The so-called DAT companies have long moved beyond mere "buy, hold, or sell." Recently, I watched an interview with @hyunsujung_, CEO of @HyperionDeFi—the first publicly listed company in the Hyperliquid ecosystem acting as a “bridgehead” into U.S. markets—where they shared how they’ve refined deep DeFi infrastructure on Hyperliquid through an “active” operational strategy. Though the video is just over a minute long, it’s packed with insight. I’ve distilled its core into three points: 1️⃣ Diversify into multiple business lines, breaking free from the “passive single-asset” model Unlike traditional passive holding funds, Hyperion operates five business lines—including validator node operations and DeFi monetization services using HYPE assets—directly deploying HYPE to core ecosystem teams like Entropy and Skew (covering HIP-3 / HIP-4). 2️⃣ Deeply integrate with early-stage ecosystem to capture dual alpha: tokens + equity Leveraging the early-stage ecosystem红利 of Hyperliquid, Hyperion co-develops institutional-grade products with partners, earning not only protocol revenue shares but also locking in long-term equity and token appreciation upside—fully capturing the “beta联动 effect” driven by market leaders. 3️⃣ Collaborate with adjacent protocols to build an on-chain yield arbitrage and enhancement system Leveraging the volatility characteristics of underlying assets, Hyperion synergizes deeply with protocols like Rysk and HyperLend, using collateral for lending and hedging strategies to construct mature on-chain yield arbitrage and yield enhancement frameworks on Hyperliquid. 💡 Interpretation & Insight: In the DAT 1.0 era (represented by MicroStrategy and Metaplanet): the logic was extremely simple—raise capital via debt ➔ hoard BTC/ETH ➔ store in cold wallets to earn static premium. In the DAT 2.0 era (represented by Hyperion): this paradigm has been fundamentally disrupted. Assets raised by public companies are no longer just hoarded—they become “on-chain productive capital,” continuously generating real cash flow. Moving from “passive hoarding” to “active value creation,” the下半场 of DAT 2.0 will be won by the ability to capture genuine on-chain yields. This fusion of compliant U.S. capital with on-chain DeFi productivity may well be the ultimate evolution of crypto treasury companies.