According to CoinMeta, Wu said that a research report published by Binance Research indicates that the tokenized stock market is shifting from a race of issuance to a race of distribution and usage. The key findings include: the market value of active tokenized stocks has grown by 314% to $4 billion since the beginning of the year; monthly trading volume in August increased from $237 million in January to $7.9 billion; the turnover rate has risen from 0.23 times to 2.14 times. The combined share of bstocks and Robinhood in tracking issuer trading volume has increased from 0.8% in June to 82.3% in August, and to 87.8% since September. Tokenized stocks are becoming more active. TVL has increased from $21.6 million to $289.1 million, with its proportion of active market value rising from 2.2% to 7.2%, of which 65.4% is in liquidity pools and 28.1% is in lending. The report suggests that the amount of issuance itself does not determine the fate of liquidity. The stronger platforms will be those that can convert users into tokenized stock users, retain liquidity after issuance, and provide additional uses on the chain. Subsequent attention should be paid to indicators such as retention rates, turnover rates, market depth, net inflows, utilization rates, and cross-product conversions.