Why is there not enough space in the SpaceX cryptocurrency market and the position of Xstocks in the SpaceX IPO underwriting team This time, many exchanges have entered the SpaceX IPO subscription portal, but in the end, users cannot get the quota. The key is to first look at the upstream structure. The real upstream of SpaceX this time is SpaceX's underwriting team. Here's a brief introduction: The joint bookkeepers include Goldman Sachs, Morgan Stanley, Bank of America Securities, Citigroup, JPMorgan Chase, Barclays, Deutsche Bank Securities, Royal Bank of Canada Capital Markets, UBS, and Wells Fargo Securities. Co underwriters include Allen&Co., Cantor, Nidem, Raymond James, Societe Generale, Stifel, William Blair BTG Pactual、ING、 Macquarie, Future Assets, Mizuho, Santander. So the true issue price, total allocation, and various channel quotas are ultimately determined by the issuer and this underwriting system, and cannot be unilaterally determined by xStocks. Therefore, the role of xStocks is essentially not to 'distribute a bunch of SpaceX stocks to the exchange', but to be a tokenized stock channel that needs to find upstream partners to obtain shares. Actually, xStocks has already explained it. The cooperative exchange first opens the subscription intention window, where users submit non binding purchase intentions. xStocks then aggregates these demands and represents the alliance platform to cooperate with the underwriting team to obtain quotas. After the final allocation confirmation on the listing day, the actual received stocks will be held in custody and tokenized on a one-to-one basis, and then distributed to qualified users. Speaking of which, the exchange undertakes the needs of users, xStocks undertakes the channels of the exchange, and the underwriting team is the real owner of the goods. Why can't xStocks get so much credit? The reason is also very practical. Firstly, SpaceX itself was extremely oversubscribed, with demand at one point approaching 3.5 to 4 times the issuance size. That is to say, it is already in high demand. Secondly, when underwriting a group placement, priority will always be given to core institutions, long-term customers, traditional brokerage channels, regional retail channels, and accounts with higher compliance certainty. Represents prioritizing fixed cooperative clients and high-quality clients. Thirdly, xStocks is a new type of tokenization channel, not a core component of the underwriting syndicate, and also involves issues such as custody, compliance, suitability, and regional restrictions. In terms of compliance, xStocks cannot be provided to certain regions such as the United States, the United Kingdom, Canada, and Australia. This indicates that xStocks is just an emerging channel and not yet powerful enough compared to old channels. And there is still a gap in compliance. Fourthly, xStocks has simultaneously connected to multiple exchanges, resulting in a significant increase in front-end demand. However, the quota provided by the upstream will not automatically increase as the front-end demand increases. The larger the demand pool, the smaller the actual quota, and in the end, the amount that each platform can receive is naturally not enough. Wolves have more meat than meat, and coupled with the fact that they are not traditionally defined as high-quality channels, distribution rights are not in their hands. In fact, to summarize this statement, the gameplay of cryptocurrency in the traditional market can only be seen as a small-scale trial and will not be heavily invested in this field, especially xStocks, whose compliance is relatively less comprehensive than that of large branch institutions. It is not that it is non compliant, but that it is not sufficient in compliance, or that there are limitations in compliance. The issue with xStocks this time is not entirely a scapegoat, but it does package a product that heavily relies on upstream allocation into an exchange product that looks very close to spot subscription. For users to see this tokenized IPO in the future, the most important thing is to confirm three things first: 1. Has the quota been determined. 2. Are the underlying stocks truly locked in. Who holds the final allocation power. Without these three clear answers, it's essentially not a transaction, just a queue.