Not sure if you guys still remember, but over the past few days, I’ve been talking a lot about RWA-related topics. I’ve always believed that simply tokenizing U.S. stocks isn’t the key focus for RWA or the development of on-chain brokerage firms. One critical aspect is that the volatility of mature U.S. stocks isn’t enough to excite crypto users who are accustomed to high leverage and contracts. In my opinion, the most important thing is either introducing new assets or offering scarce assets. Recently, I came across a project focused on the Pre-IPO space called @JarsyInc, which specializes in issuing scarce assets. For example, they’re selling a portion of SpaceX’s pre-issued shares on-chain. Although this isn’t exactly the ideal on-chain brokerage model I envision, it does provide users with opportunities for high returns. After doing some research, I found that the SpaceX shares Jarsy is selling are acquired through the secondary market from existing shareholders (like early investors, institutions, or employees). This method complies with SpaceX’s transfer restrictions as a private company and allows for legitimate transactions. Jarsy deposits the shares into its company reserves, and users participating in the presale only gain economic rights (such as value appreciation or IPO redemption profits), not direct voting rights or ownership. This avoids SpaceX needing to approve every token transfer, since from the company’s perspective, the shares are still held by Jarsy LLC. Investors can freely buy and sell these “note” tokens on the platform. If SpaceX successfully goes public, Jarsy will settle equivalent profits in stablecoins to token holders based on market prices. Essentially, Jarsy acquires these scarce pre-IPO shares from internal stakeholders of companies and sells them on-chain. From the user’s perspective, this solves the problem of regular users being unable to participate in early investments in top-tier companies. Waiting until after the IPO often means buying at a higher price, which could lead to losses. Pre-IPO prices usually leave some room for profit.