Karken announced the acquisition of BackedFi, the parent company of xStocks, a stock tokenization project. Currently, Ondo, xStocks, and Robinhood are competing for dominance in the market. The solutions for these three companies are based on a tracking price model of underlying custody of stocks and on chain mapping of tokens. However, Robinhood needs to be excluded first because it is still in LAN mode and can only buy, hold, and sell tokens. It cannot be sent to any wallet or platform other than Robinhood, nor can it be integrated into any third-party exchange Dex， There is no Defi gameplay. The main reason for this is not only compliance issues, but also because Robinhood itself is an exchange, and naturally needs to "restrict" the tokens issued by itself from being traded elsewhere. Ondo and xStocks take a different route from Robinhood, not responsible for where the specific trading process occurs, but standing at the forefront of asset standards and issuance positions, so they can be more open and permissionless. Other CEX and DEX have become their channel partners, and more importantly, they can participate in more gameplay in the Defi ecosystem by freely transferring the assets they mint. Ondo is already very familiar to everyone. The following figure shows the data of xStocks, which is currently running very well. It can be seen that CEX is the main contributor to the vast majority of trading volume. Like Ondo, which is bound to Bitget, the main trading volume of xStocks is dominated by Kraken, who is also an investor in xStocks and has now been fully bound together after the official acquisition. In addition, Gate and Bybit are the two exchanges. The following is a screenshot of Kraken's app, which directly opened a separate section for xStocks in the asset category and placed it in front of forex. It can be seen that the weight given is very high, and Kraken itself is a European compliant exchange, so it also gives xStocks compliance endorsement. Unlike Ondo, xStocks has clearly stated that it will not issue coins and its stock assets will be issued for free without any hidden fees. Additionally, because the actual real stocks are held by xStocks, the final dividends of the stocks will also be given to xStocks. However, according to the document description, xStocks will not profit from the dividends, but will re mortgage them, which means that under the premise of 1:1 mortgage, they will gradually over mortgage, and the number of xStocks held by users will increase. At present, the trading scenario of stock tokenization is mainly in contracts, so high market value and low volatility are more suitable. Unlike Ondo's leap forward style of thousands of shares on the chain, xStocks is relatively restrained, currently only having more than 60 stocks. In addition to compliance, it also focuses more on real demand. The holdings of tokens corresponding to Tesla, Circle, and Nvidia rank among the top three.