Not only have Zhenmei stocks entered the CEX cryptocurrency market, but now Bybit has also brought Zhenmei stocks to the chain for new listings. Upon seeing @ benbybit announce the launch of Bybit's IPO Express section, early subscriptions to US stock IPOs such as SpaceX can be made directly with USDC, and SPCXx tokens backed by 1:1 real stocks can also be obtained. From a personal perspective, this is not just another Pre IPO product, but a substantial breakthrough for the cryptocurrency industry towards traditional capital markets - bringing the Robinhood style US stock market experience to the blockchain with lower barriers to entry, stronger liquidity, and more hardcore compliance. What time can we chat: 1. The detailed mechanism of Bybit IPO Express: 1) The issuer of xStocks first obtains real stock shares from the IPO issuer and investment banks (underwriters), which are fully managed by a regulated custodian institution (Swiss/American professional custodian). The SPCXx held by the user is the on chain mirror image of the real stock, with 1:1 endorsement, and enjoys complete economic rights (including automatic reinvestment of dividends). This is essentially the same as the stocks obtained by traditional securities firms through new listings, except that they have been put on the chain. 2) Participation method Only applicable to VIP/PRO users (main account) of KYC1, with a minimum of 100 USDC. Users submit their subscription intentions and receive a proportional distribution based on the IPO issuance price Pro rata (the more funds, the more shares). After the subscription is completed, any unsuccessful funds will be automatically refunded (only deducting network fees). Automatically receive SPCXx tokens on the listing day. 3) Strictly allocate according to the proportion of intended subscription amount (consistent with the official logic of Robinhood, E-Trade, and Morgan Stanley), while Bybit will strive for real IPO quotas through underwriters to ensure that there is stock available for distribution. After the IPO, SPCXx will be directly launched on the Bybit spot market and can also be expanded to other CEX and DEX, achieving 24/7 global liquidity. Supporting automatic dividend reinvestment (compound interest) fully replicates the dual advantages of "US stock+cryptocurrency". Simply put, it means using stablecoins for payment, on chain settlement, real stock endorsement, and a completely traditional process for new product launches. Bybit has revitalized its IPO, which used to be limited to only US dollars and traditional accounts, into a product that can be seamlessly accessed by encrypted users. 2. For the cryptocurrency industry, @ Bybit_ZH should be the first time that a cryptocurrency platform has introduced a US IPO to the blockchain, and it is entirely through the official IPO subscription process. The entire process is completely similar to traditional securities firms launching new listings: submitting subscription intentions → distributing according to the IPO issuance price → obtaining genuine endorsed tokens on the listing day This is also the first time that an encryption platform has used real custody and compliant Prospectus to enter the US IPO distribution chain, with higher levels of supervision and compliance. Wall Street investment banks and issuers will gradually see that on chain channels can bring global incremental liquidity. For cryptocurrency market users, this is equivalent to lowering the threshold for "new IPOs in the US stock market" to the lowest level - no need to open an account, no need to wait for the US stock market to open. Being able to participate in a super popular IPO like SpaceX for only 100 USDC is equivalent to packaging Robinhood's user experience and eFi's convenience to global crypto users. In the future, more technology stock IPOs will be listed on the blockchain, directly expanding the wealth entry of ordinary users in the cryptocurrency market. From a personal perspective, this can be considered as another reshaping of global capital liquidity. Especially from the perspective of IPO new stock issuance and subscription, Bybit has redefined "global IPO new stock" with lower barriers and stronger liquidity. For cryptocurrency investment, it will be a new source of alpha, especially during the intensive period of AI and technology stock IPOs. On chain newlisting will become a standard configuration for cryptocurrency funds/large investors.