Looking at the data, it’s inevitable for Ondo Global Markets to expand to BNB Chain and even more chains in the future. They need to embrace applications from different chain ecosystems for distribution and customer acquisition. In my opinion, Ondo’s stock tokenization solution is pretty solid in terms of product strategy. Ondo acts as a broker connecting the U.S. stock market with on-chain operations: buying a stock mints a stock token, and selling it burns the token. Through aggregators and wallets as distribution channels, they help on-chain users bypass KYC to execute trades on Ondo. But unfortunately, the growth of AUM for stock tokens has hit a bottleneck, currently stuck at $320 million, with almost no growth over the past month. From the minting (buying)/burning (selling) transaction volume, after hitting a peak in mid-September, it’s been downhill since then. October has been particularly sluggish, with minting and burning volumes nearly equal. Over the past month, on-chain users’ motivation and willingness to trade U.S. stocks have been quite low.