Are DATs Sustainable, Stripe Launches Tempo & WLFI’s Token Launch | Weekly Roundup

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Sep 5, 2025

This week, the discussion dives into the mechanics of decentralized asset tokens (DATs) and their implications for market stability. The hosts highlight Stripe's exciting launch of Tempo and its strategic focus on distribution. There's also a spotlight on World Liberty Financial’s token launch, delving into potential market concerns and unique features of its app. The conversation wraps up with an exploration of the future of tokenized US equities and how blockchain is shaping financial services. Enjoy the compelling insights!

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INSIGHT

DAT MNAV Compression

MNAVs for many DATs are collapsing and some strategies trade well below 1x NAV.
That compression reflects fragile token economics and uneven market confidence.

INSIGHT

DATs Create A Prisoner’s Dilemma

DATs create a coordination game where individual arbitrage gains can socialise downside across holders.
More large DATs for one underlying worsen incentives to arbitrage and can accelerate price compression.

ADVICE

Limit DATs For Smaller Tokens

Avoid creating multiple DATs for smaller-cap tokens; one per token is preferable for mid-tier assets.
Excess DATs fragment liquidity and increase volatile, illiquid price swings.

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Gm! This week we're back to discuss the top stories of the week. We deep dive into the mechanics behind DATs, the WLFI token launch, Stripe's announcement of Tempo, onchain equities & more. Enjoy! -- Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire -- "Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'." -- Is your treasury losing value to inflation? Learn how to make digital assets like ETH and SOL productive with uncorrelated, protocol-driven staking rewards. A new report from Liquid Collective and EigenCloud outlines a practical guide for CFOs to integrate institutional-grade staking and restaking. Read The Productive Treasury Report: https://liquidcollective.io/corporate-treasury-staking/

Timestamps:

(00:00) Introduction

(04:24) Are DAT Mechanics Sustainable?

(16:23) Do DATs Actually Unlock Token Access?

(21:48) Ads (Bitwise)

(22:34) Breaking Down The $WLFI Token Launch

(33:46) Stripe Launches Tempo

(49:12) Ads (Bitwise, Mantle, Eigenlayer)

(51:27) Onchain Equities & Tokenization

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.