "token explosive potential," and stay away from public pipes lacking value capture and the dull major market with a long realization cycle.

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