Today I will reply to the topic of Wei Shen, and by the way, I would like to mention other solutions mentioned by many friends in the comment section at that time 1. Synthetic assets - At that time, many Laotie said that if you want only a price exposure similar to the spot price of stocks, you want to hold it for a long time and avoid the wearing of the funding rate like Perp, synthetic assets are the best way. As someone who has followed all the way from the SNX era to the Luna era Mirror, and even if you consider GMX's GLP as a "variant synthetic asset", many of its designs are very Fancy. I still vaguely remember the stunning feeling when Defi Summer first saw SNX synthetic assets and GLP design (GLP does not have stocks, but later GNS was inspired by GLP to create a synthetic asset pool that can trade everything, including stocks) However, the market has already voted once with real money and silver, and users ultimately choose real assets (or trusted mapped assets)>synthetic assets Unrelated to decentralization, technology, or mechanisms, it is a more trustworthy asset backed by real assets And interestingly, the synthetic assets that did not reach the summit but ultimately survived, one DAI (USDS) and one USDE, are both semi centralized solutions 2. tokenized stocks - I had the privilege of discussing a topic with my sister over a year ago. At that time, my elder sister asked me where the biggest problem in the cryptocurrency industry was in my eyes. My answer at the time was' We have over financialized too many things'. I looked at Meme, Gamefi, AI Crypto from a VC perspective and felt like using a hammer to find direction. And my first sister's answer to me is that she thinks we lack good assets. What we are essentially talking about is actually the same thing. At that time, I asked my sister if she had considered listing Binance for stock trading. She said that Binance had tried it in 2021, but the regulatory pressure was too high at that time, and the product was taken down in just a few months. So tokenizing stocks in our circle is actually the second attempt. The first trial of 21 Binance and FTX was beaten down by regulators, but now old CEX platforms such as Binance and Bitget, along with BIT, StableStock, and MSX, are starting over again, indicating that the regulatory environment and product structure have been evolving in recent years, and it is not simply repeating the same mistakes 3. Soul Blood in the Hands of World Enemies - I agree with Wei Shen's views that "the rights and interests behind stocks are fundamentally the product of a single government power" and "those whose interests are harmed are themselves the rule makers of the game". But we can look at it from a different perspective - if you see Alpaca as Tether, does this logic run through? Stablecoins are currently one of the most widely used and successful products in Crypto. No one would say that stablecoins have flaws because the US dollar is controlled by the Federal Reserve In other words, 'underlying asset centralization' ≠ 'tokenization has no value' Of course, Alpaca currently does not have the scale and reputation of Tether, but when USDT first started, Tether was also accompanied by various doubts, whether it was asset reserves, concerns about being choked by the Federal Reserve, or USDT being used for regulatory arbitrage, grey industry, and even terrorist activities... But over the years, it has grown to a scale of several hundred billion Stablecoins are now seen as one of the global expansion tools for the US dollar's hegemony, why can't tokenized stocks be seen as one of the global expansion tools for US dollar assets? If it is said that 'those who suffer losses are rule makers, and if the impact is significant, they will be vetoed by one vote' - if it is said that in the next few years, the impact will be significant enough to be vetoed, it precisely proves one point, that is, the impact itself has already proven its value and vitality, which is very similar to the growth path of stablecoins back then. As for how the final regulatory framework evolves, it is actually another question. Crypto has been creating new trading methods for over a decade, but has rarely created new high-quality assets. When a market lacks asset supply, it will continuously financialize existing assets. Meme、Perp、 All kinds of high leverage products are essentially the result of this. From this perspective, tokenized stocks may not necessarily be creating new financial instruments, but rather introducing new asset supplies to Crypto. Some kind of arbitrage is just a current feature, not the entire purpose. On one hand, there is a genuine desire for high-quality assets among major CEX and users, and on the other hand, in the macro context of deglobalization, there is a perfect match between the global expansion of the US dollar and its assets, and the supply and demand sides. Therefore, I firmly believe in the future of tokenized stocks