Suppose you are the financial head of a publicly listed company, holding a large amount of digital assets. If left idle, these assets will turn into 'dead money' on the books, quietly eroded daily by inflation and opportunity costs.

Sell and convert to cash? Not only could it miss future appreciation potential, but it could also raise shareholder doubts and tax issues.

👉 At this point, the DAT model comes into play (some ideas are sourced from @Calderaxyz's tweets):

1️⃣ What it is: when the market value exceeds the net value of on-chain crypto assets, the company raises funds through stock issuance, issuing convertible bonds, etc., and then uses the proceeds to buy more cryptocurrencies;

2️⃣ What to do: increase the per-share token holdings, allowing shareholders to indirectly own increasing crypto assets over time;

3️⃣ Sources of returns: in addition to rising cryptocurrency prices, it also includes staking rewards, DeFi yields, etc.;

In short, the DAT model has equipped funds with a 'turbo engine'—enterprises no longer just passively hold but directly invest assets into on-chain financial markets (DeFi) to obtain on-chain returns.

However, the traditional financing method commonly used by DAT: relying on PIPE financing → continuously buying assets → risk of equity dilution.

If deeply integrated with DeFi or focusing more on DeFi, companies can invest part of their cryptocurrencies (such as ETH, BTC) into on-chain protocols to earn returns, thus enhancing asset returns without diluting equity.

At the same time, Caldera also pointed out a core pain point of current DeFi: the best DeFi yields are distributed across multiple chains, and single binding may miss better yield opportunities.

⭐ And provided its ideas and solutions:

1️⃣ Home Base: DAT can choose compliant chains (Kinto), high liquidity chains (Manta Pacific), or Ethereum mainnet/L2 as the capital home port;

2️⃣ Cross-chain scheduling capital: instantly bridging from the home port to other chains to capture short-term returns, with future support for complex strategies at the level of flash loans;

3️⃣ Access to an expanding ecosystem: BNB Chain, Base, etc., have already joined, and with new chains joining, a unified on-chain capital market is formed;

4️⃣ Unified perspective operation: DAT can operate like a global macro fund, using multi-chain management layers like Metalayer as the control center to dynamically move assets to optimal positions;

5️⃣ With Caldera's Rollup Engine, DAT can even deploy its own high-performance chain, seamlessly communicating with Metalayer, acting as both market participants and market infrastructure holders.

🌟 In the future, DeFi-enabled DAT can participate in RWA mortgage loans, cross-chain arbitrage, ecological incubation, and other activities in compliant markets, potentially igniting a new round of crypto flywheel!

1️⃣ Core strategy: bind to emerging Rollups, inject capital to kickstart the ecosystem.

2️⃣ Flywheel mechanism: a large influx of TVL → lowers borrowing rates → attracts users to migrate → trading volume/income rises → DAT earns ecological tokens/fees.

Note: The above is for information sharing only and is not investment advice. Please conduct your own research!

DeFi enthusiasts chasing new narratives: BitHappy