It is still somewhat different @Backpack_CN's stock trading interpretation

Recently, the number of exchanges entering the stock market has increased like mushrooms after rain. Currently, it appears that every exchange has met the minimum compliance standards, basically cooperating with US-compliant brokers, supporting stock rights, supporting stock transfers, and supporting dividends and corporate actions.

So now, saying "you can buy real stocks" is no longer something particularly rare, as almost all exchanges operate this way. So in this situation, what is Backpack's advantage?

The biggest difference with Backpack is that it combines real U.S. stock holdings and stock forms on the @solana chain into the same account logic.

This benefit lies in the ability for users to switch their stocks between traditional stock forms and on-chain stock forms.

The traditional form connects to the real-world liquidity of exchanges like the New York Stock Exchange or Nasdaq, while the on-chain form introduces new use cases for stocks through DeFi. In the past, when users bought U.S. stocks, they primarily held, sold, or received dividends, with perhaps a bit of margin trading in traditional brokerages, but the assets themselves remained inactive in the broker's account, making it difficult to connect with cryptocurrency and blockchain.

In simple terms, stocks in the crypto space have evolved from "fake" stocks on-chain to "real" stocks on exchanges. Most exchanges end there, but Backpack has migrated the "real" stocks from exchanges onto the blockchain, making the stocks on-chain real as well.

If stocks can be switched between real stocks and on-chain stocks, they become more than just holdings; they can serve as collateral, margin assets, liquidity assets, and portfolio assets in a crypto account. Users holding NVDA, TSLA, SPY may in the future have the possibility to integrate them with on-chain lending, liquidity pools, and even on-chain insurance within the same decentralized system.

The entry point for U.S. stocks has no scarcity anymore; the rarity lies in the ability to incorporate U.S. stocks into the asset-liability balance of a crypto account. If these traditional assets and decentralized assets can merge, U.S. stocks will transform from traditional financial assets into part of crypto financial assets.

If this logic can really work, in the future, buying stocks for users will no longer just be a risk investment; rather, stocks can be used as collateral, margin assets, liquidity assets, and on-chain financial assets.

This is also the biggest difference I see in the @Backpack stock system at present.

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