The interpretation by the leader is actually my concern:

The dichotomy of "perpetualization" vs "shanzhai-ization" is very clear; this is essentially the profile and participation motivation of the crypto community—

Most people come here hoping to make quick money and expecting to get rich. Without these two elements, why would anyone bother?

Perpetual players allow everyone to continue leveraging contracts and keep dancing. The ICO-style play of unlisted quality US stocks is the best narrative for chasing shanzhai trends, community hype, and finding the next hundredfold coin.

Why do I say this will impact the entire crypto landscape?

Originally, shanzhai coins were trading on "narratives." Now that world-class IPs like OpenAI have emerged, who can tell a better story than it? The original blue-chip coins talked about "underlying financial assets," and now that Tesla is on-chain, it has directly transformed into a globally recognized asset that can still leverage and pool. What are you playing with?

This is a very realistic issue; the valuation logic, narrative gameplay, and attention focus in the crypto space will all be impacted.

If things go well in the future, native crypto assets will face three challenges:

1️⃣ Loss of liquidity: Users will trade OpenAI instead of your narrative coin;

2️⃣ Collapse of valuation logic: Realistic valuation + strong narrative > on-chain imagination;

3️⃣ Ecosystem draining: Tokenized US stocks become the new cornerstone asset of DeFi, squeezing out native roles like ETH;

As for the impact on native digital currencies, I feel there are several points:

Specifically for Bitcoin and others:

1️⃣ Impact on Bitcoin—

In the long term, I believe that while there may be short-term impacts on $BTC, its position will actually become more stable in the long run;

After the short-term hype of crypto stocks rises, some funds on-chain, especially short-term speculative funds, may withdraw from mainstream coins like BTC to chase after star tokens like OpenAI and SpaceX, leading to a temporary loss of attention on Bitcoin and a drop in its price;

However, Bitcoin's primary characteristic as a store of value will not be affected, and the entire mechanism of crypto stocks is based on using cryptocurrencies (BTC/ETH/USDT) to purchase on-chain stock tokens. In the context where cross-border funds cannot directly access US stocks, BTC may not only serve as a strong price storage function but could also become a cross-border clearing and settlement intermediary.

In the future, BTC will not just be about "holding coins for value preservation," but may also serve as a "payment channel into the TradFi world," which effectively strengthens BTC's role as a "digital dollar + settlement currency," endowing it with new financial utility.

2️⃣ Impact on other tokens

First, regarding Ethereum, $ETH may benefit more because many crypto stock ecosystems will be deployed based on EVM, whether through layer two protocols or directly on Ethereum itself, which will add more DeFi combination scenarios to the Ethereum public chain;

I personally believe Solana has the opportunity to become the infrastructure platform for trading and combining financial assets on-chain. After all, Robinhood and Jump are already heavily invested in the Solana ecosystem; however, the fundamental gameplay of crypto stocks relies on security and decentralization. Currently, Robinhood seems to prefer L2 or ETH modular solutions, so we haven't yet seen leading TradFi projects deploying stock tokens or clearing contracts on Solana, but this signal is crucial. If it happens, it could mark the beginning of a significant surge.

The impact on other shanzhai coins is evident:

Shanzhai valuations rely on market cap/TVL/community hype, but tokenized stocks are "scarce assets" in the real world, with a more closed logic and clearer expectations. Funds that might have gone into meme coins or altcoins are now directly rushing towards tokenized stocks.

It can be said that the narrative competitiveness of shanzhai coins is about to be crushed.

I have summarized a few categories:

1) High risk: Altcoins that rely on narratives but have no actual products

2) Neutral to weak: L2 and public chain projects that cannot support the crypto stock ecosystem or provide clearing linkage capabilities;

3) Relatively resilient: Infrastructure and real cash flow projects, such as EigenLayer, on-chain oracles, custody solutions, etc.;

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