ratio at which tokens exchange — the signal that coordinates supply and demand. feeds into cap and value
price is information compressed into a single number. when two neurons agree on a ratio — one token for another — the resulting price encodes their combined assessment of relative value. millions of such exchanges aggregate into a market price that no individual neuron could compute alone
in cyber, prices emerge at multiple layers. coins have prices on bonding curves and decentralized exchanges — these are the economic layer. cards have prices on secondary markets — these are the epistemic layer, where knowledge claims trade at ratios that reflect perceived quality. even focus has an implicit price: the cost in staked tokens required to shift a particle's rank
bonding curves produce continuous, deterministic pricing. the ICBS defines price as a function of supply: as more tokens are minted into a bonding curve, the marginal price rises. this mechanism ensures that early conviction is cheaper than late consensus — the price curve rewards discovery
price feeds back into the cybergraph. souls can read on-chain prices and use them as inputs for autonomous linking strategies. a soul that monitors the price of a card and creates cyberlinks when that price diverges from its model is performing arbitrage across the epistemic and economic layers simultaneously
the relationship between price and value is asymptotic. price reflects the last marginal exchange; value reflects the integral of all future utility. price converges toward value as information propagates through the network, but the convergence is never complete — the gap between price and value is where learning happens
price multiplied by supply yields cap. cap is the aggregate claim, but price is the marginal signal. the two measures are complementary: cap tells you the total; price tells you the edge
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