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Cat is out of the bag. USDE on lighter / qfex trading +20% up during the weekend after an already +20% over the week This has been the bet i've been talking about to subscribers. I believe that there is room for a DAT round 2 but for good DATs. Please see chart below - PURR is a very good example of the zeroxkyle™️ chart I did a factorial breakdown of good DATs vs bad DATs and I think there will be alpha in DAT selection. Obviously now most DATS are repricing because of their underlying token going up - beta widening effect. But again, see the chart below of a really good DAT - PURR led the way amidst uncertainty and was the first to breach ATHs - following my chart of intrinsic value perfectly. First wave -> second wave. Most DATs pumped to insane prices last year, and I doubt they will reach there again. Interestingly though, the good DATs all launched post DAT season last year - so meaning that they didn't actually even experience "the first wave" ; they launched in a bear market environment where DATs were over and money was convinced it was over, and hence probably has a low ownership / holder base. Factorial breakdown is as such of what makes a good DAT: 1. The token is rising and earns real cash flow. This is the biggest driver. Every winner's token rallied, and no management team beat a falling token. 2. No debt. This decides who survives. Debt forced ETHZilla and Strategy to sell their tokens. 3. A sponsor aligned with the protocol. PURR is Paradigm-backed. 4. Capital discipline: issue shares only above NAV, and buy back below it. This protects per-share value but doesn't create upside on its own; 5. Being the biggest vehicle for its token. This picks the winner among DATs on the same token (PURR beat HYPD) 6. On-chain activity on top, like validators and staking. It's only a bonus: you can do alot of this and still lag Lastly, and most importantly, whether they are aligned and have good mgmt team. I believe DATs round 2 no longer should focus on increasing XXX per share for protocols - because you are not acquiring commodities. I believe increasing X per share really only works for BTC and maybe L1s, but mainly BTC, because you want to "own more of BTC" and the thesis of BTC is akin to gold, so you really just want to own more gold. Whereas for altcoins, it's very different, and we are slowly moving to a world where alts are akin to equity-like structures ; and so while increasing XX per share may be ONE of the goals of the DAT, it is not solely the main goal - instead the DAT has a lot of other opps to engage especially with tradfi counterparties and that's the one vertical we've seen success in for PURR - @standuquesne's fund buying PURR, etc. Hence there's a lot of other biz outcomes that can do well besides the whole mNAV play - and so that's what I think will drive DATs round 2 and alpha generation in the DAT scene. The two most obvious DATs that are doing this right now to me are just PURR and hence, USDE. Smart money is also in this - as per @HighCoinviction tweet: nitter.gq/HighCoinviction/status… "There is no longer a locked token discount for USDE. Path to 1.0x mNAV is inevitable, which would imply double to triple from here. If $ENA price goes up we are going much higher."