Yesterday, I discussed the issue of crypto stocks in relation to OpenAI and Robinhood. Currently, these on-chain stocks are not issued by brokerages, and the most critical point is that they cannot be settled. The inability to settle means that price distortions may not be corrected in a short period, making it difficult to achieve positive arbitrage. This implies that large funds do not have the conditions to enter the market, primarily because they have not obtained SEC approval.

After all, the stock market does not trade 24 hours a day, so how can the prices of crypto stocks be anchored to the prices of actual stocks? This is not a problem that oracles can solve. Additionally, without settlement, there can be no liquidity sharing between crypto and stocks, leading to a complete lack of depth, and even market makers operate differently from actual stocks.

Currently, crypto stocks resemble meme tokens dressed in stock clothing, with almost no relation to the project parties. They are merely unstable stablecoins issued by brokerages based on their existing stock inventory.

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