令牌股票：革新金融中的流動性和令牌化

通過解決流動性挑戰並簡化資產令牌化以提高市場效率，探索如何通過應對流動性挑戰並簡化資產令牌來改變金融。

Tokenized stocks are shaking up the financial world, but early models reveal some serious structural issues. Let's dive into the dynamics of tokenized stocks, liquidity, and tokenization, and see what's really going on.

令牌化股票正在振作金融界，但早期模型揭示了一些嚴重的結構性問題。讓我們深入了解令牌化股票，流動性和令牌化的動態，看看真正發生了什麼。

The Promise and Pitfalls of Tokenized Stocks

令牌股的承諾和陷阱

Tokenized stocks have recently made their debut on-chain, but the initial results are a mixed bag. While the concept is promising, early models are grappling with significant challenges: limited liquidity, wide spreads, and persistent price discrepancies. Why is this happening?

令牌化股票最近首次亮相鏈，但最初的結果是混合的袋子。儘管這個概念是有希望的，但早期模型仍在應對重大挑戰：流動性，廣泛的價差和持續的價格差異。為什麼會發生這種情況？

Liquidity Constraints and Pricing Dislocations

流動性限制和定價脫位

One of the main issues is severely limited market depth. For instance, a tokenized version of AAPL recently showed a mere $195 of depth before hitting 2% slippage, with spreads around 0.64%. At one point, it even traded at a 14.92% premium over the underlying equity price. These aren't just temporary hiccups; they reflect fundamental limitations in the current structure.

主要問題之一是市場深度有限。例如，AAPL的令牌化版本最近顯示出$ 195的深度，然後才達到2％的滑倒，利差約為0.64％。在某一時刻，它甚至比基本股票價格的溢價14.92％。這些不僅僅是暫時的打ic；它們反映了當前結構中的基本局限性。

High-friction minting and redemption mechanisms prevent efficient arbitrage. Without seamless arbitrage, secondary market prices inevitably diverge from the underlying reference prices. We've seen similar problems with stablecoins, where even fully backed ones can deviate from their peg due to gated redemptions and slow arbitrage.

高摩擦鑄造和救贖機制可防止有效的套利。沒有無縫套利，二級市場價格不可避免地與基本的參考價格有所不同。我們已經看到了與穩定的問題相似的問題，即使是完全支持的問題，由於封閉式救贖和緩慢的套利，即使是完全支持的問題。

Ondo Global Markets: A Different Approach

Ondo全球市場：另一種方法

Ondo Global Markets (“Ondo GM”) is tackling these challenges head-on by ensuring liquidity is inherited from public markets rather than recreated. Their approach involves fully backed tokens secured by underlying stocks and ETFs, giving investors access to the liquidity of traditional markets. When you buy TSLA via Ondo GM, stablecoins fund the purchase, TSLA is acquired on NASDAQ, and you instantly receive a TSLAon token.

Ondo全球市場（“ Ondo GM”）通過確保從公​​共市場繼承而不是重新創建流動性來正面應對這些挑戰。他們的方法涉及通過基本股票和ETF確保的完全支持的代幣，從而使投資者獲得傳統市場的流動性。當您通過Ondo GM購買TSLA時，Stablecoins資助了購買，TSLA將在納斯達克購買，您立即獲得TSLAON令牌。

Tokenizing real-world assets requires solving for liquidity from the get-go. Ondo GM delivers this, offering seamless on-chain access to traditional exchange liquidity across hundreds of stocks.

代幣化現實世界中的資產需要從一開始就解決流動性。 Ondo GM提供了這一點，可在數百個股票中提供無縫的鏈上訪問傳統的交換流動性。

Robinhood's Bold Move into Tokenized Assets

Robinhood大膽地進入令牌資產

Robinhood has officially launched its trading service for tokenized stocks and ETFs for users in the European Union and the EEA, marking a significant step into blockchain and crypto markets. This allows European investors to access over 200 popular U.S. stocks, including giants like Apple, Nvidia, and Microsoft, as well as private companies like OpenAI and SpaceX.

Robinhood已正式針對歐盟和EEA用戶的令牌化股票和ETF啟動了其交易服務，這標誌著區塊鍊和加密貨幣市場邁出了重要一步。這使歐洲投資者可以使用200多個受歡迎的股票，包括蘋果，Nvidia和Microsoft等巨頭，以及OpenAI和SpaceX等私人公司。

The platform allows users to trade tokenized versions of real stocks 24/7, with a small 0.1% FX fee for converting local currencies to U.S. dollars. Initially, these tokens are issued on the Arbitrum network, leveraging its low fees and fast transaction speeds. Robinhood plans to migrate this feature to its own proprietary Layer-2 blockchain by late 2025 or early 2026, further integrating its infrastructure into the decentralized finance ecosystem.

