Nasdaq Plans to Launch 23-Hour Trading, Paving the Final Stretch for On-Chain Stocks and Tokenized Assets

marsbitPubblicato 2025-12-17Pubblicato ultima volta 2025-12-17

Introduzione

Nasdaq has submitted a proposal to the SEC to extend U.S. stock trading hours to 23 hours per day, effectively formalizing overnight trading. This move is seen as a step toward preparing the market infrastructure for future 24/7 on-chain stock trading and asset tokenization. Key implications include: - Improved accessibility for retail investors, enabling trading across more time zones without waiting for traditional market hours. - Enhanced performance for on-chain stock platforms (e.g., Ondo Finance, StableStock), as their broker-mediated transactions will align with extended market hours, ensuring smoother and more liquid operations. - Stronger support for DeFi protocols, as near-24-hour official pricing improves oracle reliability for lending, derivatives, and other decentralized applications. - Better risk management for brokers and market makers, who can hedge positions throughout most of the day, leading to smoother pricing and deeper on-chain liquidity. This shift signals accelerating momentum toward on-chain equities and tokenized assets.

Just saw a very interesting piece of news:

A few hours ago, Nasdaq officially filed documents with the SEC, planning to extend U.S. stock trading hours to 23 hours per day, formally incorporating the "night session" into the official trading system.

Hmm? Are you trying to set the stage for the 7x24 "on-chain stocks" and "tokenized assets" market two years from now, starting with 5x23?

Simply put, it currently looks like the image above. If approved, it will change to the image below.

If it really gets approved, the impact will be significant:

1. Retail Investors - First and foremost, the experience for retail investors will improve. No more staying up late waiting for the market to open; they can buy and sell during the day too.

And this enhanced experience isn’t limited to Futu and Tiger Brokers. It applies equally if you’re using on-chain U.S. stocks like Ondo Finance or StableStock. This is because, fundamentally, your buying and selling are executed through their brokers acting as intermediaries. This is also the underlying mechanism for "on-chain U.S. stocks having no slippage and infinite liquidity," as they are backed by the NYSE and Nasdaq. As long as broker transactions become smoother, your on-chain actions will naturally become smoother too.

2. DeFi - Previously, the low liquidity and trading volume in pre-market and after-hours sessions affected the composability of on-chain U.S. stocks in DeFi, as the price discovery mechanism was in a "downgraded mode" during non-trading hours. Now, with nearly 24-hour official markets, it will provide the most authoritative and uninterrupted "price oracle" for future DeFi protocols (such as lending and derivatives).

3. Brokers/MMs for On-Chain U.S. Stocks - These brokers and market makers will now be able to hedge in the U.S. stock market for 23 hours, making the price curve smoother. Market makers can provide deeper liquidity on-chain around the clock without worrying about extreme risks. Unlike before, where a major event or black swan during the pre-market hours left prices unreflected and nowhere to run, forcing everyone to wait for the market to open.

The era of on-chain U.S. stocks and the tokenization of everything is undeniably drawing closer.

Domande pertinenti

QWhat is Nasdaq's plan for extending trading hours, as mentioned in the article?

ANasdaq has submitted a proposal to the SEC to extend U.S. stock trading hours to 23 hours per day, effectively incorporating overnight trading into the official system.

QHow would extended trading hours benefit retail investors according to the article?

ARetail investors would have a better experience as they wouldn't need to wait for the market to open, allowing them to trade during their daytime hours more conveniently.

QWhat impact would near-24-hour trading have on DeFi protocols?

AIt would provide a more authoritative and continuous price oracle for DeFi protocols (like lending and derivatives), improving price discovery mechanisms during previously low-liquidity periods.

QHow do on-chain U.S. stock platforms like Ondo Finance achieve 'slippage-free' and 'infinite liquidity'?

AThey achieve this through brokers who execute buy/sell orders on their behalf, connecting to traditional exchanges like NYSE and Nasdaq, so extended trading hours make on-chain actions smoother.

QWhy is the extended trading window beneficial for brokers and market makers in the on-chain stock space?

AIt allows them to hedge in the U.S. stock market for 23 hours, leading to smoother price curves and deeper on-chain liquidity without worrying as much about extreme risks during off-hours.

