The Rollup The End of Easy Crypto Leverage with Daniel Matuszewski
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Sep 23, 2025 Daniel Matuszewski, a savvy crypto investor and partner at CMS Capital, dives into the shifting landscape of cryptocurrency. He discusses the rise of Decentralized Autonomous Treasuries (DATs) and their profound impact on market dynamics. Daniel explains why revenue-generating tokens are outperforming others and predicts that the growth of altcoin ETFs could alter market flows. He emphasizes the lasting effects of the 2022 credit crunch and the ongoing evolution of credit in the crypto space.
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Credit Crunch Changed Market Dynamics
- The 2022 crash was the first crypto bear market with a material credit crunch that amplified losses.
- That credit layer has not returned to prior scale and significantly reduces systemic leverage risk today.
Uncollateralized Credit Is Still Marginal
- Uncollateralized lending remains niche and risky, so most capital sticks to overcollateralized protocols.
- Limited traditional credit access and high crypto borrowing costs still hamper market scaling.
Revenue Tokens Have Valuation Floors
- Tokens with real revenue create a valuation floor because they can buy back tokens and be valued by discounted cash flows.
- Purely speculative coins remain flow-driven and carry a higher risk of going to zero.