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Price Discovery Challenges

A price means more when people actually trade at it

Market Structure · Lesson 3.4

Price discovery is how a market settles on a price through many trades made close together. Large public stocks trade continuously, so their prices update all day. Many tokenized assets trade far less often, sometimes once a day or less, so the last traded price can be hours or days old. Funds publish a net asset value, and oracles bring that value and other reference prices onchain. These figures are useful, but they are valuations and reported numbers, not prices set by active trading.

Wally’s note: price: 'current'. last trade: last tuesday.

Check when a price was last set by a real trade. For many RWAs, the number you see is a valuation, not a market price.

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