My views on coin stocks have not changed from the beginning until now, but almost all coin stock platforms currently fail to address the following issues:
- Can there be real delivery? If delivery is not possible, then there is no possibility of arbitrage. The inability to deliver means that so-called "on-chain stocks" have no relation to real stocks whatsoever; at best, they are just a counterfeit coin masquerading under the name of a legitimate stock.
Because delivery is not possible, the prices of on-chain stocks and real stocks can hardly align. What’s even more frightening is that when liquidity is insufficient, this gap can be very large.
The most famous example is the price deviation of a certain gold product that broke records on October 11.
- Where does liquidity come from? Many coin stock companies avoid discussing this issue. Although many use the PFOF (Payment for Order Flow) model, the reliance on PFOF mainly comes from market makers. How many market makers are there? Are they compliant? What is the liquidity of these market makers? All of this is unknown.
This means that if a platform has only one market maker, and that market maker goes bankrupt, then investors will lose everything. Moreover, it should be noted that the PFOF model itself is designed for market makers to profit, and the price differences mainly benefit the market makers.
Not to mention that some trading platforms often have transaction slippage of 2% to 5%, which is almost comparable to meme coins.
- The composition of financial derivatives. I have seen several coin stock platforms that have opened contracts for on-chain stocks. Let me put it this way: although it may be somewhat one-sided, the better ones are direct bets between users, while the lesser ones are bets between users and the platform. Real stocks, if they do not have contracts or high leverage, are basically unrelated to the underlying stocks.
Some platforms essentially profit from customer losses through contracts and price manipulation (liquidity operations). Think about it: the coins are issued by them, the liquidity is also provided by them, and the correlation is completely unclear. This means they can explode the prices however they want.
If these issues cannot be resolved, then the so-called coin stock platforms are just as they are.
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