Backpack recently launched GoPro and AMC back-to-back, and honestly, I’m more curious to see how things develop from here. Right now, these kinds of products are no longer just about “tracking U.S. stock prices.” The AMC issued by Backpack Securities corresponds to real AMC stock, can be traded on-chain 24/7, and can also be redeemed 1:1 for traditional stocks. This essentially shifts the question from whether stocks can be put on-chain to whether on-chain stocks can truly connect with the traditional financial system. The latter is clearly much harder to achieve. To actually make this happen, it’s not just about blockchain technology. It also involves securities issuance, custody, redemption, compliance, and integration with traditional brokers. That’s why I think Backpack’s current approach is worth keeping an eye on. They’re not just creating a one-off concept product but are steadily adding different types of U.S. stock assets. From MRVL and LLY to GPRO and AMC, the number of products is gradually expanding. Of course, it’s still too early to talk about fully putting U.S. stocks on-chain. The real tests will be liquidity and user demand. But at the very least, from a product perspective, stocks are starting to have a true on-chain asset flow model. This is more worth studying than just adding another trading gateway.