Seeing everyone playing rwafi, I also had a great time playing it. When I realized that both major exchanges were working tirelessly, even in an all in manner, to promote RWA, I had to allocate some funds and attention on them. At present, Robinhood and Binance are clearly at the forefront of this field, but I have found that their gameplay presents fundamental differences: Binance initially launched a cold start for its US stock tokenization products through Ondo, and later gradually developed US stock products and infrastructure such as US stock contracts, US stock direct links, and bStocks. Robinhood, as a US stock brokerage platform, is not a problem with US stock trading. It is fully committed to developing on chain and promoting on chain innovation for all RWAs. Let's talk about the biggest advantages and bottlenecks of each of the two companies: 1. The biggest advantage of Binance is undoubtedly its traffic and funding advantages, and related concepts can be achieved through on chain alpha、 The integration of contracts, spot goods, etc. has a large space, but the gameplay is relatively simple, purely conceptual speculation, and lacks strong correlation with the US stock market; For example, the meme "Niu Lai", even if its market value reaches 1 billion yuan, seems to be indifferent to the traditional financial circle because it is paired with QQQB, which feels a bit like an ant shaking a tree. 2. The biggest advantage of Robinhood is its natural integration with the US stock market, so the link between the US stock market and the US stock token is very smooth. For example, the recent US stock market squeeze has made this gameplay much more innovative. In the long run, at the beginning, meme stock opened the way, while DeFi continued to be built. In the future, the logic of deeply establishing the US stock market on the Robinhood chain is reasonable. For example, the meme BONER can quickly drain the liquidity of tokens on the chain and siphon off the liquidity of stock exchanges through pull ups. Of course, there is still a big gap in the current HIMS market value of 7 billion, but there is still hope to achieve a certain deterrent effect. Someone might ask if it's possible to create a similar stock meme on BSC. It's difficult because most of the bStocks launched on Binance are built in depth through spot trading. If the market value is low, Binance probably won't consider it. But Robinhood also has its shortcomings, such as stock memes like BONER. Is it possible to launch Robinhood in stock in the future? This is also frustrating because Robinhood's US stock token cannot be targeted towards US users, so a meme strongly associated with it carries even greater regulatory risks. That's why Roinhood launched Cashcat, a pure meme, first for spot trading, while Binance launched Niulai first. So, by participating, you will discover many interesting things, and cryptocurrency trading has finally become less boring. Many places are imperfect and can be seen from afar, so this is where trends will occur.