According to CryptoQuant's data, in June 26, @ binancezh accounted for approximately 80% of the trading volume of perpetual contracts in TradFi stocks, reaching $53.8 billion, which is about six times that of the second largest exchange. It fully demonstrates that users are gradually accepting CEX trading of TradFi stocks. In mid June 26, CEX's weekly stock derivative trading volume reached a historical record of $11.6 billion, mainly due to the expansion of Binance stock trading and the launch of SpaceX perpetual contracts. The SPCX contract contributed significantly to the trading volume and became one of the most active perpetual contracts for TradFi stocks at the time. In addition, the trading volume of targets such as MicroStrategy, Circle, Intel, etc. has also significantly increased, covering a wide range of demand from Pre IPO to mature blue chips. Even more astonishing is that the scale of Binance's stock related asset management exceeded $1 billion within a few weeks of its launch, while providing access to over 7000 stocks and ETFs, with over 80% of trading volume coming from emerging market users. They all point towards a trend where demand will explode when CEX packages traditional assets into user familiar interfaces, 24/7 liquidity, and instant fund reuse capabilities. In traditional markets, stocks are basically idle after the market closes. At CEX, the stocks you hold can serve as collateral 24/7, supporting cryptocurrency futures, spot, or other trades. The advantage is obvious, as the CEX platform can turn every asset into flexibly configurable productive capital. Addressing the pain points of cross asset traders and achieving a "unified interface+frictionless diversification+24/7 collateral utilization". In the long run, the integration of encryption and TradFi is reshaping the underlying logic of global financial infrastructure: 1) The opening and closing restrictions of traditional exchanges are being bypassed or supplemented by technological means. In the future, global users can trade US stock related exposures at any time, no longer bound by time zones and trading periods. 2) Cross asset mortgage+unified account, so that funds are no longer idle. The same asset can be allocated to stock hedging during periods of cryptocurrency volatility, and then returned to cryptocurrency or commodities during periods of stock market volatility, resulting in a significant increase in overall utilization. 3) Binance and other platforms are attempting to parallelize API routing, tokenized securities, and synthetic perpetual contracts, with the ultimate goal of becoming a 'borderless financial super app'. Traditional securities firms either quickly follow up and integrate similar capabilities, or face user churn. 4) This fusion has opened up greater imaginative space for tokenized stocks, bonds, and so on. In the future, there may be more hybrid products with on chain settlement and instant delivery, further reducing friction and improving inclusiveness. The ultimate winner in the competition between traditional securities firms and cryptocurrency platforms may be those players who can achieve the ultimate in "unified, real-time, and efficient". The future of global market infrastructure is likely to be such an interconnected and never-ending ecosystem.