Why DATs Have Better Leverage Than Crypto Traders

In this episode of alpha un#, host Sri Misra sits down with Joseph Onorati, CEO, @DFDV to break down the real mechanics behind institutional crypto risk management  far beyond Twitter takes and retail narratives.Joseph explains:Why every serious crypto business must assume an 80% drawdownHow DFDV models extreme tail-risk (“What if Solana drops another 50%?”)Why DATs get cheaper, safer leverage than funds or prop shopsHow DFDV raised $125M in unsecured convertible debt at 5.5% and why this type of leverage is a structural advantageHow multi-cycle experience shapes decision-making in volatile marketsWhy long-duration planning, not hype cycles, determines who survives.Subscribe for more deep-builder conversations on DeFi, infra, risk, and the future of digital assets.Full episode at: unhashed.co/joseph