Let's talk about the recently popular stocks on the blockchain, and first, I want to state my core viewpoint:

The narrative is grand, the reality is stark, but once the flywheel starts turning, it will be irreversible.

First of all, moving stocks, the largest asset class globally, onto the blockchain opens up an imaginative space worth trillions, without a doubt.

However, the current reality is that this is still just an idea that has been verified in the laboratory for feasibility but has not yet reached the scale of implementation.

With a market capitalization of $35 trillion in crypto, it doesn't even account for a drop in the global stock market.

The issues that blockchain stocks aim to solve, such as T+2 settlement, fixed market opening times, and high cross-border transaction fees, will soon be addressed by traditional finance.

Of course, Robinhood's bet on blockchain stocks is certainly not to solve infrastructure issues; generating yield is the key. For example, your AAPL currently has no scenario in Robinhood, but you can now:

1. Form an LP with USDC to earn trading fees.

2. Use it as collateral to borrow funds, maximizing capital efficiency.

3. Package it into a structured product to implement more complex yield strategies.

This is precisely the most common interaction path for DeFi players.

So, the suddenly favored tracks probably include the following:

1. Oracles, feeding stock prices, how to handle dividends, stock splits, capital increases, mergers, and other "corporate actions" information to oracles on the chain.

2. RWA liquidity/yield aggregators, similar to 1inch or Yearn Finance in DeFi.

3. Identity on-chain, solutions that link on-chain addresses to legitimate identities in the real world (DID), which relates to how shareholder rights (such as voting rights) are exercised.

4. Custodial nodes.

Once users, especially retail investors from the digital native generation, experience this kind of asset autonomy and composability, their tolerance for traditional brokers will plummet. Naturally, crypto retail investors will also lose tolerance for some air tokens; this is a result of mutual complementation.