The round and full position turns over, and xStocks will give you 80 dollars for the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival Click on the tweet below and with just a few clicks, you will have the opportunity to receive benefits from xStocks @ xStocksFiyzh, the world's most compliant and reliable on chain tokenization US stock platform, with 30 spots available! It's been a long time since I wrote about investment research: I called ondo for several years since 2022, and I can be considered one of the earliest RWA bloggers in the Chinese speaking region. Ondo's narrative has basically come to an end, and now the "passing line" for stock tokenization has been raised by xStocks! As a practitioner who has always been interested in RWA, I would like to discuss the similarities and differences between the two from three core dimensions: practical experience, liquidity architecture, and user threshold. Consensus: Both Ondo and xStocks have achieved 1:1 anchoring of underlying assets and support for self custody, which is the "entry ticket" to the track. However, from "entry" to "scaling up", the paths and endings of the two have already diverged. Firstly, let's talk about the liquidity and trading experience that everyone is most concerned about. Ondo is taking an "institutional first" approach, relying solely on the RFQ inquiry model for its liquidity architecture, without an additional on chain liquidity layer or the ability to continuously discover prices during non trading hours. Simply put, the US stock market is closed, do you want to operate? Basically no chance. XStocks has directly built a "three-tier liquidity architecture": on chain liquidity pool+RFQ execution+xChange engine, which is equivalent to installing "triple protection" for transactions. In less than 7 months, the total trading volume exceeded 25 billion US dollars, with on chain activity exceeding 3.5 billion US dollars. Continuous price discovery can be achieved 24/7, whether it's early morning or weekends. More importantly, xStocks deeply integrates CEX and DeFi, covering spot trading, margin trading (Kraken Pro), and regulated perpetual futures. In contrast, Ondo falls short in terms of the integrity of its trading scenarios. Let's talk about the user threshold again, which is also the most obvious watershed between the two. Ondo's retail investor friendliness can only be described as "watching from afar": institutional settlement has already been launched, but direct casting/redemption by retail investors has not been fully opened yet, and those who want to participate can only go through the secondary market; Distribution also heavily relies on third-party wallets and faces distribution bottlenecks. I once wanted to subscribe 24 years ago, but when I saw the initial capital of 100000, haha... XStocks starts at $1 and retail users can directly participate. The integrated CEX+DeFi distribution channel covers over 110 countries and regions. At present, there are over 80000 independent holders on the chain, with an asset management scale of approximately $225 million, occupying 8 seats in top tokenized stocks - data does not lie, the core of scale has always been to "enable more people to participate". 3. There are two more details that knowledgeable people can tell the difference at a glance. One is on chain coverage: Ondo is highly concentrated on a limited number of chains, while xStocks has been launched on 8 mainstream public chains including Solana, Ethereum, and Base, allowing for free flow of cross chain liquidity. This is what an "open infrastructure" should look like. Secondly, dividend processing: Ondo adopts a total return model, where dividends are reinvested in token prices and gradually deviate from the underlying stock price over time; The Rebate model of xStocks automatically increases the token balance on the ex dividend date, and the token price always tracks the underlying stock accurately. For investors familiar with stock pricing, it is intuitive and reliable. In fact, tokenized stocks are no longer about 'whose story is more beautiful', but 'whose infrastructure is more solid'. Ondo excels at building compliance frameworks, but ultimately remains at the stage of being a "token wrapper"; XStocks has positioned itself as a "core financial infrastructure" from the beginning, using an open architecture, full-time liquidity, and low threshold access to turn "experimental products" into a "scalable ecosystem".