on cake defi would be dnvdia?
It is not “backed” by the stock market. Defichain is a blockchain, it has created synthetic stocks assets that mirror actual stock in token form. You can read about it here. https://blog.defichain.com/what-are-decentralised-stock-tokens-and-how-do-they-work/
However, it needs oracles, which as explained by @DmgBautista to fetch and sync the external prices into the DEX. This syncing of oracle prices is valid when your open a vault to mint/create the stock tokens through loans and when you pay back the loan. On the DEX itself, when you buy/sell/swap/trade these dStock tokens, the prices will then move according to supply and demand. This is then known as DEX price.
Does this show up on the company valuations?
It does not. It has nothing to do with the company. It is a synthetic stock representation. Read the link I gave you. It explains what dAssets are and the reasons Defichain created them
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