Recently, Arthur Hayes mentioned that we have entered the middle of a bull market, and DAT (Decentralized Asset Tokenization Exchange/Company) may experience an outbreak of 'FTX-like incidents.'
Many people's first reaction is: Did the price crash?
But the real risk is not price volatility, but the 'chain of companies turning token market value into credit':
Market rises → Token appreciates → Using tokens as collateral for expansion (lending, market making, issuing new products)
Once liquidity or confidence reverses, this credit chain can break like a domino effect.
The ones that are in trouble are the balance sheet and trust in custody, not just the market situation.
🔎 Three signals to watch closely
Token unlocking and team selling pressure window
Company market value vs on-chain/custodial asset ratio (the greater the disparity, the more dangerous)
Stablecoin and market-making fund flow (whether short-term funds are overly fed into high-leverage platforms)
Three practical suggestions
Prioritize projects with real cash flow and transparent on-chain income (infrastructure, staking, auditable vaults)
Stay vigilant about high leverage and high innovation DATs, carefully review custodial and audit terms
Maintain a portion of positions in low-correlation hard assets/stable income for hedging
In summary, the liquidity of a bull market can create opportunities and also create vulnerabilities in credit—it's better to focus on the balance sheet than on prices.
