The competition for stock tokenization has entered the next stage - liquidity. Binance has bStocks, Gate has xStocks, Ondo is an institutional RWA, Bitget has rToken, and all exchanges are moving stocks onto the chain. Whoever supports more stocks will win. But I think what really matters is not the stocks, but the trading itself. Three indicators are worth paying attention to: Firstly, the price difference. Your first transaction already determined the cost. Buying at a loss of 0.3% or 0.03% is a completely different rate of return in the long run. Secondly, the depth of the opening. Many stock products appear to have normal quotes, but only after placing an order do they realize that a few thousand dollars starts to eat up the market. The lower the transaction, the greater the slippage. The final price seen may be completely different from the actual transaction price. Thirdly, transaction volume. Without trading volume, there is no real price. Many products may seem tradable, but in reality, they can only 'display prices' and real large funds cannot enter. Based on current market data, the price difference, depth, and trading volume. The results are basically consistent. Whether it's MSTR, SPY, QQQ, or NVDA, most of the targets are the same phenomenon: Liquidity is beginning to concentrate on a few platforms. ———————————— Perhaps this is a chicken and egg issue. More trading volume will also bring greater depth, and Bitget's layout in the US stock market was earlier. Bitget provides smaller spreads, deeper trading depth, and larger trading volume for US stock trading. Leading other tokenized stocks in a cliff like manner. On other platforms, it may be due to initial attempts that large orders may penetrate deeper and experience slippage. But all of this is the beginning of competition, as the competition intensifies, the depth of several companies will also get better and the sliding price difference will become lower and lower. ———————————— What truly determines the maturity of a market is never how many assets it supports, but whether it can carry real funds. Many people believe that stock tokenization is competing with traditional securities firms. What it truly competes with is the liquidity of the cryptocurrency market.