Digital asset treasuries are responsible for over $40b of purchases YTD. DATs involve a lot of financial engineering, so to analyze them you need not just mNAV, but also future dilution and other metrics. Here’s a short video walkthrough of @DefiLlama’s DAT dashboard.

that being said ive earned 0 from llamapay (actually negative since it has costs), so kek

My lil take is that while you can use the permissionless nature of crypto to build ponzis, you can also use it to build stuff such as global payment streaming or subscriptions that get paid with yield Things like that would require infinite licenses in tradfi, but in crypto i

when we built it we were quite wary of the AI hallucinating since ppl might make decisions with their money based on it, so we made sure it shows all the sources its referencing so they can be checked

Our DAT methodology for much more technical explanations of everything:

Idea is to display a range so you have a more accurate view of how far along this company is in the DAT lifecycle And you can properly evaluate if you want to trade it, what this means for demand/overhang of underlying asset... Out DAT data:

This is why at DefiLlama we display 3 nav numbers instead of 1: - mNAV using only issued shares - mNAV when you also include all the guaranteed dilution - Mav mNAV when you include all the optional dilution from warrants (you assume theyll be triggered)

Then on top of that, DAT companies sell warrants/options that, if triggered, will lead to more shares being minted and further dilution If you are trading on this information to gauge state of the market you need to be aware of all this

These DAT companies are literally just financial engineering so theres lots of complex stuff involved, so when you condense everything to a single mNAV number you lose a lot of info For starters there are contracts that guarantee future dilution such as triggered convertibles

ngl its so easy to get rekt trading DATs Real case: If you look at issued shares, X company has an mNAV of 0.29, but there are many active contracts that will dilute in the future, pushing mNAV to 2.1 going from 71% discount to 110% premium and it can dilute even further 1/x

People forget how bad Defi data was before @DefiLlama came around As someone who has been through the birth and rise of the llamas, we don't appreciate them enough

there's this idea that whether founders will keep working on a project after they got rich is mainly based on their nature or how theyre built imo its not like that at all, its mainly path dependent Time working on the project matters: i'm sure y'all have experienced that with

Industry already has a huge issue with teams quitting when things get hard because they got too rich through tokens, wouldnt 100% day 1 unlocks just exacerbate this problem? Employees selling would have 0 stake on the company, why keep grinding?

A much weirder case for this is a fruit in australia that is poisonous (to the point of death) if eaten raw, but can be made edible through a very complicated process I can only imagine ppl kept trying variations and getting poisoned again and again till they found it

weirdest bit about argentina is having to KYC to buy a 1$ item from a supermarket with my CC

the 24h heads-up launch also makes no sense, anyone running disinformation campaigns will be 24/7 online so will have time to change privacy settings to region While normal users won't be online all the time and will have their privacy breached without knowing

I dont get the benefits of this twitter country doxxing, if someone is using twitter accounts to manipulate public opinion they'll just adapt and fake where the account is based from It doesnt provide a long term solution, and the downside is doxxing all the normal users

Why does DefiLlama's anon, fully remote, no meeting structure work? My view after 11 months on the team: The team is extremely lean, so everyone drives real results, either to improve the product or drive revenue. That means everyone has an extremely high degree of ownership on

Many defi protocols are moving towards risk tranching, eg aave However when you look at how defi apps have lost money historically, in most cases they lose everything at once, so tranching is not that useful But what if protocols implemented rate limits like "only 20% of tvl

another classic thing is a vc that has no interest in investing but they tell you so in order to get a free 1-on-1 class on how the industry is moving from someone who's deep in it