Letture associate

Beaten SK Hynix Employees in China: Year-end Bonus Less Than 5% of Korean Staff's

"SK Hynix Chinese Staff Hit Hard: Bonuses Less Than 5% of Korean Counterparts" Driven by the AI boom, South Korea's SK Hynix is experiencing record performance, with media reports predicting massive year-end bonuses for its employees, making them highly desirable in the matchmaking market. However, this prosperity starkly contrasts with the situation for the company's Chinese employees. According to reports, SK Hynix operates under a rule allocating 10% of operating profit for employee bonuses. While projections suggest Korean employees could receive bonuses reaching millions of RMB, a Chinese employee with over a decade of technical experience revealed the disparity: "If they get 3 million, Chinese staff get less than 5% of that." After adjustments based on KPI ratings, this employee's highest bonus was slightly over 100,000 RMB. Bonuses are paid annually in Korea but semi-annually in China. During the industry downturn in 2023-2024, Chinese employees received no bonus at all. The gap extends beyond bonuses. Recruitment posts for SK Hynix's Chinese factories (in Wuxi, Dalian, Chongqing) show engineer monthly salaries ranging from 10,000 to 35,000 RMB, with a 13th-month salary promised. Chinese employees also receive standard benefits like annual leave but lack stock incentives, which are reportedly unavailable to them. Furthermore, management positions in China are predominantly held by Korean personnel, though industry observers note a gradual increase in local middle managers over time. SK Hynix has confirmed the 10% bonus rule but cautioned that specific future bonus amounts remain unpredictable. The company forecasts strong demand for HBM and other high-value enterprise products for the next 2-3 years, driven by AI infrastructure investment. This focus on business-to-business markets may continue to constrain supply for consumer products, potentially prolonging price increases for components like memory.

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"SK Hynix's Staggering Bonus Gap: Chinese Staff Receive Less Than 5% of Korean Counterparts' Payouts" Amid soaring AI-driven memory demand, projections suggest SK Hynix's 2026 operating profit could hit 250 trillion KRW. Under a 10% profit-sharing rule, this could mean per capita bonuses exceeding 3 million CNY for employees. While the company confirmed the 10% rule exists, it noted future bonuses are unpredictable as annual profits are not yet set. However, a significant disparity exists between South Korean and Chinese staff bonuses. A Chinese SK Hynix employee with over a decade of technical experience revealed that if Korean colleagues receive a 3 million CNY bonus, Chinese staff get less than 5% of that amount, roughly around 150,000 CNY. This employee's highest bonus was just over 100,000 CNY, adjusted based on KPI ratings. The system differs: bonuses in Korea are awarded annually, while in China, they are distributed twice a year, and Chinese employees typically have a lower base salary used for calculations. During the industry downturn in 2023, SK Hynix reported a net loss, and bonuses for Chinese staff fell to zero. Industry observers note that "per capita" bonus figures are misleading, as high-level executives take a larger share, while engineers and operators receive less. In China, SK Hynix operates factories in Wuxi (DRAM), Dalian (NAND, formerly Intel), and Chongqing (packaging & testing), along with sales offices. Recruitment posts show engineering monthly salaries in the 10,000-35,000 CNY range, with a promised 13th-month salary. Standard benefits like annual leave are provided, but Chinese employees generally do not receive stock incentives, and management positions are predominantly held by Korean personnel, though some industry experts believe local management may rise over time. Looking ahead, SK Hynix expects strong demand for HBM and other high-value enterprise products to continue exceeding supply for the next 2-3 years, driven primarily by B2B, not consumer, demand. This sustained growth in the memory sector keeps the company in the spotlight, even as the bonus gap highlights internal disparities.

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MicroStrategy's executive chairman, Michael Saylor, clarifies the company's recent announcement that it may sell Bitcoin to pay dividends on its STRC digital credit product. He emphasizes this does not make MicroStrategy a net seller of Bitcoin. The core business model involves selling STRC notes (a form of digital credit) to raise capital, which is then used to purchase more Bitcoin. Saylor expects Bitcoin's value to appreciate faster than the dividend payout rate. Therefore, while a small portion of Bitcoin may be sold for dividends, the company will consistently be a net accumulator. For example, in April, the company raised $3.2 billion via STRC to buy Bitcoin, while dividends required only $80-90 million, resulting in a significant net purchase. Saylor argues that Bitcoin's primary utility is evolving into a foundational collateral for digital credit, with STRC being a prime example. He notes that STRC now constitutes a majority of the U.S. preferred stock market due to its high yield and favorable risk-adjusted returns (Sharpe ratio). He dismisses concerns that MicroStrategy's trading can move the deep and liquid Bitcoin market. Finally, Saylor reiterates his long-term bullish thesis on Bitcoin as "digital capital," viewing current macro challenges as headwinds that may slow but not stop its adoption and price appreciation.

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