Binance Wallet and PancakeSwap have launched a new activity called Pre Access, which essentially packages the Pre IPO round that was previously inaccessible to retail investors as tokenized exposure for on chain subscription. The logic is simple: OpenAI Anthropic used to be affordable only for institutions and high net worth individuals. Now, you can participate by depositing BNB or stablecoins in your self managed wallet. After the event ends, according to the rules, you can either claim exposure or receive a refund. If you are not satisfied, you can also receive a refund. This design is friendly to retail investors. A few details are worth pondering. The quota is not equal for everyone. By weighting Binance Alpha points with the trading volume and position of bStocks on the chain, Binance is using subscription qualifications to force you to keep trading volume and position in your own ecosystem. bStocks is a tokenized US stock with 1:1 real stock custody. This move also raises RWA liquidity, allowing you to eat more with one fish. The first project has not been announced yet, and the official only said it will be soon. It is estimated that they are holding back their big moves. At present, the global tokenized Pre IPO market is only around 41 million US dollars, and the combined volume of Republic and PreStocks is only this small, indicating that this track is just starting, and also indicating that short-term liquidity and pricing are not very friendly. CZ just announced at the beginning of this month that its IPO will be moved to the blockchain, and the SEC is also issuing temporary exemptions for tokenized US stocks, with the direction being basically clear. My opinion is that the focus is not on who the first project is, but on Binance's determination to put TradFi on the blockchain. It is highly likely that they will also connect with RWA products in the future. Participating now is essentially buying tickets to the early ecosystem, not buying a certain stock. What you have received is not stocks, no voting rights, no dividend rights. Essentially, it is a contract exposure. The counterparty is a third-party service provider, which may lock up the position for a long time, the company may never go public, and there may be a huge discount premium between the first tier valuation and the second tier price. When liquidity is thin, it will be mercilessly smashed. If you want to get in the car, hurry up and prepare your Binance wallet for self custody. Advance your Alpha points and bStocks holdings to increase your limit https://web3. (binance.com)/referral? ref=KN4LOO2L After the official announcement of the project, pay close attention to the implicit valuation on the activity page. If the valuation is too high, it means accepting the offer. If it's cheap, participate more!