On-chain stocks have been too hot lately. But in the short term, it's like another Celestia-esque "big beauty trap": the narrative is sexy enough, but the landing is bland. The truly successful coin stocks, MicroStrategy and Sharplink, rely on "big pools hitting small pools", as long as 1% flows into the "small pool", they can set off huge waves. On the other hand, no matter how much the funds of the small pool are moved, it is difficult to have any waves. It's like Temu sold Yiwu small goods to 200 million Americans, but you've never heard of anyone selling American refrigerators to Yiwu's 2 million residents. Most crypto users who really know how to play U.S. stocks still choose Interactive Brokers and Futu. The "U.S. stocks" on the chain are more like derivatives of narrative farming, unless you are a small number of smart on-chain tax avoidance. The real watershed is the moment when the U.S. stock can be opened on the chain with a high multiplier perp. Volatility is the starting point of "volume". Everything onchain, PERP eventually.