Just saw this news: THE SEC IS STRONGLY PUSHING FOR ALLOWING STOCKS TO TRADE ONCHAIN, WITH TRADING TO "BEGIN QUICKLY.\nPreviously, the SEC said that it was likely to be 2027 before stocks could be on-chain, and it should at least happen after the NASDAQ 7/24 trading goes live in 2026. Some issues regarding stocks going on-chain haven't been thought through yet, so I'm posting this to see if there are many knowledgeable people around.\n\n1. On which chain will this happen?\n\n1. Will it be a new self-created chain?\n\nThere is a 99% chance it won't be a new one. The consensus mechanism is a big issue, whether it's PoS, PoW, or something else; a reliable consensus mechanism cannot be determined in a short time. Additionally, the operational stability of the blockchain also needs time to be validated. If a self-created chain doesn't require a consensus mechanism, why not just extend the existing conditions to 7/24?\nCurrently, the main reason for trading time restrictions is due to settlement and clearing processes, operational maintenance issues, and considerations to reduce volatility during non-core trading hours. The first two can be solved by blockchain mechanisms, and for the last one, since the SEC has indicated it wants to promote stocks going on-chain, it shows they are not too concerned about potential volatility issues due to reduced trading volume during non-trading hours.\nSince the SEC has chosen to promote stocks going on-chain, it is to leverage blockchain to solve clearing, settlement, and operational maintenance issues, to capture more trading users, and lower the threshold. I believe there is a third point: they want to indirectly support blockchain assets on Wall Street. Therefore, it is highly unlikely to be a self-created chain; it would be best if it were an existing chain controlled by American interest groups.\n\n2. Which chain has the highest probability?\n\nSome hard indicators for alternatives: mainstream, maximum TPS at least above 5000 (2023 daily average trading volume of 75 million transactions, divided by trading time of 23,400 seconds), GAS must be low; soft indicators: reliable validation nodes, assets controlled by the U.S.\n\n1) Base chain\n\nETH Layer 2, strong reliability, it is the chain of the exchange Coinbase, the team has experience in running exchanges, Wall Street insiders.\n\n2) Sol\n\nTheoretical maximum TPS is high, strong reliability, widely used enough to be mainstream, potential to capture a large user base. Wall Street insiders.\n\n3) ONDO\n\nIt is a public chain specifically for this business, the permissioned validators mechanism is very reliable, can be controlled by itself, not too sure if it is Wall Street insiders.\n\n2. After it happens on-chain, besides public chain tokens, which infrastructures will benefit?\n\nExchanges. But this is likely to be done in-house, not using third parties.\nOracles. LINK, Pyth, API3, Redstone, etc.\n\n3. Are there currently applications doing stock tokenization, and could they be directly used, or would it be a negative?\n\nONDO, SYNTHETIX. The adoption possibility of ONDO is higher; it's hard to judge before results come out, but if it's not ONDO, it should undoubtedly be negative.\n\n4. Is stock tokenization a real demand? Will the usage habits of stock traders change?