The scariest thing is not that the stock has been put on the chain, but that it can now be used for perpetual trading. RWA has truly become lethal not because stocks have been put on the chain. But these assets are finally being used as liquidity, just like encryption. This kind of RWA is interesting not because AAPL, NVDA, gold and other things can be bought on the chain, but because they are finally not just decorations. It can be used as margin, perpetual, basis, Delta neutral, and hedging, starting to flow like real financial raw materials. This is also the most valuable aspect of @ OndoPerps in my opinion. Many people still understand RWA in the first stage: Transform traditional assets into tokens and move them onto the chain. ” But the real second stage should be: These tokens are not just for holding, but also for continued trading, staking, leveraging, and strategic purposes. If not, then it's more like a display cabinet on a chain. If possible, then it will only begin to approach a true financial market. What Ondo Perps wants to do is the latter. It's not just about putting US stock names on a PERP panel. But rather, they are trying to turn tokenized stocks, indices, and commodities into a sustainable on chain market that can be traded 24/7. AAPL、NVDA、TSLA、MSTR、COIN、 The Nasdaq 100, gold, silver and other targets are no longer just a matter of whether they can be bought or not. It's a question of whether one can trade, hedge, and express their opinions at any time. What I value the most here is actually three levels. one ️⃣ The first layer finally has a place for basis trading and hedging scenarios. In the past, many people talked about RWA and assumed to be bullish, holding, and waiting for an increase. But a truly mature market is never just about being bullish. But there are people who go long, some who go short, some who hedge, some who take on funding rates, some who do Delta neutral, and some who use leverage to express short-term judgments. Contemporary tokenized stocks and commodities can also enter this gameplay, and RWA is not just a story of "buy and put", but has begun to become a truly tradable market. two ️⃣ The second layer is the issue of multi asset collateral, and the efficiency of funds will really change. If the deposit is no longer only USDC, and token stocks and token treasury bond can also come in, then the use of the same amount of money will change. Previously, only one fund could be kept. In the future, it may bear the underlying asset exposure while also serving as your trading margin. This is what I think is the toughest part. Not to move assets onto the chain, but to transform assets from "static holdings" into "strategy engines". three ️⃣ The third layer is that the trading time and liquidity logic have been rewritten. The traditional stock market has opening and closing times, weekends off, earnings nights, and macro event windows. But on chain users have long been accustomed to 24/7. If the US stock market, indices, and commodities also enter a year-round trading environment, the market rhythm will be completely different. Many events no longer need to wait until Monday's opening to react. Many emotions will no longer be trapped in the traditional market schedule. And there is also a crucial point on the Ondo Perps line: It's not a third-party randomly telling stories about RWA, but Ondo doing it himself. Ondo itself is one of the world's largest issuers of tokenized stocks, covering over 260 targets, with TVL on Ondo Global Markets exceeding $1 billion. That is to say, it is both issuing assets and serving as a perpetual trading platform behind these assets. What does this mean? This means it's not just about 'I'll give you a new front-end'. Instead, asset issuance, liquidity organization, and trading venues have begun to be put on the same table and redone. So I would think that what Ondo Perps is really worth watching is not whether it's just another PERP DEX. But it's verifying something bigger: The next step for RWA is not to put more assets on the chain. But rather, can these assets be truly financialized like crypto. If this matter goes through, RWA will no longer be a narrative. But rather a new trading infrastructure. The starting point of encryption is Bitcoin, and the next step is to put all assets on chain. Ondo Perps is not the end, but for the first time, the promise of "trading global assets with on chain wallets" doesn't seem like a distant promise. If you want to give it a try, here is my invitation code: https://app.ondoperps.xyz/?ref=4D2954