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Two paths for stock tokenization: xStocks open model VS Robinhood compliance model
Two Paradigms of Stock Tokenization: Open DeFi and Compliance Walls
Stock tokenization has become an important trend in blockchain finance, driving the deep integration of traditional financial assets with the crypto world. Currently, two main models have emerged in the market: the open DeFi path represented by xStocks and the compliance walled garden path represented by Robinhood. These two models exhibit significant differences in their underlying logic, technical architecture, and business models.
1. The Underlying Logic of the Two Major Models
xStocks: Embracing the Open Road of Decentralized Finance
xStocks adopts a 1:1 asset-backed security token model. Its core features include:
Robinhood: Compliance-first "walled garden"
Robinhood adopts a derivatives contract-based token model. Its core features include:
2. Differences in Technical Architecture
Choosing a Layer 1 Blockchain
core technology components
Asset On-Chain and SPV Operation
The SPV operation process of xStocks includes: asset isolation, tokenization, token minting, token distribution, lifecycle management, redemption and destruction, ensuring a 1:1 correspondence between on-chain tokens and off-chain assets.
3. Business Model and Risk Assessment
business model
Risk Assessment
Both modes face risks from various aspects such as regulation, technology, market, and law, but their focus is different:
IV. Market Landscape and Future Outlook
Major Player Matrix
Market participants can be divided into three major camps:
Market Trends
In the future, open and closed models may coexist for a long time, serving different user groups. The game between technological innovation and regulatory adaptation will determine the speed of industry development. Stock tokenization is reshaping the global financial market, and all participants need to actively and prudently embrace this financial revolution.