Prismatic

A different material, bonded to the same shell

The prismatic layer of a shell is calcite grown on a different schedule from the nacre behind it. A tokenised equity on a 24‑hour chain is the same arrangement, and every hard problem on this desk is the schedule.

unset No listing, no pricing rule, and no desk. This page exists to say why.

The arithmetic

Open 32.5 hours of 168

A US equity’s reference venue trades 09:30 to 16:00 Eastern, 5 days a week. The chain does not stop.

00:0006:0012:0018:0024:00 Mon Tue Wed Thu Fri Sat Sun
One row per weekday, not one column: seven columns of twenty-four rows breaks the session into seven vertical slivers, which is the opposite of the shape this section is about. The venue is open 19.3% of the week. For the other 135.5 hours — 80.7% — the token trades and the thing it references does not.

What is unspecified

  • The price while the venue is shut. There is no accepted answer. Quote the last close and you are quoting a stale number for four fifths of the week; quote the on-chain pool and you are quoting a number nobody can arbitrage against the real asset until Monday.
  • A quote beside a token must be that token’s price. Showing the reference equity’s last trade next to a token that trades elsewhere is rule 9, and it is the single most common thing this category does. It also silently values any total computed from it.
  • Corporate actions. Splits, dividends and halts happen on the venue’s clock and have no defined on-chain handling here.
  • Which redemption promise survives the weekend. “Redeem any block” is a claim about a contract. It is not a claim about whatever the assets are ultimately deployed into, and that distinction is rule 13.