Isn't tokenization of stocks the narrative that everyone dreamed of a few years ago? Now it has really been realized on chains such as Rbinhood, so this round of narrative has just begun. Stock Tokens: Currently, TVL has exceeded $170 million, and Robinhood Chain's DEX has accumulated nearly $50 billion in transactions. After the actual redemption and voting are implemented, it can be considered that the complete process of listing stock tokens on the chain has been completed. Then I roughly sorted out which tokens will benefit the most according to their level of positive impact: First tier: HOOD, UNI. HOOD is undoubtedly the biggest winner. Robinhood simultaneously controls user entry, Stock Token issuance Robinhood Chain、 Wallet and traditional brokerage end. What it really wants to grab is not Coinbase's cryptocurrency users, but to integrate global buying of US stocks, currency exchange, trading, lending, and asset custody into its own financial system. UNI is currently the cleanest target for value capture in Crypto. Uniswap on Robinhood Chain has implemented a protocol fee system, and the protocol revenue generated from transactions enters the TokenJar, ultimately completing value return by burning UNI. So in the future, NVDA, TSLA, and AAPL Stock Token trading will become more active, and UNI is one of the few assets that can truly convert "US stock on chain trading volume" into token economic value. Second tier: ARB, MORPHO. ARB is easily underestimated. Robinhood Chain itself is an Arbitrarum Dedicated Blockchain, and 10% of the protocol's net revenue must be returned to Arbitrarum according to the AEP authorization mechanism, with 8% going to Arbitrarum DAO Treasury and 2% going to Developer Guild. So the larger the Robinhood Chain, the more Arbitrum does have real revenue, rather than just stories of 'technology adoption'. However, this income currently enters DAO Treasury, which does not mean a direct repurchase of ARB, so "protocol benefits" are stronger than "token capture". MORPHO is eating the next stage. One of the biggest financial needs after stocks are listed on the blockchain is not buying or selling at all. It's because I have $1 million worth of NVDA, but I don't want to sell it. Can I mortgage $500000 to continue using it? Now, Morpho has nearly $1 billion in deposits on Robinhood Chain, and Stock Tokens such as NVDA, AAPL, GOOGL have appeared in the collateral asset list. If Robinhood truly brings global stock holdings onto the chain, stock collateralized lending may be even larger than Stock Token spot trading itself. Third tier: ETH, LINK. Robinhood Chain uses ETH to pay for gas, and the data ultimately goes to Ethereum, so the larger the chain, the greater the settlement demand for ETH. However, compared to the huge market value of ETH, this increment is not particularly sensitive in the short term. Chainlink provides an on chain price source for each Stock Token, and the more stock varieties and DeFi integrations there are, the higher the importance of the oracle. But it is different from UNI, where usage growth cannot simply be equated to LINK's secondary market directly receiving the same proportion of revenue. As for applications like LONG that focus on Stock Tokens for Launchpad, stock trading pairs, and new gameplay, I classify it as the third layer with the highest elasticity. Infrastructure feeds on the growth of the entire industry, while the application layer feeds on traffic explosion: once Robinhood Chain continues to speculate on Stock Tokens, Long may rise much more fiercely than UNI and ARB, but it depends on whether users will go to this application or not, and the risks are not at the same level.