'Asset on chain' is just the first step, it creates digital trading targets. And 'market on chain' is the real revolution, as it reconstructs the 'operating system' through which these targets are traded and settled. Wall Street's Action: Nasdaq and DTCC's On Chain Layout The actions of Nasdaq and DTCC (American Depository Trust and Clearing Corporation) - two giants that occupy the core positions of the US securities market backend - declare that "market on chain" has moved from theory to reality. Nasdaq: Its application to the SEC aims to grant "on chain stocks" the same legal and economic rights as traditional stocks, and move towards 24/7 trading. This is essentially an on chain extension of the financial market trading layer. DTCC: As the central clearing institution of the US securities market, the transformation of DTCC is more fundamental. Project Ion: The platform has been running in a production environment, utilizing distributed ledger technology (DLT) to support customers in T+0 real-time settlement, aiming to fundamentally transform the settlement core layer. Smart NAV: Collaborating with the oracle network Chainlink to promote the on chain transmission of key data such as net asset value (NAV) of funds, providing a trusted data source for on chain financial applications. Quantitative prospects for the trillion level capital efficiency revolution: The most direct and impactful change brought about by 'market on chain' will be the enormous capital potential released by T+0 real-time clearing house. Under the T+1 settlement system, trillions of dollars in funds and securities are locked in the clearing process every day. Shortening the settlement cycle from "one day" to "real-time" will be a significant efficiency leap in financial history. Potential market size: Boston Consulting Group (BCG) predicts that by 2030, the global tokenization market for illiquid assets is expected to reach $16 trillion. Capital release and cost savings: Shortening the settlement cycle from a few days to almost real-time will release trillions of in transit liquidity. At the same time, by automating the post transaction process through smart contracts, manual intervention and intermediary costs in reconciliation, clearing, custody and other links can be significantly reduced, and it is expected to save tens of billions of dollars annually for the global financial industry.