This month, SpaceX's "newlisting" has truly made the cryptocurrency industry follow the trend, but where did so much SpaceX's market share come from for everyone to fight? It can't all be playing derivatives in the Void It mainly depends on whether the underlying SPV holds the real equity assets, that is, establishing a separate compliant independent legal entity to buy or subscribe for equity from early employees and investors, and then isolating it from the issuing platform. Of course, SPV alone is not enough. There must also be specialized on chain issuance standards to map it. If only ERC20 tokens are available, there is a risk of excessive issuance, as no one really knows whether the assets held at the bottom are completely linked to the assets issued. Currently, only Paimon has adopted the most rigorous three-layer path of SPV → ERC3643 → ERC20, which means first establishing an SPV in the British Virgin Islands to store real purchased SpaceX equity, and then issuing fully compliant and regulated tokens through ERC3643, a specialized RWA tokenization asset protocol. The holders of these tokens have strict KYC and transfer verification restrictions, and then issuing ERC20 tokens that can be circulated in the Defi protocol based on a 1:100 mapping of ERC3643 tokens. In this way, an ERC3643 layer is added in the middle as a connection between the upper and lower levels, ensuring the effectiveness of assets and balancing the trading and circulation of individual investors.