Bitget @bitget accounts for nearly 90% of the trading volume of tokenized stocks on Ondo— RWA / Tokenized Stocks have entered the stage where 'liquidity is everything.' So why is it concentrated on BG? It feels like it's largely due to these factors working together: 1) Trades happen in 'the place most like an exchange': Tokenized stocks are essentially high-frequency trading products: they require matching, depth, and stability. Most users won’t sacrifice execution and slippage just for 'on-chain purism.' 2) Liquidity has network effects: Once a platform establishes depth, arbitrageurs, market makers, and large funds naturally migrate there, eventually creating a 'winner-takes-all' path dependency. 3) The priorities of institutional/professional funds are very pragmatic: What they need is executable trades, controllable costs, and a stable trading experience. BG’s advantage leans more towards 'facilitating real turnover,' so whether it’s depth, matching efficiency, or adaptability to trading behavior, In the RWA space, the deciding factor moving forward isn’t about how many concepts are launched, but about who can sustain real capital, real hedging, and real turnover over the long term.