令牌股票：革新金融中的流动性和令牌化

通过解决流动性挑战并简化资产令牌化以提高市场效率，探索如何通过应对流动性挑战并简化资产令牌来改变金融。

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严重的结构性问题。让我们深入了解令牌化股票，流动性和令牌化的动态，看看真正发生了什么。

The Promise and Pitfalls of Tokenized Stocks

令牌股的承诺和陷阱

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链，但最初的结果是混合的袋子。尽管这个概念是有希望的，但早期模型仍在应对重大挑战：流动性，广泛的价差和持续的价格差异。为什么会发生这种情况？

Liquidity Constraints and Pricing Dislocations

流动性限制和定价脱位

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.

主要问题之一是市场深度有限。例如，AAPL的令牌化版本最近显示出$ 195的深度，然后才达到2％的滑倒，利差约为0.64％。在某一时刻，它甚至比基本股票价格的溢价14.92％。这些不仅仅是暂时的打ic；它们反映了当前结构中的基本局限性。

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.

高摩擦铸造和救赎机制可防止有效的套利。没有无缝套利，二级市场价格不可避免地与基本的参考价格有所不同。我们已经看到了与稳定的问题相似的问题，即使是完全支持的问题，由于封闭式救赎和缓慢的套利，即使是完全支持的问题。

Ondo Global Markets: A Different Approach

Ondo全球市场：另一种方法

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全球市场（“ Ondo GM”）通过确保从公​​共市场继承而不是重新创建流动性来正面应对这些挑战。他们的方法涉及通过基本股票和ETF确保的完全支持的代币，从而使投资者获得传统市场的流动性。当您通过Ondo GM购买TSLA时，Stablecoins资助了购买，TSLA将在纳斯达克购买，您立即获得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.

代币化现实世界中的资产需要从一开始就解决流动性。 Ondo GM提供了这一点，可在数百个股票中提供无缝的链上访问传统的交换流动性。

Robinhood's Bold Move into Tokenized Assets

Robinhood大胆地进入令牌资产

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已正式针对欧盟和EEA用户的令牌化股票和ETF启动了其交易服务，这标志着区块链和加密货币市场迈出了重要一步。这使欧洲投资者可以使用200多个受欢迎的股票，包括苹果，Nvidia和Microsoft等巨头，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.

该平台允许用户24/7的真实股票的代币版本，将当地货币转换为美元的0.1％FX费用。最初，这些令牌是在仲裁网络上发出的，利用其低费用和快速交易速度。 Robinhood计划在2025年末或2026年初将此功能迁移到其自己的专有第2层区块链，并将其基础设施进一步整合到分散的金融生态系统中。

Strategic Token Minting and Market Enthusiasm

战略令牌铸造和市场热情

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已经发布了数千个仲裁股票代币，包括代表Openai股份的代币。尽管不是正式的“测试网”，但分析师将其视为验证令牌发行模型的技术架构和执行过程的试点。每个股票代币都提供对基础资产的经济风险，包括股息支付，但不授予投票权。

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.

市场对Robinhood的宣布做出了积极回应。该公司的股票在6月30日上涨了12％以上，并在2025年对150％的股份增长，这是由于其战略性扩大到加密和令牌资产的推动力。来自KeyBanc和Deutsche Bank等公司的分析师提高了其价格目标，将Robinhood作为投资者的“必须拥有”的股票，以押注传统财务和区块链的融合。

Katana: Revolutionizing DeFi with Innovation and Sustainability

Katana：通过创新和可持续性彻底改变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.

卡塔纳（Katana）是第2层区块链，已正式启动其主网，为分散融资（DEFI）设定了新的标准。卡塔纳（Katana）的首次亮相已超过2亿美元，已成为Defi领域中资本最多的发射之一，强调了其解决流动性挑战并提高资本效率的潜力。

Addressing Liquidity Challenges in DeFi

解决DEFI中的流动性挑战

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通过旨在优化流动性和资本效率的创新机制来解决流动性问题。 Vaultbridge允许用户对基于以太坊的资产产生收益，而链持有的流动性（COL）保留了净序列人费，并将其转换为流动性储备，从而促进了长期稳定性。

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还推出了“生产性TVL”，该指标专注于积极部署到产生产生策略的资本，从而更准确地表示平台的影响。它的区块链不稳定的设计可实现交叉链产量的生成，使用户能够在多个生态系统中最大化回报。

The Future of Tokenization

令牌化的未来

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.

摩根大通的区块链机Kinexys正在与标准普尔全球商品见解合作，以探索碳信用额的管理和发行的令牌化。该计划的重点是区块链如何处理信用生命周期管理，数据兼容性和注册表访问，旨在建立标准化的基础设施，从而提高透明度和市场流动性。

Final Thoughts

最后的想法

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!

令牌化股票仍处于早期阶段，但潜力是不可否认的。尽管仍然存在挑战，但像Ondo GM，Robinhood和Katana这样的创新解决方案正在为更流动，高效和可及的财务未来铺平道路。这就像看着互联网再次建造，但这一次，一切都与金融有关。系好，因为这将是一个疯狂的旅程！