On-chain stocks have been really hot lately. But in the short term, this seems like another Celestia-style "great beauty trap": the narrative is sexy enough, but the reality is bland and tasteless. The truly successful coin stocks, like MicroStrategy and Sharplink, rely on the "big pool beating the small pool" strategy; as long as 1% flows into the "small pool," it can create huge waves. Conversely, no matter how much the funds in the small pool shift around, it's hard to create any ripples. It's like how Temu sells small commodities from Yiwu to 200 million Americans, but you've never heard of anyone selling American refrigerators to the 2 million residents of Yiwu. Most crypto users who really know how to play the U.S. stock market still choose Interactive Brokers or Futu. The on-chain "U.S. stocks" are more like derivatives of narrative farming, unless you're one of the few smart ones using on-chain to avoid taxes. The real watershed moment will be when you can open high-leverage perpetual contracts for U.S. stocks on-chain. Only when volatility rises does the "volume" start.