Native vs. Non-Native Matters Over the past few days, as the SEC signaled plans to open up on-chain US stocks, a flood of RWA projects have started pumping. But this raises some fascinating questions: Are these RWA projects truly native? 🌟 @HypeliquidX — The Only True God At least, the largest trading volume for all on-chain US stocks comes from @tradexyz, and reportedly, @unitxyz has stopped issuing tokens. Essentially, everything is being built natively on HyperLiquid. All value accrual flows directly to HyperLiquid:native—after all, HYPE’s buyback mechanism is permanently enabled, regardless of market conditions. And it’s fully native: every dollar earned is undeniably from crypto, and every transaction is transparently visible on-chain. Clearly, most of the fees are hardcoded specifically for buybacks. 🌟 @OndoFinance — The Token Is the Token, the Business Is the Business ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 is currently the most comprehensive project linking to US stocks—arguably unmatched. All its US stock exposures are 1:1, not synthetic assets. But here’s the issue: the revenue generated from US stocks has zero connection to its token. What’s the token’s purpose? Simply to allow investors and the team to sell. Many tokens this cycle follow this same model: two separate entities. One entity issues the token—to appease investors and provide team stipends. The other runs the core business, quietly collecting steady revenue. Many are betting that @OndoFinance’s team will eventually enable fee distribution to ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3. But is that realistic? Would a team that consistently dumps its token at predictable intervals really share its profits with holders? 🌟 Other RWA Projects Most others overlap with these two models—some are perp DEXes, others focus on RWA. In essence, they’re all very similar. The real question remains: Is it native? Is there real trading volume? Are people actually using it? Look at how HyperLiquid:native’s pump lifted the entire perp DEX space—yet second-place aster-2:native didn’t budge an inch, showing no interest in helping CZ break even. In short, it’s clear who truly benefits from opening up US stocks on-chain ✍️. Of course, CEXs are also involved—but here’s the real question: Which platform token would you buy? 😄