TRX Staking ETF: On-chain yield asset, starting to fight a regular battle A few days ago, Canary Capital filed an application with the SEC to launch a spot ETF with TRX staking yields to be listed on Cboe BZX. Many people who see the title may wonder, is this another spot crypto ETF that has followed the trend? It can be clearly said that this time is different, this time the TRX ETF is to incorporate on-chain income into asset returns, which is more like the structure of bonds or dividend funds. This is not a speculative concept, but a real financialization of crypto gains. Unlike BTC and ETH, TRX also brought the proceeds with the car Bitcoin, Ethereum's ETFs are pure price products. TRX's ETF this time is to package the on-chain staking rewards into the product structure, which means that you are holding a dynamically growing income asset. It is more like REITs or bond ETFs in traditional finance, with sustainable returns. The value of this structure lies in the fact that it is not only a speculation of volatility, but also can be incorporated into the long-term allocation logic to provide a stable source of income for institutions. Canary's choice is not to pick a random coin Why TRX? Canary didn't just pick an unpopular coin, but did a structural assessment. TRON itself is a DPoS mechanism, with fast block generation, stable returns, and short lock-ups, which is very suitable for the underlying assets of financial products. In addition, TRON is already the main chain of USDT, with a large number of active users, and the supporting custody, settlement, and transparency are also more mature. These advantages make TRX one of the most easily made crypto targets for compliant income products. This is not an S1-style PPT, but a real battlefield that walks into 19b-4 A lot of projects like to say that they submitted an S1, but that's more like a cover letter. What really drives an ETF to go public is the exchange's 19b-4 filing with the SEC – a substantial request for a rule change. It was through Cboe BZX that Canary fought this uphill battle with a full 67-page application. The document highlights that TRON's DPoS architecture is manipulatively resistant, and TRX has round-the-clock global trading, real-time NAV release, and will be hosted by BitGo, meeting the SEC's core requirements for security and price transparency. This is not just a TRX product, but a breakthrough for the entire on-chain revenue track Once approved, this ETF will be the first compliantly listed pledged crypto ETF in the United States, and it will be meaningful far beyond TRON itself. This is a paradigm breakthrough: transforming the on-chain real income structure into financial assets that can be subscribed, redeemed, valued, and regulated. In the future, SOL, DOT, AND ATOM are likely to all go in this direction, and TRON is the first mover position. This is not to raise TRX, but to reprice Crypto TRON used to be seen as a payment infrastructure, but this time the ETF may change its pricing logic. From a highly active fuel coin to a structured asset with stable income. The question behind this is: is the market ready to embrace on-chain yields as a full-fledged asset class that can be allocated? Canary isn't riding the heat, they're rushing to the entrance of a new generation of ETFs. And this race has just begun. Behind all this, I have to say: Brother Sun is indeed one of the earliest and most determined evangelists in the crypto industry! @justinsuntron @trondaocn #TronEcoStar