数字资产，国库公司和区块链经济体：纽约的观点

探索数字资产国库公司在区块链经济体，其挑战和未来潜力中的不断发展的作用。

Yo, what's the deal with digital asset treasury (DAT) firms and blockchain economies? It's a wild west out there, but some serious trends are shaping up. Let's break it down.

哟，与数字资产财政（DAT）公司和区块链经济体有什么关系？这是一个狂野的西部，但是一些严重的趋势正在塑造。让我们分解。

DATs: From Speculative Plays to Economic Engines

DATS：从投机性戏剧到经济引擎

Word on the street is that these DAT firms, sitting on a cool $105 billion in crypto assets, are more than just fancy speculators. Ryan Watkins from Syncracy Capital thinks they're morphing into long-term economic drivers for blockchains. Think of them as publicly traded crypto foundations, but with a mandate to hustle and build.

街上的消息是，这些DAT公司坐落在1000亿美元的加密资产上，不仅仅是花哨的投机者。 Syncracy Capital的Ryan Watkins认为他们正在变成长期的经济驱动因素的区块链。将它们视为公开交易的加密基金会，但具有忙碌和建造的任务。

Programmable Money, Productive Balance Sheets

可编程资金，生产资产负债表

Unlike MicroStrategy's Bitcoin-only flex, these DATs are playing with programmable money—ETH, SOL, HYPE—that can actually do stuff on-chain. Staking, lending, governance participation, the whole nine yards. They're turning those treasuries into yield-generating machines, like a hybrid of a REIT, a bank, and Berkshire Hathaway, but with crypto instead of management fees.

与MicroStrategy的仅比特币的Flex不同，这些DATS正在使用可编程的钱（ETH，SOL，SOL，HYPE），实际上可以在链上做一些事情。 Staking，贷款，治理参与，整个九码。他们将这些国债变成了产生的机器，例如房地产投资信托基金，银行和伯克希尔·哈撒韦（Berkshire Hathaway）的混合体，但以加密货币而不是管理费。

The ETF Factor: A Potential Game Changer?

ETF因素：潜在的游戏规则？

But hold up, there's a twist. ETF expert Nate Geraci is saying the rise of crypto ETFs could be curtains for DAT firms. The SEC's new listing standards might level the playing field, and staking within ETFs? Forget about it, says Geraci. He thinks sticking to spot ETFs or the underlying assets is the way to go.

但是坚持，有一个转折。 ETF专家Nate Geraci说，加密ETF的兴起可能是DAT公司的窗帘。 SEC的新清单标准可能会使比赛环境升级并在ETF中占有一席之地？格拉西说，忘了。他认为坚持发现ETF或基础资产是必经之路。

However, not everyone agrees. Bloomberg ETF analyst James Seyffart argues that ETFs won’t kill off firms like MicroStrategy because these firms can deploy capital within DeFi ecosystems to generate yields, something ETFs can't do.

但是，并不是每个人都同意。彭博ETF分析师詹姆斯·塞法特（James Seyffart）认为，ETF不会杀死像MicroStrategy这样的公司，因为这些公司可以在Defi生态系统中部署资本来产生产量，这是ETF无法做到的。

Real-World Utility vs. Hype: The Remittix Example

现实世界实用程序与炒作：remittix示例

Speaking of real-world stuff, check out Remittix (RTX). While everyone's screaming about whether Shiba Inu can hit $1 (spoiler: probably not), Remittix is building actual PayFi solutions. Measurable adoption, a wallet beta, CertiK verification—it's all about utility, not just hype. It's like comparing a Wall Street hustler to someone actually building something in the real world.

说到现实世界，请查看Remittix（RTX）。虽然每个人都在尖叫有关Shiba Inu是否可以达到1美元（扰流板：可能不是），但Remittix正在构建实际的Payfi解决方案。可衡量的采用，钱包beta，certik验证 - 这全都与效用有关，而不仅仅是炒作。这就像将华尔街骗子与实际上在现实世界中建立某些东西的人进行比较。

The Bigger Picture: Blockchain for Economic Empowerment

更大的前景：赋予经济权能的区块链

Zooming out, we're seeing nations struggle with unemployment and declining purchasing power. Traditional systems are cracking under the pressure. That's where blockchain comes in, offering decentralization and new ways to exchange value. Projects like Pi Network are trying to make crypto accessible to everyone, focusing on real-world utility and community engagement.

缩小，我们看到各国在失业和购买力下降。传统系统在压力下发生破裂。这就是区块链的来源，提供权力下放和交换价值的新方法。 Pi Network等项目正试图使每个人都可以使用加密货币，重点关注现实世界的实用程序和社区参与。

My Take: DATs Need to Hustle or Bust

我的看法：DAT需要忙碌或胸围

Here's the deal: DAT firms are at a crossroads. They can either evolve into legit economic powerhouses for blockchains, or they can fade into obscurity like a bad meme. The ones that survive will be the ones that can actually build something, not just speculate. They need to be disciplined with their capital, develop real products, and expand the ecosystem. Otherwise, they're just another flash in the pan.

这是交易：DAT公司处于十字路口。他们要么可以发展成合法的经济强国，要么成为区块链，或者可以像不良的模因一样逐渐淡出默默无闻。生存的人将是实际上可以建立东西的人，而不仅仅是推测。他们需要对资本进行纪律处分，开发真实的产品并扩展生态系统。否则，它们只是锅中的另一个闪光灯。

Plus, with ETFs potentially shaking things up, DATs need to prove their worth beyond regulatory arbitrage. They need to show they can do things that ETFs can't, like actively participate in DeFi and generate yields within blockchain ecosystems. The clock is ticking.

另外，随着ETF的潜在摇晃，DATS需要证明其价值超出监管套利。他们需要表明自己可以做ETF无法做到的事情，例如积极参与Defi并在区块链生态系统中产生产量。时钟在滴答作响。

Final Thoughts

最后的想法

So, there you have it. The world of digital assets, treasury firms, and blockchain economies is a rollercoaster, but the potential is massive. Whether you're a seasoned investor or just dipping your toes in, keep your eyes peeled and stay informed. Who knows, maybe you'll be the one building the next Berkshire Hathaway of the blockchain. Peace out!

所以，你有。数字资产，国库公司和区块链经济体的世界是过山车，但潜力很大。无论您是经验丰富的投资者还是只是浸入脚趾，都可以剥去眼睛并保持知情。谁知道，也许您将成为区块链的下一个伯克希尔·海瑟薇的建筑。和平！