Original | Odaily (@OdailyChina）
Author | Asher (@Asher_0210）
Yesterday, Kraken was the first to support xStocks, allowing users to trade 60 tokenized US stocks on the platform; Bybit quickly followed, launching popular US stocks like AAPL, TSLA, and NVDA; Robinhood also announced support for US stock trading on the blockchain and plans to launch its own blockchain.
This bustling scene is in stark contrast to the quiet meme market. Recently, meme tokens have been lacking in new project hype, old projects show no activity, and even the daily discussion communities are almost empty. Opening social groups feels like entering a retirement channel. Gradually, I've completely given up and embraced a laid-back lifestyle.
Just as I was adapting to this zen life - I scrolled and saw the US stock section on GMGN.
At first, I thought I was seeing things. Upon clicking, I saw CRCL, AAPL, TSLA, AMZN, NVDA neatly listed in the market (just with an added x suffix). I even checked GMGN's Official Twitter and confirmed they had indeed launched on-chain US stock trading, supported by xStocks, where users can buy popular US stocks with SOL in one click. The familiar interface, unfamiliar trading pairs - in that moment, I suddenly had an illusion: I had become a "traditional" trader.
Honestly, when I saw those 60+ tokenized US stocks on GMGN, I was excited. The news about BTC and ETH ETFs had indeed stirred my emotions, but ultimately, it felt distant for an on-chain retail investor like me. This time is different - I can directly buy AAPL and sell TSLA on GMGN, watching NVDA's price fluctuations while eating - who would have imagined this "trading US stocks on-chain" just days ago?
I even started to fantasize:
The SOL in my wallet is no longer just a virtual currency, but my ticket to Wall Street;
Each on-chain trade is like knocking on a secret door to NASDAQ;
No more worrying about lack of on-chain meme token opportunities;
Future conversations would shift from "Can this on-chain meme be bought?" to "What do you think about NVIDIA's earnings tonight?"
But I quickly calmed down. After all, trading is about details. After experiencing it, the trader's filter shattered, with liquidity being the biggest issue.Currently, 10 US stock trading pairs on GMGN have user participation, but only 5 pairs have liquidity pools over $100,000, with SPYx (S&P 500 index) having the best liquidity, with a token market cap under $4 million and a liquidity pool of only $1.6 million.
Embracing new things, this is still just the beginning stage. On-chain US stock trading technically bypasses traditional broker complexities, breaking barriers like KYC, account restrictions, and T+1 settlement - you just need an on-chain wallet to participate. Moreover, liquidity issues can be gradually improved through liquidity rewards and token airdrops. After all, compared to previous on-chain meme tokens, tokenized US stocks have relatively stable price movements and are less prone to significant volatility.
My current strategy is to set alerts for a few stocks on TradingView and GMGN. If, due to liquidity issues, the on-chain price is more than 3 points lower than the actual stock price, I'll start making small, incremental purchases. I'm also closely monitoring US stock trading hours and major events like earnings reports or macroeconomic data releases, as these moments often amplify price differences between on-chain and traditional markets due to liquidity issues, creating more short-term opportunities.
Overall, this strategy of alert-based, small incremental purchases allows me to participate in on-chain US stock trading arbitrage opportunities while effectively mitigating potential risks from liquidity issues - a prudent approach suitable for the current market environment.
Regardless, I'm no longer just a small-time player. I am an on-chain US stock trader.
