Some friends read the article below about rethinking bStocks' liquidity and left me a comment: 'bStocks' order book being just the first layer is quite a fresh perspective, but when the depth is lacking, large orders indeed can't go through. Can the time layer and ecosystem layer solve slippage?' I think we need to look at these two issues separately. First, if we're talking about the current order book depth, then we should respect the market's real performance. Any new product that's only been live for just over a month needs time to accumulate users, trading volume, and market-making depth. There's no need to avoid this fact, nor to overhype it. Second, if we're discussing the entire liquidity system of bStocks, then the order book is actually just one dimension of it. The main point I wanted to convey in my article isn't that 'the current order book is already perfect,' but rather that many people, when evaluating bStocks, only see trading liquidity and overlook the fact that it's also building time liquidity, asset liquidity, and future ecosystem liquidity. In other words, slippage does indeed require more real trading to improve, but the value of the product can't be defined solely by today's slippage. A new product needs to go through a development process of user growth, market-making improvement, and ecosystem integration. The order book will gradually improve as more participants join, but what's more worth paying attention to is that it's building a liquidity system capable of continuous expansion, not just a thicker order book. So, I'm not denying that there's still room for improvement, but I believe that when evaluating a new product, we need to look at both where it is today and what it's building for the future. A truly mature financial product doesn't achieve the best liquidity the moment it launches. Instead, it attracts more participants over time, creating a positive feedback loop as it grows. What’s truly worth observing isn't just how thick the order book is today, but how much liquidity the entire ecosystem can bring to it in the future. I think Binance's repeated explanations about bStocks' liquidity this time aren't because they're afraid of criticism, but because they hope people won't use the narrow perspective of traditional securities to understand a tokenized securities product that's still evolving rapidly. Liquidity is never just a marketing pitch—it's built through real trading. @Noah55920655754 @heyibinance @sisibinance @yayabinance @moonkimbinance @binancezh bStocks Binance