Right now, looking at the US stock sections on crypto exchanges, I checked a few, and the main issues are coverage/liquidity/fees. Why are retail investors chasing that Serenity bottleneck strategy? In my opinion, it’s pretty similar to playing on-chain in crypto. They’re looking for an edge in small-cap assets, with clear follow-up funding to take over, making it highly flexible and more certain to play. Currently, on crypto exchanges, it’s basically impossible to cover this segment. For the big names already listed, liquidity is also an issue. A stock with a market cap of hundreds of billions of dollars might only have a few million dollars in perp liquidity, and the fees can suddenly spike (likely also due to liquidity issues), which adds a lot of uncertainty to trading costs.