Let's talk about the recently popular stock listings. First, let me share my core point: The narrative is grand and realistic, but once the flywheel rotates, it becomes irreversible Firstly, the imaginative space for bringing stocks, the world's largest asset class, onto the chain is beyond doubt at the trillion level. However, the current reality is that this is only a feasibility test that has just been validated in the laboratory, but far from reaching the level of large-scale implementation. The $3.5 trillion market value of encryption is not even a drop of water in the global stock market. The problems solved by listing stocks on the blockchain, such as T+2 clearing, fixed opening times, and high cross-border transaction fees, will soon be solved by traditional finance, Of course, Robinhood's bet on listing stocks on the blockchain is not to solve infrastructure problems, but to earn interest is the key. For example, your AAPL has no scene in Robinhood now, but you can now: 1. Form an LP with USDC to earn transaction fees. 2. As collateral, lend out funds to maximize capital efficiency. 3. Package into a structured product to achieve more complex revenue strategies This happens to be the most common interaction path for Defi players So there are probably several tracks that are suddenly favored now: 1. Prophet machine, feeding stock prices, how to handle dividends, stock splits, additional issuances, mergers and acquisitions, and other "company actions" information to the oracle machine on the chain 2. RWA liquidity/earnings aggregator, similar to 1inch or Yearn Finance in Defi 3. Identity on chain, a solution that associates on chain addresses with legitimate real-world identities (DID), which is related to how shareholder rights (such as voting rights) are exercised 4. Managed nodes Once users, especially digital native retail investors, experience this asset autonomy and composability, their tolerance for traditional securities firms will plummet. Of course, encrypted retail investors will also lose tolerance for some air knockoffs, which is the result of mutual complementarity.