😆 Many friends say it's headache-inducing, so let’s speak plainly:

Backpack's "IPO onchain" is not about issuing a token that tracks the price, but rather about going the route of native equity on-chain + transfer agent registration + compliant whitelisting, where Superstate provides this infrastructure and registration system, and Backpack serves as the entry point and user-side process.

Therefore, what users acquire is closer to "the on-chain form of the same real equity," and transfers and settlements within the whitelisting system are valid. As for whether it can be returned to the brokerage and how to settle back to the traditional system, it depends on the specific project terms and compliance processes. But theoretically, it can be settled.

If MSX's Pre-IPO lacks verifiable custody or equity registration and redemption settlement mechanisms, it resembles more of a token that tracks price, and the ability to settle cannot be claimed. Ultimately, it depends on the platform's willingness to settle with users based on what rules and prices.

In terms of price, native equity like Superstate's will long-term align, but short-term deviations might occur due to whitelisting restrictions, liquidity, market making, and weekends (U.S. stock market closures) resulting in discounts or premiums. For MSX, if it's just an internal platform price, it certainly does not equate to the actual market price of the stock.

The above should be simple and easy to understand.

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