The future of stock issuance is on-chain. On-chain IPOs will happen natively on blockchain, not on traditional exchanges. From that moment, the chain becomes the real magnet for top-tier traditional capital. This will not take place on legacy centralized stock markets. It will not take place on centralized crypto exchanges either. The major CEXes we know today are likely approaching a growth plateau or outright decline. Adding "stock tokens" does not change the equation. Those products still use traditional stocks as bait to attract crypto retail and users previously locked out of US stocks. They will not attract serious traditional finance capital. The real capital migration is the opposite of the last cycle. Top institutional and mainstream capital is moving on-chain. Crypto retail growth has already flattened and in many places is declining. Every centralized crypto exchange, famous or obscure, has reached the point where further structural growth becomes extremely difficult. The blockchains positioned to host these On-chain IPOs and absorb the incoming wave of traditional capital are currently Solana and the Robinhood chain, with Base as a potential third contender. Meanwhile, traditional venues like Nasdaq and the NYSE will likely evolve into a role similar to what centralized crypto exchanges play today: selective gatekeepers that pick the strongest on-chain stock tokens and list them in traditional markets. That secondary listing layer will help those tokens attract even larger pools of institutional capital and push them toward mega-cap status.