Many friends say they have a headache when they see it, but let me speak in person: The core of Backpack's "IPO on chain" is not to issue a token that tracks prices, but to take the route of native equity on chain+transfer agent registration+whitelist compliance. Superstate provides this infrastructure and registration system, while Backpack serves as the entrance and user side process. So what users buy is closer to the "on chain form of the same real equity", and the transfer settlement within the whitelist system is established. As for whether it can be returned to the securities firm and how it can be delivered back to the traditional system, it depends on the specific project terms and compliance procedures. But theoretically, it can be delivered. If MSX's Pre IPO does not have verifiable custody or equity registration, as well as redemption and delivery mechanisms, it is more like a token that tracks prices, and delivery capabilities cannot be discussed. Ultimately, it is more like the platform is willing to settle with users according to certain rules and prices. In terms of price, stocks like Superstate that are of the same origin will remain consistent in the long term, but in the short term, they may also experience discounts and premiums due to whitelist restrictions, liquidity, market making, and weekends (US stock market closures). If MSX is only a price within the platform, it is not necessarily equal to the market price of the stock itself. Above, it should be easy to understand.