Original | Odaily Planet Daily (@OdailyChina)
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Yesterday, Kraken was the first to support xStocks, allowing users to trade 60 tokenized US stocks on the platform; Bybit quickly followed suit, listing popular US stocks like AAPL, TSLA, and NVDA; Robinhood also announced it would support US stock trading on the blockchain and plans to launch its own public chain. In an instant, crypto and US stocks achieved a two-way rush at the product level.
This excitement stands in stark contrast to the quietness of Meme, which is indeed too great. The recent Meme can be said to lack heat for new projects, and old projects have shown no movement; even the few communities that usually chat about the market are nearly devoid of discussions. Opening the community every day feels like entering a retirement channel. Gradually, I also completely lay flat, indulging in a laid-back lifestyle.
Just as I was getting used to this Zen life— I stumbled upon the US stock section launched by GMGN.
At first, I thought I was seeing things, but when I clicked in, CRCL, AAPL, TSLA, AMZN, NVDA all appeared neatly in the market list (just with an x suffix added). I even went to GMGN's official Twitter and found that on-chain US stock trading had indeed launched, supported by xStocks, allowing users to purchase major popular US stocks with SOL in one click. A familiar page, unfamiliar trading pairs; in that moment, I suddenly had the illusion: I had become a "traditional" trader.
To be honest, when I saw those 60+ tokenized US stocks on GMGN, I felt a bit excited. The previous news about BTC and ETH launching ETFs did indeed stir my emotions, but ultimately, it felt a bit distant for someone like me, an on-chain retail investor. This time is different; I can directly buy AAPL and sell TSLA on GMGN using my wallet, while eating and watching NVDA's price fluctuations— for someone without a US stock account, this feeling of "trading US stocks on-chain" was unimaginable just a few days ago.
I even started to fantasize:
The SOL in my wallet is no longer just virtual currency, but my ticket to enter and exit Wall Street;
Each on-chain buy and sell transaction feels like knocking on a secret door to Nasdaq;
No longer worrying about the lack of meme coin trends on-chain, with no projects to participate in;
In the future, chatting with friends will no longer be "Can I still buy this meme coin?" but "What do you think about Nvidia's earnings report tonight?"
But soon, I calmed down. After all, trading still requires attention to detail. After experiencing it, the filter of being a US stock trader began to shatter. The biggest issue is liquidity. Currently, there are 10 US stock trading pairs on GMGN with user participation, but only 5 trading pairs have liquidity pools exceeding $100,000, with the best liquidity being SPYx (S&P 500 Index), whose token market cap is less than $4 million, and the liquidity pool is only $1.6 million.
Embracing new things, this is still just the beginning. On-chain US stock trading technically bypasses the cumbersome processes of traditional brokers, breaking down barriers like KYC, account restrictions, and T+1 settlement; as long as you have an on-chain wallet, you can directly participate in trading. Additionally, regarding the liquidity issue, it can actually be gradually improved by providing liquidity rewards for tokenized US stocks, airdrop incentives, and other methods. After all, compared to those purely on-chain meme coin tokens, the price fluctuations of US stocks are relatively stable and not prone to large swings; if rewards are in place, liquidity can easily continue to strengthen.
Therefore, my current strategy is to set alerts for several US stocks on TradingView and GMGN, and if the on-chain price falls below the actual stock price by more than 3 points due to liquidity issues, I will start buying in small amounts, in batches. I am also closely monitoring US stock trading hours and major events, such as earnings releases or macroeconomic data announcements, as these moments often exacerbate price discrepancies between on-chain and US stock markets due to liquidity and other reasons, bringing more short-term opportunities.
Overall, this strategy based on alerts and small batch purchases allows me to participate in arbitrage opportunities in on-chain US stock trading while effectively avoiding potential risks brought by liquidity, making it a stable and suitable operational method for the current market environment.
No matter what, I am no longer a rookie. I am an on-chain US stock trader.
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