該平台允許用戶24/7的真實股票的代幣版本，將當地貨幣轉換為美元的0.1％FX費用。最初，這些令牌是在仲裁網絡上發出的，利用其低費用和快速交易速度。 Robinhood計劃在2025年末或2026年初將此功能遷移到其自己的專有第2層區塊鏈，並將其基礎設施進一步整合到分散的金融生態系統中。

Strategic Token Minting and Market Enthusiasm

戰略令牌鑄造和市場熱情

Robinhood has already issued thousands of stock tokens on Arbitrum, including tokens representing shares of OpenAI. While not officially a “testnet,” analysts see this as a pilot to validate the technical architecture and execution processes of the token issuance model. Each stock token offers economic exposure to the underlying asset, including dividend payments, but doesn't confer voting rights.

Robinhood已經發布了數千個仲裁股票代幣，包括代表Openai股份的代幣。儘管不是正式的“測試網”，但分析師將其視為驗證令牌發行模型的技術架構和執行過程的試點。每個股票代幣都提供對基礎資產的經濟風險，包括股息支付，但不授予投票權。

The market has responded positively to Robinhood's announcement. The company’s stock rose over 12% on June 30th and has appreciated over 150% in 2025, fueled by its strategic expansion into crypto and tokenized assets. Analysts from firms like KeyBanc and Deutsche Bank have raised their price targets, hailing Robinhood as a “must-own” stock for investors betting on the convergence of traditional finance and blockchain.

市場對Robinhood的宣布做出了積極回應。該公司的股票在6月30日上漲了12％以上，並在2025年對150％的股份增長，這是由於其戰略性擴大到加密和令牌資產的推動力。來自KeyBanc和Deutsche Bank等公司的分析師提高了其價格目標，將Robinhood作為投資者的“必須擁有”的股票，以押注傳統財務和區塊鏈的融合。

Katana: Revolutionizing DeFi with Innovation and Sustainability

Katana：通過創新和可持續性徹底改變Defi

Katana, a DeFi-first layer-2 blockchain, has officially launched its mainnet, setting a new standard in decentralized finance (DeFi). With over $200 million in pre-deposits, Katana’s debut has become one of the most capitalized launches in the DeFi space, underscoring its potential to address liquidity challenges and enhance capital efficiency.

卡塔納（Katana）是第2層區塊鏈，已正式啟動其主網，為分散融資（DEFI）設定了新的標準。卡塔納（Katana）的首次亮相已超過2億美元，已成為Defi領域中資本最多的發射之一，強調了其解決流動性挑戰並提高資本效率的潛力。

Addressing Liquidity Challenges in DeFi

解決DEFI中的流動性挑戰

Katana tackles liquidity issues through innovative mechanisms designed to optimize liquidity and capital efficiency. VaultBridge allows users to generate yield on Ethereum-based assets, while Chain-Owned Liquidity (CoL) retains net sequencer fees and converts them into liquidity reserves, promoting long-term stability.

Katana通過旨在優化流動性和資本效率的創新機制來解決流動性問題。 Vaultbridge允許用戶對基於以太坊的資產產生收益，而鏈持有的流動性（COL）保留了淨序列人費，並將其轉換為流動性儲備，從而促進了長期穩定性。

Katana also introduces 'productive TVL,' a metric that focuses on capital actively deployed into yield-generating strategies, offering a more accurate representation of a platform’s impact. Its blockchain-agnostic design enables cross-chain yield generation, allowing users to maximize returns across multiple ecosystems.

Katana還推出了“生產性TVL”，該指標專注於積極部署到產生產生策略的資本，從而更準確地表示平台的影響。它的區塊鏈不穩定的設計可實現交叉鏈產量的生成，使用戶能夠在多個生態系統中最大化回報。

The Future of Tokenization

令牌化的未來

JPMorgan's blockchain arm, Kinexys, is partnering with S&P Global Commodity Insights to explore tokenization for the management and issuance of carbon credits. This initiative focuses on how blockchain can handle credit lifecycle management, data compatibility, and registry access, aiming to establish standardized infrastructure that enhances transparency and market liquidity.

摩根大通的區塊鏈機Kinexys正在與標準普爾全球商品見解合作，以探索碳信用額的管理和發行的令牌化。該計劃的重點是區塊鏈如何處理信用生命週期管理，數據兼容性和註冊表訪問，旨在建立標準化的基礎設施，從而提高透明度和市場流動性。

Final Thoughts

最後的想法

Tokenized stocks are still in their early stages, but the potential is undeniable. While challenges remain, innovative solutions like those from Ondo GM, Robinhood, and Katana are paving the way for a more liquid, efficient, and accessible financial future. It’s like watching the internet being built all over again, but this time, it’s all about finance. Buckle up, because it's gonna be a wild ride!

令牌化股票仍處於早期階段，但潛力是不可否認的。儘管仍然存在挑戰，但像Ondo GM，Robinhood和Katana這樣的創新解決方案正在為更流動，高效和可及的財務未來鋪平道路。這就像看著互聯網再次建造，但這一次，一切都與金融有關。係好，因為這將是一個瘋狂的旅程！