Absolutely agree with Han. Early projects like @GainsNetwork_io & Mirror Protocol were subject to regulatory headwinds, oracle delays & tail risk. Perp 2.0 projects like @OstiumLabs, @HyperliquidX, @Lighter_xyz, @variational_io are all bringing the next generation of equities & indices on chain for leverage..and a clear winner has yet to launch, must less be christened. For reference, yesterday, a fren asked why I would want to trade on chain equities vs in my brokerage. 🧠Answer: Equities are historically less performant than crypto so leverage is required to achieve similar gains...on the other hand, equities are of interest bc the deep liquidity make them far more prone to TA rules and strategies. Furthermore, stable coins are inherently easier to move than fiat. On chain equities avoids fracturing liquidity and permits use of yield baring stable coins when not being actively traded. Stacking returns to cold storage plus avoid the pain point of cex/brokerage off ramping also a key factor.