On-chain trading is starting to affect stock prices on the NYSE.
Jesse Pollak of Base revealed an unusual phenomenon in some small-cap stocks: on certain trading days, trading volume for these stocks on Base has exceeded that on traditional trading venues, and on-chain buying has begun to push their NYSE prices higher.
He stressed that the tokenized stocks launched on Base are not derivatives, but securities fully backed by real shares.
Holders have voting and dividend rights. These stocks do not rely on debt structures, nor is there a company centrally holding a large block of voting rights on behalf of all users. What you buy is a stock—not a contract that tracks its price.
The change this brings is about more than just adding another trading channel.
Traditional stock markets are constrained by geography, account requirements, and trading hours. On-chain markets could give more international investors the opportunity to participate directly, broadening the shareholder base of listed companies.
For now, this phenomenon is mainly appearing in some long-tail, small-cap assets and remains an early signal.
But if on-chain liquidity can truly influence pricing in traditional markets, the boundaries of the stock market may be shifting: traditionally, exchanges determined prices; in the future, on-chain demand could also become a force in price formation.
Jesse Pollak of Base revealed an unusual phenomenon in some small-cap stocks: on certain trading days, trading volume for these stocks on Base has exceeded that on traditional trading venues, and on-chain buying has begun to push their NYSE prices higher.
He stressed that the tokenized stocks launched on Base are not derivatives, but securities fully backed by real shares.
Holders have voting and dividend rights. These stocks do not rely on debt structures, nor is there a company centrally holding a large block of voting rights on behalf of all users. What you buy is a stock—not a contract that tracks its price.
The change this brings is about more than just adding another trading channel.
Traditional stock markets are constrained by geography, account requirements, and trading hours. On-chain markets could give more international investors the opportunity to participate directly, broadening the shareholder base of listed companies.
For now, this phenomenon is mainly appearing in some long-tail, small-cap assets and remains an early signal.
But if on-chain liquidity can truly influence pricing in traditional markets, the boundaries of the stock market may be shifting: traditionally, exchanges determined prices; in the future, on-chain demand could also become a force in price formation.