Unchained The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917
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Oct 4, 2025 
Tom Lee, Chairman of BitMine and a key Ethereum advocate, dives into the exciting world of Digital Asset Treasuries (DATs) and Ethereum's projected 'supercycle'. He discusses how DATs are shaping Ethereum's marketing strategy, while also highlighting potential risks and market dynamics. With a focus on the ongoing Perp DEX wars between Hyperliquid and Aster, the duo explores the implications of token unlocks and zero-fee models. The conversation also touches on the resurgence of Zcash and the mainstreaming of prediction markets.
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DATs As Outsourced Marketing Engines
- DATs act as Wall Street-style CMOs for blockchains, promoting networks in ways foundations cannot.
- Tom Lee's BitMine helped create an ETH marketing flywheel and institutional adoption momentum.
DATs Trading Below NAV Creates Existential Choices
- Many ETH DATs trade below mNAV, forcing existential choices: unwind, consolidate, or convert to ETFs.
- Tom Lee argues conversion to ETF-like structures would set NAV as the floor and restore rational pricing.
Stablecoin Chains Need Originated Flows
- Stablecoin-focused L1s (Plasma, Codex, Tempo) rely heavily on incentives to pull liquidity from incumbents.
- Durable flow requires originating real B2B distribution, not just farm incentives.