Tokenized stock markets are now showing interesting phenomena: a leading exchange holds an absolute advantage in Ondo trading volume, accounting for nearly 90% of the traffic.

What does this indicate? The RWA/tokenized stock track has entered the "liquidity is king" stage.

Why is the concentration so high? The logic is quite straightforward—

The essence of tokenized stocks remains high-frequency trading assets, which require matching mechanisms, trading depth, and system stability. In other words, investors will naturally gravitate toward platforms that have the most "exchange-like" qualities. Good liquidity → small spreads → better trading experience → attracting more participants → forming positive feedback. Once a platform establishes this advantage, it becomes very difficult for later entrants to break through.

This also reflects the rapid maturation of the RWA market: traders are no longer solely pursuing "innovative concepts," but are pragmatically choosing places that can truly provide trading liquidity.