According to @LexSokolin, certain DAT projects face severe mNAV pressure and lack differentiated narratives, highlighting fragile token economics that affect pricing and stability, source: @LexSokolin. He states ETH holders are selling, adding direct sell pressure and volatility risk to related tokens and pegs, source: @LexSokolin. He notes shareholders are appalled by compressed valuations, reflecting weak secondary-market support and discount-to-NAV risk, source: @LexSokolin. He warns that buybacks will not hold a peg during stress, undermining confidence in treasury-driven stabilization mechanisms, source: @LexSokolin. He concludes that without real operations like professional asset management, DATs will not work, signaling the need for operational support behind token structures, source: @LexSokolin.