Some additional thoughts: On-chain U.S. stocks didn’t gain traction before because the most likely buyers—crypto folks—were mostly immersed in the crypto world. A lot of them either brought others into crypto through traditional brokers or just didn’t bother to switch. Even when I was hyping up AI stocks earlier, I only managed to convince a small group to buy, and that was based on their past success with big trends. Most crypto folks are actually losing money and are hoping to make it back within the crypto space—that’s what feels right to them. This kind of mindset makes many people unwilling to switch. On-chain U.S. stocks also lack liquidity and leverage, so many people just stick to trading stock contracts on exchanges. Later, when I thought on-chain U.S. stocks might take off, centralized exchanges started offering direct U.S. stock purchases, so it’s unlikely to heat up anytime soon. Once on-chain U.S. stock DeFi Lego starts to take shape, though, it should be much more vibrant than it is now. Over time, more Chinese users will migrate from brokers that don’t allow them to trade U.S. stocks, but I think most of them probably won’t dive into on-chain trading—otherwise, they’d already be into crypto by now...