Shocked! Sun Ge, bring on chain interest to Wall Street! Canary Capital has submitted the world's first application for a "TRX spot collateralized ETF" to the SEC, which is not only a recognition of Tron's system, but also a new starting point for the securitization of cryptocurrency assets. I will break down the triple meaning behind it. 🧵 Firstly, this is the first time TRX has officially appeared under the regulatory framework in the United States. If approved, it will transform from a "public chain token" to an "investable asset" and enter traditional funding systems such as pension funds, family offices, and ETF market makers in a compliant manner. Secondly, this is an innovative upgrade in the structure of cryptocurrency ETFs: Canary not only tracks TRX spot prices, but also includes on chain staking returns in ETF returns, allowing traditional finance to reach "on chain interest rates" for the first time. Thirdly, compared to existing Bitcoin spot ETFs that can only "buy and wait for price increases," TRX staking ETFs will provide additional APY, forming a dual engine model of "capital gains+passive returns," which is highly attractive in the current high interest rate era. Fourthly, from the perspective of on chain economy, this move may change the TRX pledge structure, leading to an increase in pledge rate, changes in lock up volume, and even affecting the liquidity and inflation models of the secondary market. There will be new arbitrage opportunities between DeFi and CEX prices on the chain. So this is not just another ETF. It is a type of: Asset structure accepted by regulatory authorities Institutional configurable revenue products The Interface Layer between Staking Economics and Wall Street You may not be optimistic about TRX, but you have to admit: Sun Ge was the first person to bring on chain staking into Wall Street fundraising documents. Pledge is no longer exclusive to blockchain players, and in the future, even retired people at home may be able to "enjoy annualization". It is unknown whether the TRX ETF will be approved or not, but it has clearly opened the narrative window of a "yield oriented crypto ETF". Cryptocurrency finance is gradually becoming understandable, shareable, and configurable. The Canary Staked TRX ETF is both an attempt and a shock. The next question is: Who will follow up? Which country will approve first? Which chain's "staking economy" will become a mainstream investment product? Don't blink, this is just the beginning. (I've been looking for illustrations for a long time, is Sun handsome?) TRONEcoStar @justinsuntron @trondao ETF @CanaryFunds @HTX_Molly