#现实世界资产代币化 Looking at the US stock on-chain situation now is really interesting——on one side, Ondo is launching over 100 tokenized US stocks on Binance, with TVL breaking 1 billion and making headlines; on the other side, users are complaining that the trading slippage shows 0.03%, but the actual on-chain liquidity is only $7,000, and the real slippage can reach 45%. It's like buying a lottery ticket that claims a 99% chance of winning, but the betting pool is only one dollar.

The key issue is that most of the liquidity is not on-chain at all, but relies on traditional market makers providing quotes during US stock trading hours. As long as the US stock market is closed, on-chain prices become a self-entertaining market, which is no different in essence from after-hours trading in traditional finance, and it even incurs blockchain gas costs. Some say this is a perfect fusion of DeFi and traditional finance, but I think it’s more like both sides taking what they’re good at—lacking the 24/7 convenience of blockchain and the deep liquidity of traditional markets.

That said, the direction of this track itself is not wrong. The real opportunity may not be in these controversial products this year, but after the infrastructure is improved. Currently, most participants are mainly trying to "strike first" and cut a profit through arbitrage. When institutional-level liquidity actually enters the scene, the game rules will change. What we need to watch most now is not the TVL numbers, but the custodial arrangements and regulatory stability behind these platforms—that’s what determines how long they can survive.