My views on tokenized stocks have never changed from the beginning until now, but almost none of the tokenized stock platforms can address these issues: 1. Can they actually deliver? If delivery isn’t possible, then there’s absolutely no room for arbitrage. If delivery isn’t possible, it means that these so-called 'on-chain stocks' have nothing to do with real stocks. At best, they’re just knockoff tokens with the same name as the actual stock. Since delivery isn’t possible, the price of on-chain stocks and the actual stock price are almost never aligned. What’s even scarier is that when liquidity is insufficient, the price gap can be massive. The most infamous example was on October 11, when the price deviation of a certain gold product went through the roof. 2. Where does the liquidity come from? Many tokenized stock companies avoid addressing this question. While many use the PFOF (Payment for Order Flow) model, PFOF relies heavily on market makers. How many market makers are there? Are they compliant? What’s the quality of their liquidity? Nobody knows. This means that if a platform has only one market maker and that market maker disappears, you could lose everything. And let’s not forget, the PFOF model itself is designed for market makers to profit—the spread is primarily what they earn. Not to mention some trading platforms have slippage rates of 2% to 5%—basically turning them into a Meme-level joke. 3. The structure of financial derivatives. I’ve seen a few tokenized stock platforms that have already launched on-chain stock contracts. Let me put it this way—it might sound a bit one-sided, but the better ones are essentially users betting against each other, while the worse ones are users betting against the platform. If real stocks don’t involve contracts or high leverage, they basically have nothing to do with the actual stock. Some platforms essentially rely on contracts and price manipulation (liquidity operations) to profit from user losses. Think about it: the token is issued by them, the liquidity is provided by them, and the correlation is a complete mess. They can liquidate you however they want. If these issues can’t be resolved, then tokenized stock platforms are just what they are—nothing more.