作者：岳小鱼；来源：X，@yuexiaoyu111）
DAT模式正在经历一场巨大的市场考验！
1️⃣ 现在市场最怕的是什么？
是DAT（数字资产财库）公司卖币。
之前上市公司借钱买币，市场一片大好，价格也螺旋上升；
现在行情变差，一旦这些公司开始卖币，信心崩塌，会造成市场踩踏。
2️⃣ 到底怎么评估DAT公司当前运营状况呢？
目前市场上主要用的是指标是：mNAV（Market Net Asset Value，市场净资产价值倍数）
也就是说，一家公司囤了多少币，这是其资产，主要看公司市值与数字资产持仓两者之比。
如果两者比例大于1，这是市场给的溢价，说明投资者认可这家公司的价值以及未来增长潜力；
如果两者比例小于1，则说明资产大于市值，资产无法承载市值，这会引发市场对DAT模式的重估。
当前DAT龙头Strategy的mNAV是1.03，接近出现负溢价了。
此时，非常有可能会出现死亡螺旋：资产贬值→股价进一步下行→融资困难
可以说，现在的市场行情，是对DAT模式的巨大考验。
3️⃣ DAT模式不只是传统企业借钱买币这么简单，更关键的是，传统公司们的利益和这个代币的生态绑定起来了。
比如一个企业是以太坊DAT，为了自家股票升值，就需要想办法提振币价，那么自然会有很强的动力去参与到这个代币的生态中。
比如如参与PoS链的staking提高网络安全，或将代币出借给DeFi协议提供流动性，甚至投资生态内的初创项目，扶持实际应用落地。
只有生态繁荣了，以太坊币价才有支撑，企业的股票才有叙事空间。
所以，上市公司们将变成代币生态的最大推动者。
即使最近以太坊创始人Vitalik跳出来说，中心化公司会对去中心化的以太坊造成威胁。
但是反过来想，这也是以太坊生态发展的巨大推动力。
4️⃣ 回到BTC，比特币财库公司们也一定会推动比特币生态的发展。
那具体怎么推动呢？
首先，还是需要让比特币流动起来。
目前传统机构们买完币，还是把币放到冷钱包或者中心化的托管平台，没有产生任何额外收益。
所以DAT公司想要提高公司的溢价，不能简单囤币，必须用数字资产创造收益，这才有叙事空间。
这就是比特币生态文艺复兴的内在驱动力。
最近刚看了比特币二层网络GOAT Network发布的研究报告，同样在向市场说明这一点，其愿景也是成为比特币的收益层。
所以，DAT模式面临的市场考验不仅仅是价格下跌造成的死亡螺旋，更重要的是需要回答一个问题：到底怎么用1美元的BTC创造出2美元的价值？
囤积1美元的比特币，只能支撑1美元的公司市值，但是需要想办法创造出更多的溢价。
帮助数字资产构建生态是破局方法之一。
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