# Сопутствующие статьи по теме ETF

Новостной центр HTX предлагает последние статьи и углубленный анализ по "ETF", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

This article analyzes three distinct approaches to on-chain tokenization of traditional assets like stocks and ETFs: Ondo Finance, xStocks (by Backed Finance, now Kraken-owned), and Hyperliquid's HIP-3. Ondo Finance employs an institutional-grade, indirect tokenization model. An offshore SPV holds the underlying stocks, issuing on-chain structured notes that represent economic exposure but not legal ownership. It features atomic settlement, instant minting/redemption, and requires KYC for accredited non-US investors. xStocks targets the retail market with a multi-chain, composable model. Similar to Ondo, it uses a 1:1 backed debt instrument structure (tracking certificates) issued by a Jersey-based SPV. It emphasizes self-custody, ease of access with no specific KYC for trading, and integrates a novel "xChange" engine to bridge TradFi liquidity into DeFi. Hyperliquid's HIP-3 offers a fundamentally different, permissionless model for creating perpetual futures markets on any asset. It requires no underlying custody of assets. Instead, it provides synthetic price exposure through oracle-fed perpetual contracts, allowing high leverage and 24/7 trading. It functions as a decentralized infrastructure layer for market creators. The piece concludes that these protocols are not in direct competition but serve different purposes: Ondo and xStocks offer economic ownership and redemption, while Hyperliquid provides leveraged synthetic trading. The common thread is expanding access and composability for on-chain users.

marsbit03/11 10:03

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

marsbit03/11 10:03

活动图片