According to CoinMeta, in its latest research report, Citrini Research states that the on-chainization of traditional financial assets such as stocks, bonds, and loans will create new market opportunities for trading, lending, and payments. Compared to BTC and ETH, platforms and enterprises that can directly generate transaction fee revenue from on-chain financial activities are likely to benefit more. The targets it is optimistic about include listed companies such as Coinbase, Robinhood, Circle, Securitize, as well as crypto projects like Ondo, AAVE, UNI, Ethfi, PENDLE. It also pays attention to perpetual contract platforms such as HyperLiquid, Lighter, and Variational. Citrini emphasizes that an increase in on-chain trading volume does not necessarily lead to an increase in token prices; the key lies in the protocol's revenue model, the allocation of fees, and whether token holders can share in the profits. Liquidity dispersion, security risks, and legal issues surrounding tokenized stocks remain major obstacles.