From the background to the foreground: the future of on-chain brokers in the era of stock tokenization

Tokenization of stocks is no longer a distant future — it is the reality of today. Kinbafrank recently published a detailed analysis on X about how this process is radically transforming the architecture of digital financial markets. A year ago, the analyst predicted that major traditional exchanges — Nasdaq and NYSE — would soon build bridges between off-chain and on-chain ecosystems. The predictions came true: today, these giants along with DTCC are actively developing their own tokenized versions of securities, ready for integration on the blockchain.

This transformation fundamentally changes the landscape of competition. If previously on-chain platforms had to create wrappers for stocks themselves, now official standardized tokens are appearing on the market. Such developments mean that the differences in technological infrastructure, which previously served as a competitive advantage, are fading into the background, losing their former sharpness.

Competition shifts to the user interface

When the background ceases to be a differentiator, attention shifts to the frontend. This is where the real battle for users unfolds. Key areas of competitive struggle are being reshaped around several axes:

User experience becomes the main battlefield. Platforms compete in interface quality, intuitive navigation, and transaction speed.

Market expansion requires brokers to diversify geographically and adapt to local regulatory requirements.

Innovative commission schemes attract new users with more aggressive offers.

The path to a super-application: innovative financial instruments

On-chain brokers are not limited to simple trading of tokenized stocks. Platforms are beginning to offer users a variety of credit instruments — from different margin lending schemes to advance payments. Especially interesting are innovative trading models emerging thanks to the nature of blockchain:

• Perpetual futures contracts on stocks
• Options strategies
• Binary options
• Collateralized lending
• Other DeFi protocol architectures

This mosaic of tools paves the way for even more creative solutions in tokenized asset trading. As technology develops, entirely new models of interaction with financial instruments are not excluded.

The concept of a convergent platform — a so-called super-application that combines the full range of financial services under one roof — comes to the forefront. Such a universal platform should enable users to trade not only stocks and bonds but also crypto assets, precious metals, agricultural futures, commodity derivatives, and forex instruments.

Competition for attracting and retaining traffic is becoming increasingly dynamic. On-chain brokers are beginning to borrow proven web strategies from traditional internet fintech companies, adapting them to the specifics of decentralized networks. Mastery in managing user engagement becomes just as important as technical expertise.

The future of on-chain brokers is determined not by what is hidden behind the background of technological solutions, but by how platforms organize interaction with clients on the visible layer. The winners in this segment will be those who can create the most convenient, innovative, and multifunctional ecosystem of financial services.