October 05, 2025

Saylor Survives, other crypto DATs are cooked

1 hour 3 minutes

James Christoph explains why MicroStrategy can't be replicated, DATs are doomed, and crypto markets are more efficient than people think. Plus: Celestia's inflation problem, Ethena's systemic risks, and why Hyperliquid nailed their stablecoin strategy.

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NOTES:

• MicroStrategy's structure makes it impossible to blow up

• DATs trading at discounts lack restart mechanisms

• Ethereum staking yields ~40 bps after inflation/taxes

• Celestia's inflation driving price toward zero

• Ethena's depeg could trigger cascade in Pendle/Aave

• Hyperliquid has ~$10B USDC bridged, negotiating revenue split

Timestamps:

00:00 Start

00:27 Who is James Christoph?

00:49 Solana treasury companies

04:18 Tom Lee memory hole

05:42 ETH is for stablecoins :) jk

08:04 Bitmine & Sharplink Gaming

10:31 Tom Lee invested in a "fund of DATs" wat?

12:03 DATs & yield

14:29 Ok, define arbitrage?

17:03 Liquid staking tokens are stupid

20:20 Addicted to yield

24:05 Exotic derivatives

27:24 Bitcoin as a benchmark

35:03 ETH, silly silly ETH

39:58 Hyperliquid

43:50 Decentralization doesn't matter, sorry

48:26 Celestia - The Modular Blockchain TM

55:01 Athena

59:06 Fed interest rates

59:39 Circle

1:00:27 USDH

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