Reading the chain
Utility
The whole premise of this chain is that a token stands for a share. Every dashboard here will tell you what the token costs. None of them will tell you what the share costs, so none of them can tell you whether the two have drifted apart. Assay does that one thing.
The signed distance, in basis points, between the deepest pool’s mid and the underlying’s last print. Positive means you are paying more for the token than the share costs.
Right now the widest is TSLA at +70.4 bps.
The same share sits in several pools that never speak to each other. The gap between the cheapest and the dearest is money left on the table by whoever routes badly.
MSTR venues disagree by 85.5 bps.
The equity market prints for six and a half hours a day. The pools never close. For the other seventeen and a half, plus weekends, the on-chain price is an opinion with nothing to be wrong against.
How much of that drift survives the opening bell is the number worth having. It needs history first.
A 35 bps premium on a $5,000 order is $17.50 handed over for nothing. You cannot see it on any venue, because the venue only knows its own price.
A position entered on Friday evening is priced against a reference that stopped moving at 16:00. The gap that opens by Monday is real and, until now, unmeasured.
Bots read a pool and execute. None of them check the pool against the outside world. That is what the Hallmark guard is for — a contract that refuses the trade instead of warning about it.
The basis series across sessions is the only genuinely new dataset here. It answers whether tokenized equity tracks equity, which is the question the entire chain is a bet on.
The chain leg can be recomputed by anyone with an RPC. The reference leg cannot — it comes from outside, and that is the single thing Assay asks you to believe. It ships with its source, its print timestamp and its age in seconds, everywhere it appears. Removing even that is the point of the attester bond.