Equity basis strategies are now being moved on-chain. Bitget, in collaboration with Keyring and Reality, is exploring a rule-based on-chain equity basis product centered around Reality's rToken, and plans to make it available to eligible users through Bitget Earn. Simply put, the logic of this strategy is: holding tokenized US stocks as a long position in the spot market, while simultaneously shorting the corresponding underlying asset in the perpetual contract market, aiming to maintain Delta neutrality and primarily profiting from funding fees and basis spreads. Compared to traditional approaches, rToken is not just a "stock spot leg"; it can also be used as collateral for on-chain lending. Spot trading, hedging, collateralized financing, and risk management are all integrated into the same on-chain infrastructure, potentially leading to higher capital efficiency. In this collaboration: Reality provides rTokens 1:1 pegged to real US stocks; Keyring is responsible for strategy rules and lending structures; IPOR Fusion provides a programmable on-chain vault; 1Token is responsible for portfolio management and risk monitoring. I believe the most noteworthy aspect isn't simply "tokenizing" US stocks, but rather enabling basis strategies—previously employed by professional institutions in the traditional stock market—to enter the blockchain in a more transparent, regulated, and composable manner. Of course, the funding rate premiums, returns, and drawdowns presented in historical simulations are merely model results and do not represent future actual performance. Real-world trading will still be affected by financing costs, slippage, liquidity, leverage, and extreme market conditions. From "buying stocks on-chain" to "developing stock strategies on-chain," this may be the more promising direction for the next stage of tokenized assets.