My opinion on @ Binance's main website's launch of tokenized trading in the US stock market: 1) Simply defining it as' daring to be the queen of the world 'is meaningless. From Coinbase to Binance, OKX, and even a group of small exchanges, there is a vision to build a super financial infrastructure. As a channel for investor diversion and distribution, trading stocks, bulk futures, predicting the market, and so on, it is only a matter of time. So Binance has to enter sooner or later, it's just a matter of how much expectation it can carry; 2) In the short term, those who have a bit of pure crypto blood have nothing to cheer for, because the introduction of financial assets such as TradFi by exchanges seems to have a "new customer" effect, bringing some high threshold traders of US stocks into the exchange, but it can also cause the liquidity of cryptocurrencies to be drained. At least in the current market atmosphere, this is an inevitable cause and effect. So, in the short term, the tokenization plan for the US stock market can be considered a temporary bearish trend; 3) However, the lack of attractiveness of native encrypted assets is not directly related to the bloodsucking of US stock assets, and exchanges have no reason to give up their strategic position of expanding comprehensive trading platforms in order to protect liquidity on the exchange. However, attracting incremental users and old money will be difficult to adapt to in terms of transaction mode, fee structure, product experience, etc. The key is that it will not contribute much platform revenue. Therefore, how to contribute the overflow of incremental users and funds to the native encryption industry may require many products and innovations to drive, but the overall "positive" transmission chain will be relatively long; 4) Although the transmission chain is long, the advantage is that this level of infrastructure improvement will stimulate the native ecosystem of encryption through TradFi integration. Including the expansion of stablecoin volume, as well as the composability collaboration with innovative DeFi protocols, especially the direct driving force for narratives such as RWAFi and Agenetic Economy. In other words, the fermentation and implementation of pure encrypted native narrative will not be completely disrupted, but rather the influx of fresh blood will force the growth of innovation in the venue. After all, exchanges are the most sensitive and proactive in protecting user stickiness and liquidity lifelines.