The biggest problem now is price anchoring. Although 24-hour on chain trading is not a problem, the real challenge is how to ensure that the on chain prices are synchronized with the underlying stocks after the US stock market opens, especially the tracking of pre - and post market prices. Even though prices can correspond instantly, due to limited liquidity and depth, price deviations on the chain are easy to occur. To maintain consistency, it is almost necessary to rely on manual intervention or delivery capabilities at a certain point. However, this also involves KYC and regulatory issues, which are difficult to operate in reality. That's also why I've been talking about the importance of on chain brokers, and the core of on chain brokers is compliance. Speaking of liquidity, this issue is more complex and fundamental. Currently, any solution ultimately relies on market makers. Whether it is the fund pool model (independent pricing) or PFOF style on chain matching (relying entirely on market maker quotes), both depth and trading volume are limited by the size and profitability of the market makers. Big market makers are fine, but if small market makers lose money, they run away and the market immediately becomes imbalanced. When I was working on BTCFi, I also considered how to anchor MSTR and IBIT on the chain, but in the end, I found that there was no particularly reasonable solution. Either we relied on aggregate trading and manual intervention, centralized matching systems, or simply let ourselves go. Because it is impossible to build a mechanism that is both decentralized and has real anchoring capabilities, it has been temporarily put on hold. At present, all coin and stock on chain solutions on the market are facing the same challenges. Unless fully SEC compliant and centralized, I cannot think of a better solution at the moment.