Onchain trading is starting to move prices on the NYSE. Base's Jesse Pollak says it works because their tokenized stocks are real shares, not derivatives "The tokenized equities product that we structured is not a derivative. It doesn't use debt. It doesn't have any kind of crazy overhang. It is a fully backed security that gives the holders voting rights, that gives them dividends." "There's no risk of one company holding a big voting block on behalf of all the people. There's no risk of them structuring weird debt things that could actually hurt the stock. People are buying the stock." "We've actually started to see days, and this is mostly on the smaller side of stocks, where there's more volume on Base for the long tail of assets than there is on the traditional venues, and where demand on Base is actually then driving price appreciation in the traditional venues like the New York Stock Exchange." "It's the early signs that, because of our intentionality, there's going to be proof points that prove here's how international access helps expand your holder base in a way that's good for you."