Recently, @xStocksFi, launched by @BackedFi and listed on several CEXs including @Bybit_Official, achieved an on-chain trading volume of $600 million and a CEX trading volume of $3.6 billion within a month of its launch. It's time to evaluate my understanding of xStocks: 1) Simply put, xStocks is a tokenization solution for US stocks, but it is not just about "putting assets on-chain"; it aims to reconstruct the infrastructure of stock trading in a web3-native way. The native aspect is reflected in: 1. Time dimension: US stocks can be bought and sold 24/7, breaking the time limitations that traditional brokers have; 2. Atomic fund flow: Users can trade TSLAx and AAPLx directly with USDT, without the need for fiat deposits and withdrawals, and without waiting for T+2 settlement. 3. Asset control: Unlike the centralized custody of assets by traditional brokers, xStocks allows users to choose self-custody through a 1:1 full support and bankruptcy isolation structure, truly giving them control over their assets. Coupled with Chainlink's PoR reserve proof, asset security becomes transparent and verifiable. 4. Integration of DeFi composability: Users can use TSLAx as collateral for loans, provide liquidity on Uniswap to earn fees, and even arbitrage between CEX and DEX. The efficiency of DeFi composability can be replicated. 2) As an important partner platform for xStocks, the role of Bybit exchange has also changed: users can trade commodities, indices, and equities in addition to crypto assets on Bybit's unified interface, allowing them to go long on Apple, short on gold, trade the S&P 500, and switch back to Bitcoin all within the same account. This means that the trading systems that users previously had to switch between the stock market and the crypto space have been integrated, which not only optimizes the user trading experience but also elevates CEXs, allowing users to proudly become "US stock traders." This hybrid model of "crypto-native + traditional finance" retains the flexibility and efficiency of crypto while introducing the mature product forms of traditional finance. It sounds quite fresh and fun. 3) Finally, let's discuss a question: what can this integration achieve? On the surface, it can bring in incremental users, but is the user profile the stock trading needs of crypto users or the crypto asset trading needs of US stock users? In fact, both exist, but at least xStocks breaks the binary opposition of user labels. Originally, crypto users found traditional finance cumbersome, while US stock users thought crypto assets were too aggressive. The emergence of xStocks has created an intersection between these two parallel worlds. This results in a true PMF (Product-Market Fit), accelerating the triadic ecosystem of TradFi, DeFi, and CeFi through the product innovation of Backed Finance and the platform support of CEXs like Bybit. This sounds like it has meaningful attempts at implementation.