jakiro
Author: Zhang Feng
We are standing at the dawn of a financial paradigm migration.The boundary between traditional finance (TradFi) and crypto finance (DeFi) was once like a wall of iron, but is now being pried open by the wedge of technology.The light that shines in this gap is called “coin-share linkage”.
However, it must be clear that the currency-stock linkage discussed and practiced in the current market is only the initial stage of this grand narrative.It is like telegraph to the Internet and fax to video calls, and its form is initially taken, but it is far from touching its essence.The real currency-share linkage is not a simple price correlation or asset chaining, but a revolution of global value generation, discovery and resonance based on blockchain technology and community-based engine. Its ultimate form will be the total explosion of community-based value.
1. Blockchain—the cornerstone of reconstructing asset value linkage
To understand the future of currency-stock linkage, we must first examine the soil of its birth – blockchain technology.Blockchain is not only an accounting technology, but also a new organizational paradigm and value Internet.For the first time, it realized the uniqueness, right confirmation and programmability of value in the digital world, providing the possibility of “same-stage performances” of various assets.
In the traditional financial system, barriers between asset classes are severe.Stocks, bonds, commodities, real estate, etc. are traded on different exchanges, subject to different supervision, and through different intermediaries.Their value linkage is often indirect and lagging, and is mainly transmitted through macroeconomic signals (such as interest rates, inflation) and collective emotions in the market.This kind of linkage is vague, highly frictional, and difficult for ordinary investors to exploit.
The birth of blockchain has fundamentally changed this pattern.It creates a unified, global, 24/7 uninterrupted circulation of value.At this underlying level, any asset can be “tokenization”, that is, mapped into a standard, split, programmable digital credential.The equity of a company can be turned into tokens (tokenized stocks), the ownership of a famous painting can be turned into NFTs, and the income rights of a real estate can be turned into STOs (securities tokens).When everything can be tokenized and placed on the same programmable ledger, the linkage between assets will change from indirect, macro, to direct, micro, and composable.
The value linkage background based on blockchain is a prerequisite for the occurrence of currency-stock linkage.It means that the core assets (shares) of the traditional world and the value carrier (coins) native to the crypto world have the technical basis for dialogue, exchange and integration on the same dimension for the first time.This is not only a channel connection, but also a convergence of underlying logic.
2. The basic model of current coin-share development
At present, the currency-stock linkage we have seen is mainly manifested in the following primary modes:
Emotional transmission and related trading:This is the most superficial and universal linkage.When the stock prices of technology stocks, especially star companies related to blockchain and AI (such as Tesla and Nvidia), fluctuate significantly, it often drives the price movement of Bitcoin and related concept tokens in the same direction.The driving force of this linkage is the common change in market sentiment and risk appetite.Investors regard Bitcoin as a high-risk technology asset or macro hedging tool, and its trading logic is similar to growth stocks.However, this linkage is fragile and non-causal, and is easily broken by specific events (such as regulatory policies and industry black swans), showing the characteristics of “same rise when rising, and different when falling”.
Balance sheet linkage of listed companies:Typically, companies such as MicroStrategy include Bitcoin as a reserve asset on their balance sheet.At this time, the company’s stock price was directly linked to the value of the Bitcoin it holds.The rise in Bitcoin price means that the company’s assets will increase, which will theoretically drive the stock price to rise.This pattern is one step further than emotional transmission, creating financial hard links.But it is still one-way and static.It simply takes crypto assets as an account on traditional corporate financial statements and does not touch the core of corporate governance, value allocation and community ecology.
Preliminary attempts tokenize assets:For example, some institutions try to issue tokens representing stocks of listed companies (such as tokenized Tesla stocks).This enables the formal “on-chain” of assets, allowing investors to buy in cryptocurrency.However, most of these attempts are at the level of channel innovation. The essence is to make a “mirror map” of traditional assets on the blockchain. The rights, voting rights and dividend mechanisms behind them still fully follow the framework of the traditional corporate law.Blockchain is just a more efficient transmission pipeline here, not an engine for reconstructing production relations.
The fundamental limitation of these primary models is that they are still products dominated by “centralized” thinking.The main body of linkage is the asset price itself, and the driving force is the macro market and large institutions.Ordinary holders, whether they are shareholders or currency investors, are still passive price recipients.They cannot deeply participate in the process of creating asset value, and the linkage effect is separated from their own interactive behavior.This is like the early Internet, which simply electronicizes newspaper content, without giving birth to a new paradigm of content created by users like Wikipedia and YouTube.The real value linkage has not yet happened.
