Undoubtedly, the tokenization of US stocks is one of the main narratives of this cycle. Several months have passed, and the entire sector is progressing faster than expected. More and more people are participating in US stock trading through tokens, and 24/7 trading is gradually becoming a real demand. The recent scandal involving Nvidia is a good example. Last weekend, news of Nvidia's infidelity suddenly broke. While the US stock market was closed, the perpetual stock futures market was still trading, having already digested the news. According to data disclosed by @BinanceResearch, Nvidia's NVDA price gapped by approximately 7.3% from last Friday to Monday's opening, with 96% of this change already reflected in the perpetual stock futures market. In this market movement, Binance's liquidity advantage became apparent: 1/ NVDA perpetual futures trading volume was approximately $360 million in 24 hours, accounting for 44% of the total volume of the top eight exchanges, ranking first. 2/ Open interest was approximately $90.57 million, representing a significant market share. 30.1%, also ranking first. The trading volume of perpetual stock contracts is already quite substantial, and the asset size of tokenized stocks is growing rapidly. For example, Binance's bStocks, in just 145 days since its launch, has surpassed $1.5 billion in AUM, becoming the world's largest tokenized stock issuer in terms of AUM. Its market share has grown from less than 1% to over 30%, and approximately 56% of its trading volume occurs outside of regular US stock trading hours. Adding Direct Stocks, Binance users currently hold over $3 billion in traditional financial assets through Direct Stocks and bStocks. I think what's more promising going forward is whether these businesses can further integrate trading, asset holding, and on-chain applications. After all, the US stock market itself is a huge market. If it can expand into more use cases such as collateralized lending and DeFi in the future, the potential for US stock tokenization may far exceed the current trading volume and asset size. @heyibinance @cz_binance