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DATs Good, STDs Bad 🏥

DATs Good, STDs Bad 🏥

Author
Jonathan Morgan The Litepaper
2 days ago
9 MIN READ

OVERVIEW

DATs Good, STDs Bad 🏥

Before we dive in, here’s today’s crypto market heatmap:

Source: finviz

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
DATs So Nice 😃 

If it feels like there’s been a steady rise in the number of crypto tickers getting thrown onto Wall Street, then you’re right. 🧠 

Digital Asset Treasury (DAT) entities are popping up like STDs in a co-ed dorm. That’s not meant to be a bad thing. I mean STDs are bad. What I’m saying is DATs companies are spreading, fast.

DATs are, simply, a way to toss crypto onto Wall Street and trade like stonks on the NASDAQ, NYSE, etc.

Just so we’re clear: the spread of STDs is bad. The spread of DATs is good.

Not Just BTC & ETH Anymore

In just a week, we’ve already seen $AVAX.X ( ▼ 14.68% ) and $ADA.X ( ▼ 5.51% ) get their own DATs. And 2025 has, so far, been full of new DATs popping up, especially September.

Alts With Active Or Near Active DATs

NEWS
Aster Wants To Be The Perp Casino Of Choice 🃏 

You’ve probably seen “Aster” plastered across your feed lately and wondered what the hell it is.

Another Layer 1? A meme coin with a space-themed logo? Nope. It’s the freshly merged perp DEX built out of APX Finance and Astherus, now strutting around BNB Chain.

Retail gets one-click “1001x” perps for instant dopamine. Desk traders get a Pro order book with hidden orders so they don’t look like human liquidity piñatas.

Add in a token launch with tight supply (53.5% to airdrops, 30% to ecosystem, 5% to the team, just 8.8% unlocked at TGE) and the launch playbook actually looks thought-through.

So why is it trending? Daily revenue surpassed Hyperliquid, according to on-chain data from Dune:

Toss in a CZ nod and a bizarre Arkham-MrBeast wallet rumor, and you’ve got instant visibility.

The Hyperliquid connection matters too. HL has been the benchmark for perp DEXs this year, and its HYPE token just tanked below $50 after Arthur Hayes quietly bailed. Aster’s sudden volume and revenue spike is being cast as the “next Hyperliquid moment,” with traders rotating attention into the newer, louder casino. 🎰 

POLL
Take This Poll 👇️ 

Holy cow. Four days left and there’s already 25,000+ votes. 😨 

It’s going to take a lot of votes to bump the prediction of $ETH.X ( ▼ 5.92% )’s price for 2025, $5k has nearly half of the votes. ☑️ 

STABLECOINS
It’s Only A Half A Trillion Dollars Valuation 😐️ 

$USDT.X ( ▼ 0.01% )’s Tether is shopping for a $15 – $20B raise that would slap a $500B valuation on the stablecoin king. 👑 

That puts USDT’s parent in the same hoity toity realm as OpenAI and SpaceX, except instead of rockets or AI doom porn, it runs the crypto dollar everyone already uses.

Cantor Fitzgerald is running point, and CEO Paolo Ardoino is out there teasing “high-profile investors” like it’s Coachella tickets.

The company pulled $4.9B in profit last quarter alone, with margins brushing 99%. Those numbers are Silicon Valley fever dreams, but since Tether isn’t public, we only see what they choose to show us.

Investors in this round reportedly got a peek under the hood, but we’re all still squinting.

If this $500B crown lands, Tether graduates from crypto’s creepy questionable accounting cash box into a financial titan with tentacles in everything from Treasuries to tokenized assets.

It also means the company that once paid a $41M fine for sloppy reserve disclosures could end up helping bankroll U.S. deficits. Love it or hate it, Tether is swinging way above its weight class now. 🥊

NEWS
GFY SBF, Also, STFU 🤦

So this happened last night:

But it wasn’t the real Sam Bankman-Fried. At least according to the person posting on the account:

Since then, no new drama, or new livestreams, vis-a-vis, like the Tucker Carlson interview from back in March. 📹️ 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🤖 Shogun x Reactive: AI Traders Finally Get a Babysitter

Shogun uses AI to yank funds between DeFi protocols, but until now it still relied on off-chain keepers to hit the panic button. Enter Reactive contracts: instant on-chain exits, reallocations, and audit trails that remove the “oops, server crashed” excuse. It’s AI calling the shots, contracts pulling the trigger, and humans left to watch. Reactive Network.

💵 Agora’s AUSD0 Wants to Be Everywhere, All at Once

Agora just plugged its yield-bearing stablecoin into LayerZero so AUSD0 can live on 140+ chains instead of a handful. Backed by VanEck and State Street, it’s already grown past $170m in circulation with merchants actually sharing in the Treasury yield. LayerZero.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎮 Enjin Relaunches the Multiverse Quest Like It’s 2025’s MMO Crossover Event

Enjin’s Multiverse Quest handed out 20k NFTs and let swords morph into laser rifles depending on which game you dropped into. Five titles and countless indie creators piled in, with players earning commemorative tokens and bragging rights that actually outlive the game server. Enjin.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

💰 Synthetix Throws $1M at Traders to Stress-Test Its Perps

Synthetix is handing out monopoly money collateral and dangling a real $1m prize to see who can flex hardest on Ethereum mainnet perps. The comp pits 100 hand-picked and lottery-lucky traders against each other in October, all while doubling as a giant beta test for infrastructure, liquidity vaults, and Kwenta die-hards. If nothing breaks and someone bags a million, that’s what we call a win-win R&D budget. Synthetix.

💧 Liquidity Providers: The Unsung Bag-Holders of DeFi

Your “few clicks” swap on Uniswap works because someone else parked their tokens in a pool and agreed to play roulette with impermanent loss. LPs earn fees, sure, but only if the market behaves and their range doesn’t get nuked out of relevance. Basically passive income with all the passivity of babysitting a drunk friend. Uniswap.

NEWS IN THREE SENTENCES
Protocol News 🏦

🔑 Lit Protocol Turns Keys Into Policy-Driven Robots

Instead of handing your private keys to some sketchy server, Lit splits them across nodes and only signs when the rules say so. Thanks to Arbitrum’s Stylus, they can now run Rust libraries directly, skipping the slow-motion Solidity translations. Basically your wallet signs on autopilot without ever leaving your grip – the crypto version of “have your cake and eat it.” Aribtrum.

🪙 Sui’s Storage Fund Makes Scarcity Boringly Inevitable

Every transaction on Sui quietly rips tokens out of circulation like a vending machine that eats your quarters and never spits them back. Nearly 700k SUI are permanently gone and another 1.2m are locked, with Walrus blob storage adding even more suction. Sui.

LINKS
Links That Don’t Suck 🔗

💣️ Bombshell from Ripple’s helm: BlackRock opens RLUSD liquidity

🇨🇳 China’s Jiuzi Holdings approves $1B crypto treasury led by new COO

🫂 Palworld studio Pocketpair announces a new cozy multiplayer farming game called Palfarm

🪃 Australia’s First Solana Digital Asset Treasury: Will Snorter Token Be Next 1000x Crypto?

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋





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