There’s an arms race forming between Robinhood, Base, Binance and Solana around stock tokens and they’re leaning hard into the recent meme + stock token meta because it’s one of the fastest ways to bootstrap holders, attention, liquidity and distribution across the board.
Now you could argue they can all win because they each own the end user in some shape and can just push their own version of the stock token. That’s true of course.
But I think owning centralized front ends becomes less defensible over time as more activity/users moves onchain.
The power will eventually move to onchain front ends and defi infra like Phantom, Pump, Fomo or Uniswap, Meteora, PancakeSwap
Once that happens, onchain front ends will optimize for UX and likely abstract away all of the spacex tickers that you’re seeing and will only route to tickers internally with the best execution, liquidity or exclusive kickbacks
That means the real competition eventually becomes liquidity, reg setup, distribution and crypto alchemy like stock/meme pairs
The end state of tokenized stocks will be what we’re starting to see with stablecoins as one ticker or usd balance while wallets/routers decide which underlying stock ticker wins the order flow/placement