In the past two years, we have studied many RWA US stock tokenization products, but the market has never been able to generate the prosperity of DeFi Summer. Fundamentally, most platforms still have the function of "price and betting", and cannot be mortgaged or combined into DeFi. As for serious matters such as dividends and stock splits, it all depends on the credibility of the platform, rather than relying on a complete smart contract system! Perhaps only when the underlying RWA infrastructure is fully developed, can DeFi's building blocks be modularly combined and assembled to create more wonderful RWAFi gameplay. The emergence of @ stoveprotocol has brightened my eyes, as if I have found light and hope! It is different from many traditional encryption projects in that it does not issue coins, does not charge protocol fees, and is even too lazy to engage in transaction matching on its own. It is doing something that sounds boring and low-level, but should have been done long ago: allowing the "stocks" on the chain to truly achieve free combination and financial derivatives through underlying standard protocols. So Stove's strategy is very simple. It did not repeatedly build wheels and delve into the matter of "making stock tokens" (while its parent company @ HabitTrade, as a leading cryptocurrency broker, has been deeply involved for many years). It is to fill the gap in financial infrastructure and solve the problem of "how to play tricks like" DeFi "when stocks are on the chain". At present, there are very few projects in the RWA field that are dedicated to this issue. one ️⃣ Stove's characteristics and industry pain points Simply put, Stove is an open-source infrastructure launched by HabitTrade (which recently completed a multi million dollar Series A funding round). Its goal is simple, to bring real US stocks and ETFs to the chain in a 1:1, secure, compliant, and programmable manner. Its most unique feature is that it does not intend to "kill" traditional finance, but rather find ways to deeply integrate with them. In the past history, I have seen too many failed RWA US stock tokenization cases. The first generation of synthetic assets, synthetic stocks, essentially means that you are gambling with the platform, and have nothing to do with Apple. Once the platform unplugges the network cable, the orders in your hand are worthless. The second generation is slightly more formal, holding stocks through securities brokerage custody. But there are also problems, tokens can only be played on their own platform, cannot be transferred, and cannot build DeFi gameplay; When it comes to Apple's stock split, it relies entirely on manual adjustment, which is both slow and opaque. This leads to developers not daring to use these assets for DeFi or lending. If the dividends are not received tomorrow, the logic of collateral liquidation will collapse. two ️⃣ Stove's solution Stove's idea is very magical. It does not pursue the ultimate tokenization platform for the US stock market, but silently builds the underlying infrastructure of "water, electricity, and coal". I don't even consider Stove as a product, it's more like a public protocol similar to ERC-20. It doesn't teach you how to trade stocks, but it ensures that the assets in your hands are 'real'. The bottom layer is real: not air, not a simulation disk. At the same time as you place your order, compliant securities firms buy stocks in real money on NASDAQ and lock them in their custodial accounts. Trade is settled: You don't have to bet against the platform. Through Stove's RFQ (inquiry) mechanism, your buying and selling intentions are directly sent to compliant securities firms, who "report" the results on the blockchain after completing transactions in the real market. Once the on chain contract is verified, the coin should be destroyed. Transactions run in compliance off chain, while ledgers are transparently recorded on chain. Automation "Enterprise Big Action" (this is the most important): Did Apple dismantle 4? Did Microsoft distribute dividends? Previously, this had to be announced by customer service, but now Stove writes it directly in the agreement. Automatically adjust the number of tokens or distribute dividends through the Corporate Actions module. Where does the money come from and where does it go into the vault? You can find it all on the chain. It's not about character, it's about code. DeFi LEGO is easy to build: because the token address is generated using Create2 (code generates a unique address), the whole world knows that 'this address is Tesla'. Do you want to make a loan agreement and use TSLA tokens as collateral? Use it casually. Because there are real assets to support the bottom line and dividend logic, the risk is calculated clearly. Any DeFi portfolio model has traceable underlying assets! three ️⃣ The most touching thing for me is Stove's silent cultivation as a grassroots infrastructure Stove does not open an exchange, does not withdraw funds, does not provide subsidies, and currently has not even issued governance tokens. It's like a silent plumber, building a bridge between Web3 and traditional finance. It acknowledges the reality that stock trading cannot bypass the SEC and securities firms. So it's not rigid, but rather separates "off chain compliance enforcement" and "on chain programmable rights", each doing its own thing, and finally links them together with a protocol. In the future, through the Stove agreement, we can truly hold a share of the "on chain apple" and enjoy the same rights as Buffett, including ups and downs, dividends, and stock splits, without any losses. We can also throw it into DeFi, mortgage it, put it in an aggregator to earn interest, do cross asset hedging... It is no longer a "spread asset", but a productive asset. In summary, we used to think that "going live" meant subverting tradition and decentralizing everything. But Stove made me realize that true integration is not about replacing, but about embedding. The ultimate goal of stock tokenization should not be to create a parallel Nasdaq, but to connect the bloodline of the real capital market to the on chain world in a genuine and secure manner. Stove is not building rockets, it is laying tracks. And I am ready to put my 'on chain US stock portfolio' on this track, which is very much worth looking forward to.