Not long ago, CZ expressed the viewpoint online that "IPOs will move on chain," which sparked a lot of discussions at the time.

I saw this viewpoint back then, but I didn't have a strong feeling about it.

Looking back now, my initial thought was that this viewpoint merely indicated:

In the future, stock IPOs may be conducted not only in traditional centralized trading markets but also partly on the blockchain. Essentially, this is not much different from the current trading of stock tokens, which still maps part of the off-chain business to on-chain, enabling the business to operate both off-chain and on-chain.

Last week, the U.S. SEC issued an exemption regulation, and after I finished writing and sharing my article, I felt that the SEC's move might have other impacts that we cannot yet see.

It's a bit like 400 years ago when the "Mayflower" carried a group of Puritans to North America.

For the Puritans on that ship, its significance was merely to a small group. It marked that this group of newcomers had finally found a new continent where they could start their new lives and explorations in a new way.

But no one could have imagined that such a small action would lay the constitutional and cultural foundation for a new nation.

I cannot fully envision the implications of the SEC's actions, both then and now. However, in retrospect, I feel that the elements of allowing DEX trading of stocks, permitting market makers to provide liquidity, and opening the door for true stocks to achieve complete on-chain trading may collectively be more significant than I have always thought regarding the "inherent" nature of RWA.

What do I consider to be that "inherent" RWA?

That type of RWA is merely an extension of off-chain business and trading forms onto the chain; it simply provides another trading venue for RWA assets. Originally, these assets could only be traded off-chain, but now they can also be traded on-chain.

If we adhere to this line of thinking, then the significance of RWA is indeed very limited. A typical and also the most questionable point is: if I can trade these so-called RWA assets conveniently off-chain, why would I want to trade them on-chain?

Is it merely for speculation? For playing with meme coins?

I've always been unable to thoroughly convince myself of this question.

But over the weekend, I suddenly recalled a detail from the history of stock development:

In the early days, all stocks had paper certificates, and each stockholder proved their ownership of stocks by holding the actual paper stock.

Even in my country, which restarted the stock market in the 90s, early stock issuances were also paper stocks.

But in just over 20 years, do we still need or have paper stocks when we buy stocks now?

No, we don't need them, and there aren't any.

Why?

Because the development of electronic trading systems and the Internet naturally eliminated paper stocks.

Of course, in the early stages of trading systems and Internet development, the advantages of paper stocks were quite obvious. Back then, electronic trading systems were not very advanced and often experienced failures, so people must have felt that holding a tangible paper stock made them more secure.

However, the rapid advancement of science and technology quickly leveled this disadvantage, leading to the complete transition of stocks to "electronic."

In the same way, is it possible that traditional stock trading systems could also be completely eliminated and fully moved on-chain in the future?

I believe that this is entirely possible:

The 24/7 operation of on-chain trading requires far less maintenance cost than a centralized system.

The inherent confirmation of ownership of tokens (ERC-20 tokens) in on-chain trading is far more efficient than the cumbersome processes of centralized exchanges.

The global nature of on-chain trading and the pairing of any assets greatly enriches the variety and liquidity.

These characteristics are extremely difficult for traditional centralized exchanges to achieve or require enormous costs, but they are inherently present in on-chain systems.

Of course, on-chain trading currently also has various technical and user experience issues, but I have always believed that these problems can be quickly resolved with technological advancements—just like how electronic systems completely eliminated traditional paper stocks.

If one day, not only IPOs but all stock trading could be completely eliminated in traditional centralized exchanges just like electronic systems eradicated paper stocks, then that kind of RWA could truly be a system and ecosystem with boundless imagination and limitless potential.

The realization of such a scenario requires two points:

First, regulation must be relaxed;

Second, technology must mature.

The current situation is:

Technologically, I believe that Ethereum now has the capacity to carry such demands. Moreover, it is still scaling and iterating, so future issues will not be problematic.

Thus, regulation is key.

Before the SEC issued the exemption regulation, such lenient conditions seemed like "pie in the sky," but now I believe this condition is faintly visible. Furthermore, there is still a period of time left in the Trump administration, and the direction and confidence of this government in promoting the development of the crypto ecosystem will not change.

Therefore, I believe that the gates of American regulation will only continue to open wider.

In the future, the comprehensive on-chain trading of stocks, completely eliminating traditional centralized exchanges, no longer seems to face significant barriers.

If this scenario is realized, then RWA could indeed change our current trading methods and behaviors, and such a scenario would certainly be large enough and imaginative enough.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。