3. The ultimate logic of currency-stock linkage–the explosion of community-based value
When currency-stock linkage exceeds the initial stage of price linkage and enters the deep waters of deep integration, its ultimate feature will be to jump from “asset linkage” to “community linkage”.The real currency-share linkage is the explosion of community-based value.It will expand around the following three dimensions:
(I) The revolution in the way of value generation: from companies to DAO (decentralized autonomous organization)
The future “stocks” will no longer be just a certificate representing the remaining claim of a centralized company.It may evolve into a token representing the right to governance, contribution and benefits to a DAO.This DAO may be developing an open source protocol, operating a virtual world, or managing a global network of physical infrastructure.
In this case, the boundary between “coin” and “stock” becomes blurred.Holding a token means that you are the “shareholder” of this network.Your contribution (code, content, community management, liquidity provision) directly determines the value growth of the network and receives rewards in real time and transparency through smart contracts (more tokens).The generation of value is no longer a long process of company management formulating strategies, employee execution, and ultimately reflecting in financial reports, but a dynamic process of real-time collaboration and sharing between global community members.
For exampleA DAO aimed at building a decentralized physical infrastructure network (such as a 5G base station or charging pile), whose tokens represent both the ownership of the network (the nature of the stock) and also pay for the use of the network (the nature of the coins).Community members can either invest by purchasing tokens or “mine” to earn tokens by participating in deploying hardware devices.The success of the project is closely related to the behavior of each community member, and the value is generated and accumulated in every tiny contribution.
(II) The evolution of value discovery mechanism: from financial statements to on-chain data
In traditional stock markets, value discovery relies on quarterly, annual reports and analyst meetings, with information asymmetry severe and lagging.In the community-based currency-share linkage world, value discovery will be real-time, transparent, and based on on-chain data.
All key indicators such as a DAO’s treasury balance, revenue flow, distribution and lock-up of tokens, voting participation in governance proposals, and user growth of core products are publicly recorded on the blockchain.Any participant can analyze these data and value the project.The emotions of the community and the strength of consensus are no longer a vague concept, but indicators that can be quantified through on-chain activities (such as the number of addresses, transaction frequency, and Gas consumption).
This transparent value discovery mechanism allows the community to identify value earlier and more accurately, and quickly transform consensus into price signals through collective actions (buy, pledge, participation in governance).The explosion of value is no longer a one-man show for Wall Street giants, but a result of data-driven collective decision-making by global communities.
(III) Flywheel effect with mutual leverage of values: liquidity, governance and brand
The real currency-stock linkage will create a powerful flywheel effect, allowing liquidity, governance and brand value to leverage each other.
Liquidity leverage:Tokenized “stocks” traded 24/7 on global DEX (decentralized exchanges), gaining liquidity and audience far exceeding traditional stock markets.Higher liquidity attracts more investors and pushes up valuations, thereby feeding back to the development and operation of the community.
Governance leverage:Community holders directly determine the development direction of the project through voting (such as the use of treasury funds and technological upgrades).Efficient governance can quickly respond to market changes, create greater value, enhance community confidence, and further attract funds and talents.
Brand leverage:Every token holder is a community of interests and brand ambassador for the project.Their spontaneous publicity and network effects can form a communication power that is incomparable to traditional advertising.A strong community brand in turn enhances the value and appeal of the token.
Once this flywheel is activated, the value explosion will be exponential.It is no longer a linear relationship of “stock prices rise, so currency prices follow the rise”, but an exponential growth closed loop of “community active → value creation → price discovery → attract more community members → more active value creation”.
4. Moving towards a community-led value Internet
The current initial stage of currency-stock linkage, which mainly focuses on price correlation, is just the prelude to this great change.It allows us to see possibilities, but also exposes the limitations of the old paradigm.As the ultimate form of currency-stock linkage, its core is not technology or financial engineering, but “community”.
It means that the value of an asset will be deeply bound to the communities that create and support it.The “super assets” of the future are likely not issued by a great company, but are nurtured by a vibrant global DAO.Its value is no longer determined by the profits on the financial statements, but is defined by its network effects, community activity, governance efficiency and ecological prosperity.
This community-based value explosion will have a disruptive impact on the company system, regulatory framework and investment philosophy.The road must be tortuous, accompanied by huge uncertainty.But the trend is irreversible.When we talk about currency-stock linkage, what we are really talking about is the arrival of a more open, inclusive and efficient value Internet.In this network, everyone is no longer a bystander, but a co-creator, discoverer and sharer of value.This is the most exciting ultimate future for currency-stock linkage.
