The end of private company issuance of stock tokens, where is the future competitive point for on chain securities firms? With the tokenization of stocks on NASDAQ and the New York Stock Exchange, the logic discussed in the tweet about the ultimate form of future stock on chain in August last year has been basically validated. At that time, when it came to the future, exchanges such as Nasdaq and the New York Stock Exchange may directly go offline to do the supply side of stock tokens. They (as well as DT CC) will go offline and move stocks from off chain to on chain, directly completing the supply of stock tokens. Then major market makers in the US stock market, such as Citadel, Jump, and Jane Street, will also come in to provide liquidity. At that time, the on chain trading platform will no longer need to carry out the process of minting tokens for stocks on its own. It can directly connect to these official tokens and become a "new type of on chain brokerage". So where are the future competitive points for on chain securities firms? When the differentiation between the backend and supply side is not obvious, it makes the competition for user oriented frontend extremely fierce. The competitive point is: 1) Entering the incremental market, innovating user experience, and offering discounted rates; 2) Provide users with different types of leverage modes; 3) Innovate asset types and gameplay based on US stock tokens, such as perpetual contracts, options, binary options, collateralized lending, and various types of DeFi gameplay. Of course, there may be more types of gameplay emerging in the future. 4) Of course, there are all kinds of traffic and user level competition. At this time, many methods of Internet securities companies can learn from them. Ultimately becoming a 'super app': a comprehensive platform for one-stop trading of commodities such as stocks, bonds, encrypted assets, precious metals, agricultural products, foreign exchange, and all other assets.