Binance has the ability to open up new narratives in the market, including the focus on US stock trading after the launch of HYPE's HIP3. In the future, Binance will not be absent from on chain US stock trading, and it will not be as simple as trading US stocks in Binance wallets. All the products traded in the cryptocurrency circle for the US stock market are not competitive enough compared to traditional US stocks, and cannot attract people who actually trade in the US stock market. The comprehensive trading fee for the US stock market is about tens of thousands, while the transaction fee for the cryptocurrency circle's US stock market is 10 times higher. The biggest audience for on chain US stocks may not be those who want to trade US stocks, as channels such as ondo and xstock have always been lukewarm. The real audience for on chain US stocks may be people in the cryptocurrency industry who want to bet on US stock trading. Leverage and gambling are still the biggest needs in the cryptocurrency industry, and the portrait of cryptocurrency users is also very different from that of US stocks. The US stock market in the cryptocurrency circle only serves as a screening tool for high-quality targets, rather than for value investing, but rather for trading volatility. In the end, whose on chain US stock can successfully compete is whose product is easier to use, better to bet on, and better to bet on. Compared to US stocks, on chain stocks are more perfect gambling tools than altcoins -24-hour trading -Convenient to add leverage -No need to pay taxes -Anonymous transactions, weak regulation -High quality assets will not go to zero And recently, we have also seen that the right path is being taken, with HIP3 on HYPE offering extremely low transaction fees for US stock trading, greatly reducing the friction costs of trading. The core is that users just want to gamble and don't care if you have real reserve stocks behind your back. As long as you have the ability to redeem them, I dare to play. I believe it will soon surpass Ondo and xstock. What is missing is not a channel to buy US stocks, but a better place to place bets. In terms of the upper limit, the top 10 high-quality companies and contract holdings in the US stock market can be as large as BTC, while the contract holdings of the top 100 companies may be similar to ETH. Replacing all the gambling equipment of the original counterfeit coins with US stocks may not be a problem for the size of the cryptocurrency circle to increase several times, right