I’ve been keeping an eye on US stock trading and the tokenized US stock trading model recently. Ondo Perps @OndoFinance @OndoPerps offers 20x leverage, allowing perpetual trading of assets like US stocks, indices, gold, silver, and crude oil. The official launch includes a 150,000 USDC reward for the first week + a total 3 million reward pool. Tried it out today, and I feel the key isn’t the 20x leverage or the rewards. It’s that tokenized stocks can now be used as collateral. This means that not only can assets be brought on-chain, but they can also be tokenized and used for things like collateralized lending and margin trading—basically all the DeFi-related use cases. The reason I think this is a significant step is that if these assets can be used as collateral, participate in trading, lending, leverage, and liquidation, then they’re truly starting to integrate into the on-chain financial system. Of course, as for the 20x leverage, that’s not my style—I’ll just observe. Everyone, please think twice when dealing with high leverage!