The four words' on chain securities firm 'were coined by me. I don't know how many friends still remember my plan to do BTCFi at the beginning of the year. At that time, I had already had multiple contacts with securities firms and banks, and had already started to work on compliance in Singapore. It can be said that we have reached the stage where we need to take action. However, at this stage, there is one thing that is stuck and cannot continue to move forward, which is the problem mentioned by the truant Jun @ TJResearch01, how to achieve risk hedging during non US stock trading hours. Unfortunately, it cannot be hedged. The only way I can think of, which is what many cryptocurrency stocks are using now, is to hold my own position, buy first, and the user will come to me for delivery. I will exchange tokens for securities one-on-one for the user, provided that the holding amount also meets the standard. Otherwise, there is no way to deal with the $18000. But even so, it still doesn't work because it's like I've become a broker myself. Under compliance, I can't even use a broker's license directly, and there's a fatal chain problem: if users only do delivery with me and can't enjoy a premium, why buy from me. That is to say, users can only make a profit by buying cheap tokens and exchanging them for stocks or cash at the price of the main stock here. However, after going through the same process, whether the price rises or falls, no one can say for sure. This is question one, and there is also question two later. Who will provide liquidity? As it is on chain, liquidity cannot be achieved through AMM, because using AMM cannot correct the price of the token and the price of the underlying stock. If it is not corrected, as a platform, it will be difficult for me to make profits, and I cannot manually operate it. I had a set of plans for price correction at that time, which was to have the same price as the regular stock in the first second of the opening and last second of the closing time every day. This is a bit like CME's opening and closing, but it is definitely not something that AMM+prediction function can achieve. That would require market makers, but the problem is how I can reach an agreement with market makers, and I cannot solve this problem. As for the 20 times leverage mentioned by the truant, please spare me. Those who dare to use leverage in cryptocurrency and stock markets are almost always gambling between the platform and users, because they cannot borrow money at all. There is really a crazy person who opened a $10 million 20 times leverage bet with you and won. What compensation will you get. So being able to achieve spot sales is already quite good. I am not good at 24 * 7 spot trading, and I don't have a good solution. The only thing I can think of is centralized matching, where users do their own matching bidding. At most, I can form a market maker to attract funds from the bottom, and it also needs to be the target that I am optimistic about. Because the target is my own, I can achieve T+1, which no other user can do except for me. I can't find the idea of decentralization, the only thing I can think of is to connect with Nasdaq's market makers. Before and after the market, the profit and loss in the middle period depend on oneself, and the fund pool and depth should be connected with Nasdaq. Apart from that, I have no other choice. Unfortunately for my BTCFi, that's why I want to see if there are any on chain securities firms that can come out, it's just my personal imagination. This article is sponsored by Bitget | @ Bitgetzh