Many people on Uniswap are excited because they’re buying $TSLA, $AAPL, $NVDA—but most of them aren’t buying actual shares. An issuer deposits the real share into custody and gives you a wrapper that tracks its price. You have no voting rights; you don’t own the actual share. What you hold is not Apple or Tesla itself, but a representative of it. The real mechanics only become clear when the exchange closes. The weekend arrives—Nasdaq is closed, but the tokens keep trading. People load up thinking they’re buying Tesla, and the token price surges above the actual share price. This is called a premium. Then Monday comes—and the gap closes. Who pockets that difference? This is what most people miss. In most models, the redemption gate to exchange your token for the actual share isn’t open to everyone. There’s KYC, allowlists, authorized institutions, and market makers. You can buy and sell the wrapper. But when the premium opens, it’s typically these entities—market makers and authorized parties—who arbitrage the difference against the real share. So the issue isn’t whether Tesla will rise or Apple will fall. Did you buy Apple—or did you buy a token that tracks Apple’s price?