Unchained Two VCs on Why the 4-Year Cycle Is Dead, DATs & Hyperliquid vs. Binance - Ep. 892
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Aug 27, 2025 Peter Hans, Partner at Hack VC, and Jon Charbonneau, Co-founder of DBA, dive into the shifting landscape of cryptocurrency investments. They debate whether traditional four-year cycles are a thing of the past and explore the rise of Digital Asset Treasuries (DATs). The duo discusses Solana's potential for a TradFi boost, Ethereum's newfound importance, and how platforms like Hyperliquid are redefining the exchange landscape. Expect insights on stablecoin innovations and the evolving strategies investors must adopt in this fragmented market.
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DAT Mania Mirrors Traditional Financial Repeats
- DATs repeat Wall Street's penchant for new yield-bearing structures rather than inventing novel crypto utility.
- Their long-term value depends on genuine differentiated strategies beyond capital-markets alchemy.
DATs Fill Regulatory Gaps, For Now
- DATs currently exploit regulatory and product gaps like missing ETFs for many assets.
- Their edge fades as ETF frameworks, staking permissions, and onāchain custody evolve.
In-Kind Contributions Mask True Market Impact
- Inākind contributions (including locked tokens) don't create new buy pressure and can mask true NAV impact.
- Locked contributions should trade at a discount, or markets will later correct that mispricing.