Author: Zhang Feng

We are standing at the dawn of a migration in financial paradigms. The boundaries between traditional finance (TradFi) and decentralized finance (DeFi), once as solid as a fortress, are now being pried open by the wedge of technology. The light that seeps through this gap is what we call "coin-stock linkage."

However, it must be clearly recognized that the current discussions and practices of coin-stock linkage in the market are merely the initial stages of this grand narrative. It is akin to the telegraph in relation to the internet, or the fax in relation to video calls; its form is emerging, but it has yet to touch the essence. True coin-stock linkage is not simply a matter of price correlation or asset on-chain; it is a revolution based on blockchain technology, driven by community, for global value generation, discovery, and resonance, with its ultimate form being a total explosion of community-based value.

I. Blockchain - The Cornerstone of Reconstructing Asset Value Linkage

To understand the future of coin-stock linkage, one must first examine the soil from which it was born - blockchain technology. Blockchain is not just a bookkeeping technology; it is a new organizational paradigm and a value internet. It has achieved, for the first time in the digital world, the uniqueness, ownership, and programmability of value, providing the possibility for various assets to "perform on the same stage."

In the traditional financial system, there are strict barriers between asset classes. Stocks, bonds, commodities, real estate, etc., are traded on different exchanges, under different regulations, and through different intermediaries. Their value linkage is often indirect and lagging, primarily conveyed through macroeconomic signals (such as interest rates, inflation) and collective market sentiment. This linkage is vague, high-friction, and difficult for ordinary investors to utilize.

The birth of blockchain fundamentally changes this pattern. It creates a unified, global, 24/7 uninterrupted layer of value circulation. On this foundation, any asset can be "tokenized," meaning it can be mapped to a standard, divisible, programmable digital certificate. A company's equity can become a token (tokenized stock), the ownership of a famous painting can become an NFT, and the income rights of a property can become an STO (security token). When everything can be tokenized and placed on the same programmable ledger, the linkage between assets transforms from indirect and macro to direct, micro, and combinable.

The blockchain-based value linkage context is a prerequisite for coin-stock linkage to occur. It means that the core assets of the traditional world (stocks) and the native value carriers of the crypto world (coins) now have a technical foundation to converse, exchange, and merge on the same dimension for the first time. This is not only a channel opening but also a convergence of underlying logic.

II. The Basic Models of Current Coin-Stock Linkage Development

Currently, the coin-stock linkage we observe mainly manifests in the following preliminary models:

Sentiment Transmission and Correlation Trading: This is the most superficial and common form of linkage. When tech stocks, especially star companies related to blockchain and AI (such as Tesla and Nvidia), experience significant price fluctuations, they often drive the prices of Bitcoin and related concept tokens to move in the same direction. The driving force behind this linkage is the simultaneous change in market sentiment and risk appetite. Investors view Bitcoin as a high-risk tech asset or a macro hedge tool, with trading logic similar to growth stocks. However, this linkage is fragile and non-causal, easily disrupted by specific events (such as regulatory policies or industry black swans), exhibiting the characteristic of "rising together, falling apart."

Listed Company Balance Sheet Linkage: A typical example is companies like MicroStrategy incorporating Bitcoin as a reserve asset on their balance sheets. At this point, the company's stock price is directly linked to the value of the Bitcoin it holds. An increase in Bitcoin's price means an appreciation of the company's assets, theoretically pushing the stock price up. This model is a step further than sentiment transmission, establishing a hard financial link. However, it remains one-directional and static. It merely treats crypto assets as an item on the traditional company's financial statements, without touching the core of corporate governance, value distribution, and community ecology.

Preliminary Attempts at Asset Tokenization: For example, some institutions attempt to issue tokens representing listed company stocks (such as tokenized Tesla stock). This achieves a formal "on-chain" representation of assets, allowing investors to purchase with cryptocurrency. However, most of these attempts remain at the level of channel innovation, essentially creating a "mirror mapping" of traditional assets on the blockchain, with the underlying rights, voting rights, and dividend mechanisms still fully adhering to the framework of traditional corporate law. Here, blockchain is merely a more efficient transmission pipeline, not an engine for reconstructing production relationships.

The fundamental limitation of these preliminary models is that they are still products dominated by "centralized" thinking. The subject of linkage is the asset price itself, and the driving force is the macro market and large institutions. Ordinary holders, whether stock investors or crypto investors, remain passive price acceptors. They cannot deeply participate in the asset value creation process, and the linkage effect is disconnected from their own interactive behaviors. This is akin to the early internet, which merely digitized newspaper content without giving rise to user-generated content paradigms like Wikipedia or YouTube. True value linkage has yet to occur.

