Last month, AI chip company Cerebras went public.

That same early morning, before dawn in the U.S., before Asian markets opened.

An on-chain platform called trade xyz quietly launched CBRS perpetual contracts.

No announcement, no roadshow, no underwriters.

But someone started placing orders.

Hundreds of addresses, hundreds of transactions, forcibly creating an “on-chain price” within a few hours.

By the time Nasdaq sluggishly rang the opening bell at 9:30 a.m.—

Guess what?

The on-chain price was almost the same as Nasdaq’s opening price.

But it was several hours behind.

Who sets the price?

It’s not you. Not the investment banks. It’s the group of “ghost traders” who placed the first orders on the chain.

In the past, when a company went public, the price was calculated by the investment banks.

They held meetings for days, reviewed hundreds of pages of reports, and gave you an issue price.

Do you think that’s fair? No, but you had no choice.

Now?

Anyone can open a perpetual contract pool on the chain, and the whole world can trade on it.

The more trading there is, the more genuine the price.

By the time Nasdaq reacts, the on-chain price has already run three laps.

SpaceX’s $1.75 trillion valuation is one of the largest tech IPOs in recent years.

BlackRock claims it will invest $10 billion—sounds impressive, right?

But BlackRock still has to wait for Nasdaq to open.

Meanwhile, those on the chain might have started pricing half a day earlier.

In the future, the term “IPO” will disappear.

What you’re “subscribing” to is no longer a “new” stock, but the leftovers after on-chain pricing has ended.

Traditional institutions’ pricing power is now just a thin window.

Breaking through it isn’t a competitor, but a smart contract that requires no approval, no license, and no need to face anyone.

So what should ordinary people do?

Don’t worry; this is actually an opportunity for ordinary people—if you react quickly enough.

In the past, pricing power was in the hands of investment banks, and you couldn’t even touch the threshold.

Now, pricing power belongs to the first person to place an order.

You always think “on-chain front-running” is far from you.

But think back—

Three years ago, you also thought “ordinary people can’t get in on the Maotai IPO.”

And what happened?

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