The Rollup ETFs vs DATs Explained with Steven McClurg & Eric Chen
Sep 7, 2025
In this lively discussion, Steven McClurg, CIO at Valkyrie and Canary, and Eric Chen, co-founder of Injective Labs, dive into the booming world of crypto ETFs. They reveal an exciting timeline for the potential approval of 20-50 new crypto ETFs. The conversation touches on innovations in financial products, the importance of staking yields, and how traditional finance is embracing cryptocurrency. They also share insights on the significance of MicroStrategy's S&P 500 inclusion and the future of decentralized finance.
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ETF Veteran Built Esoteric Products Since 2009
- Steven recounted launching niche ETF products across his career since 2009 and building esoteric offerings.
- He used past launches (asset-backed, Build America bond) to explain patience and grit in ETF development.
Staking Is A Core ETF Feature, Per Canary
- Canary prioritizes staking in ETF designs for chains that support it.
- Steven believes staking materially increases investor value and should be included when possible.
Build Protocol Features For Institutional Readiness
- Prepare protocol-level features to support institutional products like ETFs and DATs.
- Eric Chen recommends adding modules (e.g., state transfer, whitelisting) to ease institutional onboarding.