Still a bit different—@Backpack_CN's take on stock trading Recently, exchanges entering the stock market have been popping up like mushrooms after the rain. As of now, every platform seems to meet the minimum compliance standards, mostly partnering with U.S.-regulated brokers to support stock ownership, transfers, dividends, and corporate actions. So, saying 'you can buy real stocks' is no longer something rare. Almost every exchange offers this now. In this context, what’s Backpack’s edge? The biggest difference with Backpack is that it integrates real U.S. stock holdings with @solana on-chain stock formats into a single account system. The benefit here is that users can switch their stocks between traditional stock formats and on-chain stock formats. The traditional format connects to real-world liquidity like the NYSE or Nasdaq, while the on-chain format leverages DeFi to unlock new use cases for stocks. Previously, when users bought U.S. stocks, it was mostly about holding, selling, collecting dividends, or maybe doing some margin trading with traditional brokers. But the assets themselves stayed in broker accounts, making it hard to connect them with crypto and blockchain. In simpler terms, stocks in the crypto space have evolved from on-chain 'fake' stocks to 'real' stocks on exchanges. Most exchanges stop there, but Backpack takes it a step further by moving these 'real' stocks from exchanges onto the blockchain, making on-chain stocks real too. If stocks can switch between real-world stocks and on-chain stocks, they’re no longer just holdings. They can become collateral in crypto accounts, margin assets, liquidity assets, or portfolio assets. Stocks like NVDA, TSLA, and SPY could one day be integrated into decentralized systems for on-chain lending, liquidity pools, or even on-chain insurance. The gateway to U.S. stocks is no longer scarce. What’s scarce is the ability to incorporate U.S. stocks into the asset-liability framework of a crypto account. If traditional assets and decentralized assets can be merged, U.S. stocks will transition from being traditional financial assets to becoming part of crypto financial assets. If this logic truly works, buying stocks in the future won’t just be about risk investment. Stocks could also be used as collateral, margin assets, liquidity assets, and on-chain financial assets. This is the biggest difference I see in @Backpack’s stock system right now.