On-chain IPO is finally no longer just a concept; traditional companies have started to move their offerings to tokenized securities exchanges. For the crypto community, the focus is not just on "another piece of news," but on the fact that the stock issuance process is also beginning to move onto the blockchain. The presence of RWA (Real-World Assets) will continue to grow. The key question now is whether these types of offerings can truly generate trading volume and liquidity.