The biggest problem right now is price anchoring. Although there are no issues with 24-hour on-chain trading, the real challenge is how to ensure that the on-chain price synchronizes with the underlying stock after the US stock market opens, especially regarding the tracking of pre-market and after-hours prices. Even if the price can correspond instantly, due to limited liquidity and depth, price deviations on-chain can easily occur. Maintaining consistency almost solely relies on manual intervention at certain price points or having delivery capabilities, but this involves KYC and regulatory issues, making it difficult to operate in reality.

This is also why I have always emphasized the importance of on-chain brokers, and the core of on-chain brokers is compliance.

Speaking of liquidity, this issue is even more complex and fundamental. Currently, any solution ultimately relies on market makers. Whether it is a liquidity pool model (independent pricing) or PFOF-style on-chain matching (completely relying on market maker quotes), depth and trading volume are limited by the size and profitability of the market makers. Large market makers are fine, but if small market makers lose money, they will exit, and the market will immediately become unbalanced.

When I was working on #BTCFi, I also considered how to anchor the on-chain $MSTR and $IBIT, but ultimately found that there was no particularly reasonable solution. It was either relying on aggregated trading + manual intervention, or a centralized matching system, or simply letting it go. Because it is impossible to construct a mechanism that is both decentralized and has real anchoring capabilities, it has been temporarily shelved at this stage.

Currently, all on-chain solutions for cryptocurrency stocks face the same dilemma. Unless they are fully SEC compliant and take a centralized route, I cannot think of a better solution for the time being.

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