Recently, @ xStocksFi, launched by @ BackedFi and launched on multiple CEX platforms such as @ Bybit-Official, achieved $600 million in on chain trading volume and $3.6 billion in CEX trading volume within one month of its launch. It's time to evaluate my understanding of xStocks: 1) Simply put, xStocks is a tokenization solution for the US stock market, but it is not simply about "putting assets on the chain", but rather about reconstructing the infrastructure of stock trading in a web3 native way. Originality is reflected in: 1. In terms of time dimension, it is possible to buy and sell US stocks 24/7, breaking the time limitations of traditional securities firms; 2. Atomized fund transfer allows users to directly trade TSLAX and AAPLx in USDT without the need for fiat currency deposits or withdrawals, and without waiting for T+2 settlement. 3. Having asset control is different from the centralized custody asset form of traditional securities firms. xStocks provides 1:1 full support and bankruptcy isolation architecture, allowing users to choose self custody and truly have asset control. Combined with Chainlink PoR reserve proof, asset security becomes transparent and verifiable. 4. By integrating DeFi composability, users can use TSLAX as collateral for lending, earn commission fees by providing liquidity on Uniswap, and even arbitrage between CEX and DEX. The DeFi composability fund efficiency set can be replicated. 2) As an important cooperative platform of xStocks, the role played by Bybit exchange has also changed: users can trade commodities, indices, and equity in addition to encrypted assets in the Bybit unified interface, and can also long Apple, short gold, trade S&P 500, and switch back to Bitcoin at any time in the same account. It is equivalent to integrating the trading system that users originally had to jump to in the stock market and cryptocurrency circle together. This not only optimizes the trading experience for users, but also lifts the sedan chair for CEX. Users can finally proudly be promoted to "US stock traders". This hybrid model of "crypto native+traditional finance" retains the flexibility and efficiency of Crypto while introducing mature product forms of traditional finance. It sounds quite fresh and fun. 3) Finally, let's talk about one more question: What can be done with this integration? On the surface, it may bring in incremental users, but is the user profile for stock trading needs of cryptocurrency enthusiasts or for cryptocurrency trading needs of US stock market users? Actually, there are both, but at least xStocks breaks the binary opposition of user tags. Originally, cryptocurrency enthusiasts did not appreciate the heaviness of traditional finance, while US stock market users felt that cryptocurrency assets were too aggressive. But the emergence of xStocks has brought these two parallel worlds together. This creates a true PMF (Product Market Fit), which accelerates the tripartite ecosystem of TradFi, DeFi, and CeFi through Backed Finance's product innovation and CEX platform support such as Bybit. Listening to this has the significance of trying to implement it.