I think the Ethena DAT folks should probably be out fundraising a third PIPE to inject equity into it via more below-market token purchases. The second tranche of discounted tokens (29¢) from September 5th are now a drag. Luckily, the first purchase of discounted tokens at 21.056¢ is still very much in the green. Unlike the DATs that already got a good run, this one hasn’t de-SPACed yet, and is expected to do so sometime before end of the year. So ENA drifting lower would make that less exciting.

Also going to link this fun DAT dashboard from Pantera, although it’s just for ETH, BTC, and SOL DATs