III. The Ultimate Logic of Coin-Stock Linkage - Community-Based Value Explosion

When coin-stock linkage transcends the initial stage of price correlation and enters the deep waters of integration, its ultimate characteristic will be a leap from "asset linkage" to "community linkage." True coin-stock linkage is a community-based value explosion. It will unfold around the following three dimensions:

(1) Revolution in Value Generation Methods: From Company to DAO (Decentralized Autonomous Organization)

In the future, "stocks" will no longer merely represent a certificate of residual claims on a centralized company. They may evolve into tokens representing governance rights, contribution rights, and income rights of a DAO. This DAO may be developing an open-source protocol, operating a virtual world, or managing a global physical infrastructure network.

In this case, the boundaries between "coins" and "stocks" become blurred. Holding a token means you are a "shareholder" of this network. Your contributions (code, content, community management, liquidity provision) directly determine the value growth of the network and are rewarded in real-time and transparently through smart contracts (more tokens). Value generation is no longer a long process where the company management formulates strategies, employees execute them, and the results are reflected in financial reports; it is a dynamic process of real-time collaboration and co-creation among global community members.

For example, a DAO aimed at building a decentralized physical infrastructure network (such as 5G base stations or charging piles) would have its tokens represent both ownership of the network (the nature of stocks) and be used to pay for network usage fees (the nature of coins). Community members can invest by purchasing tokens or "mine" tokens by participating in deploying hardware. The project's success is closely tied to the actions of each community member, with value generated and accumulated in every small contribution.

(2) Evolution of Value Discovery Mechanisms: From Financial Statements to On-Chain Data

In traditional stock markets, value discovery relies on quarterly reports, annual reports, and analyst meetings, with severe and lagging information asymmetry. In the community-based world of coin-stock linkage, value discovery will be real-time, transparent, and based on on-chain data.

All key indicators of a DAO, such as treasury balance, revenue flow, token distribution and lock-up status, voting participation in governance proposals, and user growth of core products, are publicly recorded on the blockchain. Any participant can analyze this data to value the project. The community's sentiment and the strength of consensus are no longer vague concepts but quantifiable indicators through on-chain activities (such as the number of addresses, transaction frequency, Gas consumption).

This transparent value discovery mechanism allows the community to identify value earlier and more accurately, quickly transforming consensus into price signals through collective actions (buying, staking, participating in governance). The explosion of value is no longer a solo act by Wall Street giants but the result of collective decision-making driven by global community data.

(3) The Flywheel Effect of Value as Leverage: Liquidity, Governance, and Brand

True coin-stock linkage will create a powerful flywheel effect, allowing liquidity, governance, and brand value to leverage each other.

Liquidity Leverage: Tokenized "stocks" trade 24/7 on global DEXs (decentralized exchanges), achieving liquidity and audience far exceeding traditional stock markets. Higher liquidity attracts more investors, driving up valuations, which in turn feeds back into community development and operations.

Governance Leverage: Community holders directly vote to determine the project's development direction (such as the use of treasury funds, technological upgrades). Efficient governance can quickly respond to market changes, create greater value, enhance community confidence, and further attract funds and talent.

Brand Leverage: Every token holder is a stakeholder and brand ambassador of the project. Their spontaneous promotion and network effects can create a reach unmatched by traditional advertising. A strong community brand, in turn, enhances the value and appeal of the tokens.

Once this flywheel is set in motion, the explosion of value will be exponential. It is no longer a linear relationship of "stock price rises, so coin price follows," but an exponential growth closed loop of "community activity → value creation → price discovery → attracting more community members → more active value creation."

IV. Moving Towards a Community-Driven Value Internet

The current primary stage of coin-stock linkage, dominated by price correlation, is merely the prelude to this great transformation. It shows us the possibilities but also exposes the limitations of the old paradigm. The ultimate form of coin-stock linkage is not about technology or financial engineering, but about "community."

It means that the value of assets will be unprecedentedly deeply bound to the community that creates and supports them. The future "super assets" are likely not issued by a great company but nurtured by a vibrant global DAO. Its value will no longer be solely determined by profits on financial statements but will be defined by its network effects, community activity, governance efficiency, and ecological prosperity.

This community-based value explosion will have a disruptive impact on corporate systems, regulatory frameworks, and investment philosophies. The path will undoubtedly be tortuous, accompanied by significant uncertainty. But the trend is irreversible. When we talk about coin-stock linkage, we are truly discussing the arrival of a more open, inclusive, and efficient value internet. In this network, no one is merely a bystander; everyone is a co-creator, discoverer, and sharer of value. This is the most exciting ultimate future of coin-stock linkage.

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