The prototype of on-chain Nasdaq is emerging! trade.xyz pre-prices AI star new stocks, and traditional financial pricing power is being eroded.

ME News, on May 15th (UTC+8), Cerebras Systems (CBRS), an AI chip newcomer nicknamed the “Nvidia Challenger,” officially began trading on Nasdaq last night. It surged to $350 at the open, nearly doubling from its IPO offer price of $185.

Before that, however, the Pre-IPO perpetual contracts on trade.xyz had already priced CBRS hours— and even weeks— in advance. Starting at 10 PM last night, trading volume for CBRS stock contracts on the platform jumped sharply, and the stock price quickly climbed from the $290 range to $380. Trading then remained highly active, with hourly trading turnover nearing $100 million.

Meanwhile, on Nasdaq, CBRS stock was still in the trading-matching and pricing stage, and ordinary investors could only officially trade the stock starting at 1 AM.

As of the time of publication, CBRS contracts on trade.xyz had generated $280 million in 24-hour trading volume and $57.77 million in open interest, making them the platform’s fourth most active stock contract.

trade.xyz uses perpetual contracts to achieve continuous trading and real-time price discovery that traditional finance cannot reach, while also allowing ordinary investors to participate in new stock pricing weeks ahead of time. This means the gray-market and roadshow models of traditional finance IPOs are being disrupted by on-chain finance, and traditional pricing power is gradually being eroded.

(Source: BlockBeats)