jakiro
Author: Haotian; Source: @tmel0211
Let’s talk about the current dilemma and subsequent evolution trends of DATs (Digital Assets Treasuries):
Let’s talk about the dilemma first: Originally, $MSTR was the first to take the lead. At that time, the spot channel of ETFs had not been opened yet. The forward flywheel of the micro-strategy allowed it to support mNAV 2-3 times or even higher.
However, the overall environment faced by followers including ETH and SOL is completely different. Even if mNAV continues to be sold at a discount below 1, many retail investors in the US stock market may not pay.
Because retail investors have better circulating spot options for ETFs, they do not need to be entangled with debt flywheels built by institutions. At the same time, BTC and ETH stockpiling institutions have not opened the door to Yield’s interest rate, so the risk of investing in DATs is not small;
The way out is clear.DATs must integrate various interest-generating mechanisms to turn Treasury from stagnant water to live money. It may be difficult to get through the debt leverage route of MSTR alone., It’s not that Tom Lee’s are not working hard, but that the overall environment has changed too much.
As for,Those small-scale DATs without Yield and without premiums either retreat after following the trend and hype without success, or face the unknown new rules of Nasdaq, which is so cruel.
This will be a great benefit for some financial products that integrate Crypto infra intra-TradFi directions., because these DATs players must take out the coins they hold to earn interest, andEthena Labs, Falcon Finance and other products that can do such matchmaking will definitely become the new favorites of Wall Street institutions..
This is why I’m very Bullish some of the innovations in financial products for Wall Street.
