Arthur Hayes and Tom Lee engaged in a heated debate over the future of Digital Asset Tokens (DATs) and Ethereum's role in the market. Tom Lee presented a vision of an 'institutional supercycle' led by Ethereum, suggesting that DATs should not trade below their Net Asset Value (NAV) as it poses survival challenges. In contrast, Arthur Hayes warned of a harsh consolidation in the DATs market and shared his rationale for selling Hyperliquid. Hayes expressed skepticism about the viability of launching DATs for tokens with market caps between $1 billion and $3 billion, questioning their sustainability.