I wonder if my friends still remember that I have talked a lot about RWA-related content in recent days. I have always believed that simply putting US stocks on-chain is not the focus of RWA or the development of on-chain brokerages. One important aspect is that the volatility brought by mature US stocks is not enough to excite cryptocurrency users who are accustomed to high leverage and contracts. Because I firmly believe that either bringing new assets or bringing scarce assets is the most important.

Recently, I came across a project focused on the Pre-IPO field, @JarsyInc, which is involved in the issuance of scarce assets, especially the ability to sell a portion of SpaceX's pre-issued shares on-chain. Although this is not the ideal issuance model for on-chain brokerages in my mind, it does provide users with opportunities for high returns. I checked, and the SpaceX shares sold by Jarsy are purchased from existing shareholders (such as early investors, institutions, or employees) through the secondary market. This method complies with SpaceX's transfer restrictions as a private company and can be traded normally.

Jarsy deposits the shares as reserves in the company, and users participating in the pre-sale only represent economic rights (such as value growth or IPO redemption benefits), rather than directly owning voting rights or ownership. This avoids SpaceX's approval for the transfer of each token, as from the company's perspective, the shares are still held by Jarsy LLC. Investors can buy and sell this "note" token on the platform at any time. If SpaceX's IPO is successful, Jarsy will settle equivalent returns to the token holders in stablecoins based on market prices.

Jarsy acquires these scarce internal stocks of companies that are about to go public and sells them on-chain. From the user's perspective, this indeed solves the problem that most ordinary users cannot participate in early investments in excellent companies, and waiting for the high prices after the IPO may lead to being trapped. The Pre-IPO price often still has some room for profit.

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