Summary of on chain US stock exchanges: The compliance path has been implemented: as of July 2025, at least 6 licensed trading venues (Kraken, Robinhood, Bybit, Swarm, INX One, tZERO) and 1 upcoming Remora Markets have announced on their official websites their plans to launch on chain US stock products. Rights are still restricted: all platforms adopt the "custody SPV+token" model, where investors only enjoy price exposure and (partial) cash dividends, and are not registered as legal shareholders, thus lacking voting rights. Liquidity is the biggest weakness: according to official website data and third-party on chain browsers, the price difference, depth, and slippage of on chain stocks are extremely serious. Breaking plan: 1 US perpetual contract products attract arbitrage funds: focus on high-value stocks, attract arbitrage funds to inject liquidity through long-term premium and rate arbitrage opportunities in perpetual contracts; two The MEME gameplay of on chain main market makers: Focusing on low market cap stocks, imitating the MEME coin model of the cryptocurrency circle, market makers enter the on chain market, reverse map to US stocks, and create new sources of liquidity.