#去中心化金融体系 Seeing Figure issuing stocks natively on Solana and getting SEC approval is indeed worth pondering. But I have to say—don't be fooled by words like "decentralized" and "self-custody."

I've seen this logic too many times before. In the early days, someone told me about "free on-chain trading" and "not controlled by institutions." And what happened? The project team ran away, liquidity dried up, and all that's left in your "self-managed wallet" are a bunch of worthless tokens. Decentralization sounds great, but it also means no one is backing you up—if something goes wrong, who’s responsible?

The interesting part of the Figure case is that it’s bridging traditional finance and on-chain assets. SEC approval, reputable background, usable for DeFi collateral lending—all are plus points. But precisely because of that, the risks are hidden.

The problem is: when equity can be freely traded on ATS and used for lending, volatility is amplified infinitely. Leverage arbitrage, flash loan attacks, price manipulation—these old on-chain tricks will still happen, just in a different guise.

My advice is simple: if you're genuinely interested in these kinds of products, ask yourself three questions. First, do you truly understand the fundamentals of Figure itself? Second, can you withstand the risk of this equity being rapidly dumped on-chain? Third, is the trading depth and liquidity of the ATS platform truly sufficient, or will it become the next scene for rug pulls?

Decentralization does not mean risk-free; it just shifts the risk from institutions to the participants themselves. Those who last long are never the most aggressive ones.