Official announcement: Binance is using Alpaca's solution, which means that currently, whether it's tokenized stock trading on CEX or DEX, the underlying entry point is the same. Actually, we should pay attention to the fee structure, which includes both explicit fees and hidden costs: Binance charges a 0.1% fee for orders over $350, which is essentially a fixed fee. Ondo's solution doesn’t have a fixed fee, but it makes money through the spread. This means Ondo's real-time quotes might be slightly higher or lower than the mainstream price of the underlying stock, and the platform earns from this price difference. How much is this fee? Official data shows that 75% of trading spreads are <2bps (0.02%), and 95% of trading spreads are <5bps (0.05%). DEX platforms are all connected to Ondo at the underlying level, so the fees are the same. Theoretically, Ondo and DEX transaction costs are more than 50% lower than Binance. Although these platforms share the same underlying logic, Binance's main site has a large base of exchange users, which is their advantage. High fees probably won’t deter these users. Additionally, Binance hasn’t disclosed whether it earns from the spread, but this model is quite common. It’s considered a hidden cost. Robinhood, for example, uses PFOF (Payment for Order Flow) to take a fixed percentage of the bid-ask spread from market makers, indirectly profiting from the spread. If Binance is earning both fees and spread, this could be a significant source of revenue. Of course, the ideal scenario in the future would be a fully competitive market driving fees down. #crypto #Binance #DEX #Ondo #Alpaca