Yesterday, we talked about cryptocurrency stocks through OpenAI and Robinhood. Currently, these on chain stocks are not issued by securities firms, and the most crucial issue is that they cannot be delivered. Failure to deliver means that the price deviation may not return to positive in a short period of time, making it difficult to achieve positive arbitrage. This means that large funds do not have the conditions to enter the market, and the core is that they have not obtained approval from the SEC. After all, the stock market is not traded 24 hours a day, so how to anchor the prices of cryptocurrency and stocks with the prices of underlying stocks is not a problem that can be solved by predictive functions. In addition, without delivery, there cannot be liquidity sharing between cryptocurrency and stocks, and the depth will be chaotic. Even market makers entering the market will be different from underlying stocks. At present, cryptocurrency stocks are more like Memes disguised as stocks, with almost no relationship with the project party, but rather unstable stablecoins issued by securities firms based on their own stock holdings.