The prototype of the coin stock linkage, CBRS, went public last night, http://trade.xyz The pre IPO token perpetual contract on CBRS has been pre priced, and before the official trading, the CBRS stock contract had rapidly risen from $290 to $380. Afterwards, the opening stock price on NASDAQ soared to $350, nearly double the issue price. This is of great significance By using on chain perpetual contracts to achieve continuous trading and real-time price discovery that traditional finance cannot reach, while allowing ordinary investors to participate in new stock pricing weeks in advance, this means that the gray market and roadshow model of traditional finance IPOs are being overturned by on chain finance, and the pricing power of traditional finance is gradually being eroded. A year ago, I also talked about the new asset types under the trend of currency stock integration in a tweet: currency stock linkage, playing futures and spot together, is also a better capital operation mode. The price of on chain stock tokens affects the price of regular stocks on traditional exchanges. I believe that in the future, more and more US listed companies, especially the main players in small cap stocks, will discover this gameplay. There are no futures contracts for individual stocks in the US stock market, and on chain US stock token contracts are not like the linkage between counterfeit spot and contracts on Binance. For many capital, it is just a game of flying.