Core concepts and business structure
Understand the relationship between stock liquidity, on-chain issuance, and asset access, liquidity execution, and on-chain management.
What is on-chain issuance infrastructure?
On-chain issuance is the process in which a project sets issuance rules, distributes tokens, and records related transactions through the blockchain. The launchpad planned by Stock X hopes to further connect assets, funds and transaction execution to provide support for project issuance and continued trading after issuance.
Its focus includes: where support funds come from, how quotations and transaction depth are formed, and how funds and transaction processes are managed and verified.
How to understand stock liquidity?
Stock liquidity generally describes the ease with which stocks can be bought and sold in the market. In Stock X’s plan, stock assets may also provide deployable funds for the on-chain market through eligible financing and capital allocation arrangements.
This process requires the cooperation of securities firms, custody, financing and transaction execution. Holding stocks does not mean that you already have on-chain liquidity, and the value of stock assets cannot be directly equated to the scale of funds available for market making.
How do the three-tier architecture work together?
The following is the proposed business structure, and each link is subject to actual access and disclosure.
| level | Main responsibilities | Problems you want to solve |
|---|---|---|
| Asset access layer | Connect stock positions, market prices, transaction execution and custody reconciliation | What are the underlying assets, who holds them, and whether the records are consistent |
| Liquidity execution layer | Organizing financing, capital allocation, quotation and transaction depth | How to convert eligible asset support into available trading funds |
| On-chain management | Manage issuance rules, fund allocation, authority and settlement records | How to use funds, how to settle transactions, and how to verify the process |
The three-tier architecture needs to work together: asset access provides the basis for valuation and disclosure, liquidity execution organizes funds and transactions, and on-chain management records and constrains business processes. On-chain records still need to be continuously checked against off-chain asset status.
Key Concepts in Trading and Risk Management
| concept | What it means in project planning |
|---|---|
| Inquiry transaction (RFQ) | Inquiry to the quoter based on specific transaction needs, and then complete the transaction according to applicable conditions. |
| Liquidity pool | Organize funds together according to rules to provide available liquidity for transactions; prices and transaction conditions depend on the specific mechanism |
| Professional market making | Support market transactions through buying and selling quotations and inventory management. The actual depth is affected by funds, market conditions and risk limits. |
| collateral haircut | When assessing the amount of financing available, discount the asset valuation to leave room for price fluctuations |
| exposure limit | Limit exposure to single asset or market risks and control capital concentration |
| financial buffer | Keep funds available to deal with settlement time differences, market fluctuations or temporary liquidity needs |
| price oracle | Provide external price information to smart contracts, and its data quality and update frequency affect on-chain judgments |
These concepts are used to explain the target architecture and do not mean that the relevant services have been launched, nor do they constitute a guarantee of transaction depth or revenue.
What is the relationship between stock assets and project tokens?
Stock assets support specific financing and liquidity arrangements; the value of the project token is still determined by its own rights, business and market.
Project tokens do not automatically represent stock ownership, nor are they unconditional stock redemption certificates. Specific rights and obligations require clear business arrangements and information disclosure, and cannot be derived solely from the concept of “stock liquidity”.
STOCKX, on-chain SAI, NQA demo points and RMB AI service balance belong to different categories and are displayed separately. There is no mixed valuation, and there is no new exchange relationship due to project positioning.
The relationship between Tuven and Stock X
According to the project party’s information, Tuven is oriented towards the digitization of global real-world assets, while Stock X focuses on on-chain issuance and liquidity infrastructure in the ecosystem. Ecological positioning describes the development direction of the project and does not mean that all businesses have been migrated or deployed; actual on-chain operations are still subject to the network and contract information confirmed by the wallet.