Robinhood's latest push for stock tokenization really surprised me and validated many of my previous analyses and predictions: 1. Robinhood has an absolute advantage in stock memes, but due to regulatory concerns, stock memes are hard to list on Robinhood. So far, only cashcat has been launched. 2. Binance holds an advantage in RWA (Real World Assets) with its contract and spot market scale, but this has also become a weakness. bStocks built depth through spot trading, which led to a lack of on-chain innovation. Later, http://four.meme launched 4Stock, successfully addressing this issue (bStocks' stock market caps are relatively high). 3. Binance once again demonstrated the sustainability of its strategies, such as Alpha, contracts, and spot trading, while strongly supporting Robinhood. Their collaboration benefits the entire industry's development in RWA. 4. Coinbase is still slow-moving, but it managed to keep up, albeit barely. Similarly, it could only list the pure meme version of basecat. 5. Solana seems isolated and struggling. Today, I saw news that pump partnered with Backpack, indirectly helping Solana out of its predicament. 6. Beyond the exchange-bound model, the on-chain space is also starting to explore pure on-chain innovations for stock tokenization, such as Ondo's stock version and xStocks. Additionally, some protocols claim they can collaborate with brokers to mint tokens, targeting low-market-cap stocks for on-chain squeeze strategies. However, it's still unclear whether these are compliant. Even 4Stock might be operating in a regulatory gray area.