TOKEN2049 Roundtable: Pantera Predicts the Arrival of DAT Market Consolidation, 90% Will Disappear

ChainCatcher live report, Jump Crypto CIO Saurabh Sharma, Pantera Capital partner Cosmo Jiang, Drift founder David Lu, and Galaxy global trading head Jason Urban jointly attended the TOKEN 2049 conference to share insights in the roundtable discussion "The Solana Treasury Bet: From Balance Sheets to Ecosystem Flywheel."

Galaxy's Jason Urban straightforwardly pointed out that DAT is essentially an innovative way for blockchain foundations to enter the public market. Under the new regulatory environment in the U.S., many L1 and L2 are no longer considered securities, which opens the door for public companies to acquire cryptocurrencies in large quantities and trade them on the public market.

Jump Crypto's CIO Saurabh Sharma explained the pain points of institutional investors from an infrastructure perspective. The traditional financial system is designed for stocks, bonds, and commodities, with a well-established risk and clearing system, but the operational mechanisms of cryptocurrencies present a high barrier for non-participants. DAT provides a tool that aligns with traditional models, allowing institutions to enter the market in a familiar way. In particular, Solana's potential as a new financial system architecture is highlighted, believing that its fast, cheap, and accessible characteristics make it the best computing environment for a productive economy.

Cosmo Jiang from Pantera Capital provided unique insights from the perspective of TradFi investors. He leveraged the principles of Amazon founder Jeff Bezos to promote Solana: faster, cheaper, and more accessible. He emphasized that Solana can earn $2 billion annually, and its revenue is growing at a rate of doubling each year. Viewed through the lens of the stock market, such growth paired with profitability is very attractive to traditional investors.

Cosmo also candidly stated that the DAT market will undergo consolidation, similar to Bitcoin DAT, where ultimately only 2 to 3 scaled DATs for each large asset may survive, which is a healthy and inevitable market evolution.

Drift founder David Lu shared insights from the perspective of ecosystem builders. He pointed out that on-chain interest rates are much higher than traditional finance, for example, Athena offers a 20% APY, and these rich on-chain yields have yet to be fully discovered. He admitted that if Drift cannot outperform SOL this year, investors should simply hold SOL directly.