A DAT Is Not a Megaphone Anymore. It Is a Distribution Channel. Panelists Christopher Jensen (@jensane2001, @stablecoin_x), Hyunsu Jung (@hyperiondefi) and Kevin Lepsoe (@lepsoe, @ETHGasOfficial) discussed "Digital Asset Treasury: The New Frontier of Corporate Finance." What is a DAT actually for? Not promotion, and Jensen said it plainly. His StablecoinX holds roughly 20% of Ethena's total token supply. "DAT companies are no longer simply businesses that promote or speak for a specific digital asset." His reframe: the ecosystems behind these assets contain real products, and a DAT can push those products through distribution channels protocols cannot reach directly. Holding company to distribution platform is a different business, and he called the shift a significant one for the category. Is accumulating the job? No, and Jung of Hyperion DeFi treated that as an obligation rather than an option. What DATs need to do is go beyond continuing to accumulate and consistently contribute to the growth of those ecosystems, which means putting the balance sheet backed by those holdings to practical use. His own example: when new markets or products launch on Hyperliquid, Hyperion can supply capital and infrastructure and share in the resulting revenue, while building credit and trading infrastructure for participants entering the ecosystem. So how should anyone value these companies? This is the consequence nobody has priced yet. Jensen's read is that market cap to modified net asset value is the first metric comparing across DATs, but over time they get valued as a sum of their parts. Treasury assets on one side, operating businesses using those assets on the other, and the operating side judged on revenue, customers and ARR like any other company. If DATs start trading on ARR instead of token beta, the whole category re-rates on operations. Moderated by Jun Kim (@junkim), General Manager of Investor Relations at Hashed (@hashed_official). #EastPoint #EastPointSeoul2026 #EPS2026

The Country That Can Afford to Be Wrong Fastest Wins Simon Kim (@simonkim_nft), CEO and Managing Partner at Hashed (@hashed_official), delivered the keynote "Optimists of the East: Who Moves First When Machines Do the Work." In an era with no clear answers, what actually decides competitiveness? Not accuracy. Speed of being wrong. His case is that AI collapsed the price of an experiment, so work that once took weeks or years can now be attempted by one person overnight, built on accumulated open source, abundant data and models that understand natural language. Once the opportunity cost of failure falls far enough, optimism that does not fear repeated failure stops being temperament and becomes a rational strategy. Who are blockchain's first real users going to be? Probably not us. The digital asset stack has always been awkward for humans, but machines are native to smart contracts. His line was that the first true users of blockchain may be machines rather than people. Then where is the business? In trust. As AI agents start carrying out economic activity on someone's behalf, a question nobody has cheaply solved becomes urgent: whose instructions is this agent following, what authority does it hold, and how far may it act. Verifying agent identity, authority and reliability grows into an industry, and blockchain is the infrastructure underneath it. What does he want from regulators? Not approval. A clock. Rather than simply saying no, state how long a restriction stands and when the activity becomes permitted, so companies can actually prepare. And what is the prize for Korea? Korea has deep interest in digital assets, an industrial base in AI and robotics, and a position between the US and China that could make it trusted by both. His framing: if global AI agents come to verify identity and settle payments in Seoul, Korea stops being a country that follows rules and becomes one that writes them. In an era when machines can do much of the work, he said, the part left to humans is to start first. #EastPoint #EastPointSeoul2026 #EPS2026