Why do we say the new wave of 'on-chain narrative' is already here? 1) The infrastructure for stock tokenization is basically ready, with platforms like xStocks, Binance (bStocks), OKX (Unified Tokenized Stocks), Ondo, Robinhood Chain, Hyperliquid/Lighter's on-chain Perps, OKX Wallet/Fomo Wallet, and more; 2) Moving stocks on-chain will spark a lot of composable innovation experiments. For example, using stocks as collateral to borrow stablecoins, creating LPs with stocks and MEME tokens, using trading fees to buy stocks, airdropping trend assets, OHM Ve(3,3) mechanisms based on stock-backed bonds, using trading fees as margin for Perps, and so on. Tons of composable innovation ideas are being designed by new brokerage-style minds; 3) Robinhood Chain's experimental innovations are happening, Base needs to fight hard to prove itself, Solana might once again amplify this stock-backed MEME trend, and BSC is waiting for the bull market to make a big move. The competition among these blockchains will act as a catalyst to ignite the narrative of stock-tokenized assets going on-chain. Wave after wave, we've already seen several bubble-blowing processes that prove one thing: the crypto industry is the cold-start battlefield for all hard infrastructure (stablecoins + asset tokenization + x402 payments). Once the entry point and issuance infrastructure for TradFi assets going on-chain are sorted out, leveraging Perps and a series of innovative incentives (points, airdrops, tax schemes, etc.) to drive 'distribution' will become the lifeblood of the crypto industry. Oh, and if you think this isn't intense enough yet, add the following boosters: The delayed Clarity Act + the finalized but not yet implemented SEC-compliant ICO exemption pathway + CFTC's potential market-structuring policy drivers that could drop at any time.