I predict the rise of DATs will usher in the era of token dividends replacing token buybacks as the primary value capture mechanism of a network With dividends, a DAT owns a business that generates cash flows. Those cash flows can be used to buy more tokens, repurchase shares, collateralize debt, or any number of financial engineering to maximize mNAV As DATs move out on the risk curve towards alts, I expect them to use their governance power to drive this change Let’s see!