Job's not finished. $HYPE $STOCK "The Blockchain To House All Finance" Hyperliquid aims to be an on-chain platform for all assets, not limited to native crypto assets. After pushing for the development of trading Native BTC on Hyperliquid, Unit now turns its attention to the tokenization of stocks STO. Stock tokenization is not a new concept; Coinbase proposed it as early as 2020. At that time, due to an unfriendly regulatory environment towards the crypto industry and the SEC's lawsuit, the plan was shelved. In January this year, Jesse, the head of Base, proposed deploying Coinbase tokens on the Base chain. In February, the SEC dropped its lawsuit against Coinbase, marking a shift in regulatory attitude. The topic of securities tokenization STO is an old issue, and Mint Ventures recently had a podcast with @xuxiaopengmint and @mindaoyang discussing many insightful and inspiring points. Key takeaways and remaining questions: 1. The demand for traditional stocks among cryptocurrency users may not be very strong. In past cycles, the trading volume of synthetic stock assets like FTX/Mirror was not high. Even the $COIN token recently released on Base faces liquidity issues and detachment from its peg. Ultimately, it depends on people. Have cryptocurrency players changed this cycle? With the volatility of BTC and assets gradually becoming more like US stocks, it seems players are more willing to accept Tradfi. The mentions of US stocks and treasury bonds by young players have increased significantly compared to the last cycle, where meme players had a different attitude after making money. In the last cycle, there was more disdain for Tradfi, but this time, due to the collapse of value projects and meme projects that deceived the crypto spirit, people are more pragmatic, willing to earn money wherever possible, so acceptance has increased. On CT, more people are allocating assets to US/Hong Kong stocks, showing a significant shift in mindset. If you could avoid the exchange rate friction and legal risks between USDT <-> fiat (and liquidity is sufficient), would you be willing to buy stocks like $MSTR $MiXue Group directly with the money you earn in the crypto world? I think this demand is still weak, and we should wait and see. 2. @mindaoyang mentioned a concept of "stock empowerment" while guesting at Mint Ventures. For example, after Coinbase issues an STO, will it be used to empower $COIN with Basechain? Turning stocks from mere "shareholder warrants" into assets with utility. This requires companies actively issuing STOs to have the motivation to empower, otherwise, if it's just a regular on-chain asset mapping, it would be like previous attempts, is there really a demand? Is it a pseudo-demand? If Hyperliquid takes the lead in STO and aggregates into a powerful asset trading platform, various Defi protocols can be developed on top of it, forming new asset value circulation. This value might have more possibilities due to the interaction with real-world value from Web2 companies. Perhaps with the relaxation of regulations in this cycle, we will see something new and different in the next four years, with everything on-chain, siphoning everything.