When it comes to US stock contracts, Binance still has the best liquidity. Simply put, it effectively reduces slippage and transaction costs for large trades, which is the most practical choice for users. On-chain perpetual US stocks are on the rise, with more people playing and the market growing bigger. Why? Because US stocks have a level of certainty that’s not as easily manipulated as cryptocurrencies. I think that’s the main reason. Take Sandisk perpetuals, for example: nearly 90% of the funds are on exchanges, with 60% on Binance. The contract depth is leading the entire market— The one-sided OI is about $626 million, accounting for 59.5% of exchanges, and the trading volume over the past 7 days is around $16.7 billion. It’s no longer about one exchange dominating; it’s about one exchange outperforming all the others combined. I can only imagine how much pressure other exchanges are under. But competition is a good thing—it drives better products through healthy rivalry. You can really feel it: whenever Binance decides to push a business hard, they can achieve market-leading dominance. For example, look at how Binance is now heavily promoting the development of TradFi perpetuals. On one hand, they’re continuously expanding and deepening popular assets, allowing real funds and trading volumes to truly settle. On the other hand, they’re integrating new market categories into the same trading experience, enabling users to connect to more global assets through a single account, lowering barriers and making global investing more convenient. I think the most important thing is that users feel secure using it, while also gaining convenience and benefits. That’s the most genuine need of users.