Tokenization has been framed as crypto's bridge to Wall Street.

However, the bridge alone doesn't get institutions to cross it: yield does.

Andrei Grachev breaks it down in CoinDesk 🔍

Read more here.

Markets are smarter now.

Andrei Grachev, Managing Partner, explains why 👆

Are "everything apps" a driver behind 2025's huge M&A numbers?

DWF Ventures investigates Coinbase as an example 👇

Coinbase is acquiring legacy and innovative dApps with the goal of turning Base into an all-in-one app to bring the masses onchain.

Exchanges are in an arms race to own the full user journey.

Read more here.

Utility is the ultimate strategy.

Andrei Grachev, Managing Partner, explains why 👆

Tokenization is just the starting line, not the destination.

Andrei Grachev on what phase two actually looks like in CoinDesk👇

Read more here.

Why is South Korea such a big deal for crypto? DWF Ventures explores👇

👉 Historically, South Korea has been accepting of emerging technologies, adopting an "innovation-first" mindset

👉 Younger generations have started to prefer higher risk/reward assets and strategies in the short term, which includes digital assets

The demand can be seen in the "Kimchi Premium", with BTC trading 5-10% above global prices on Korean exchanges for extended periods.

With digital payments already reaching 98% of the population, the case for a KRW stablecoin grows.

Read more here.

What actually drives Web3 growth in 2026?

Crypto GTM spans several distinct motions. What distinguishes projects is matching the right path to products, users, and distribution.

Read more about the GTM playbook here.

Too many tokens launch with no revenue, users, or use cases behind them.

DWF Ventures research shows that Base has a different approach. Before even hinting at a token launch, the team accomplished:

→ $78.2M in network revenue
→ Capturing the majority of all L2 weekly revenue in 2025
→ 45% increase in TVL from last year
→ A thriving ecosystem

This is what a potential token launch should look like: product, traction, and value first.

Read more in the DWF Ventures report here.

What did we get up to in March? Catch up with us 👇

1. Andrei Grachev, Managing Partner, published an op-ed in CoinDesk: "How DeFi is Quietly Rebuilding the Fixed-Income Stack for Institutional Capital". He covered what it takes for tokenized assets to transition to institutionally-adopted financial instruments. Read more here.

2. Grachev also went live on Cointelegraph's #CHAINREACTION, covering our investment strategies, how we support projects, the RWA market, and more. Watch the full interview here.

3. He was also featured in the Hong Kong Economic Journal, discussing what separates tokenization hype from real infrastructure.

4. The market faced a real stress test in March. We published Volume 8 of our research series Eyes on the Market covering what happened, and the underlying market structure that's telling the full story.

5. DWF Ventures made the case for South Korea as a major stablecoin opportunity: 18M+ digital asset holders, 98% digital payment adoption, and a persistent "Kimchi Premium" in digital asset trading prices.

6. We published a deep dive on DeFi lending, one of the most significant sectors in the DeFi market. The architecture is evolving from scale-first to precision-first.

7. Perp DEXs are becoming some of the most economically productive infrastructure in DeFi. We broke down the thesis, with Hyperliquid as a case study.

8. We released the GTM Playbook for Web3, covering the distinct GTM motions crypto projects need to match to their product, users, and distribution to win in 2026.

9. Artem Tolkachev, Chief RWA Officer at Falcon Finance, published an op-ed in FinTech Weekly about what comes next for RWAs after regulatory clarity and how the structure can be built. Read more here.

Building never stops. See you in April 🤝

New Eyes on the Market is up. Sentiment has been quiet but the on-chain side told a different story.

The RWA market has reached new milestones, and the next phase is to make tokenized assets behave like actual financial instruments. In the meantime, on-chain identity becomes core infrastructure.

Read the full piece here.

RWA perps are on track to become foundational infrastructure for global retail derivatives access

A few structural shifts are starting to matter.

DWF Ventures breaks it down in the report here.

Brilliant idea, bad founder? It fails.
Bad idea, brilliant founder? It flies.

Andrei Grachev discusses founder quality on Cointelegraph's #CHAINREACTION with Robert Baggs👆

Two paths are emerging for bringing real-world assets onchain, and understanding who each path serves is crucial.

DWF Ventures explores RWA tokenization vs perpification 🔍

Tokenization upgrades capital markets infrastructure: settlement, ownership, programmability. But it has a heavy institutional focus.

Perpification involves the utilization of a perpetual swap or futures-first approach to onboard traditional and non-crypto-native assets onto the blockchain.

Read more here.

Knowing how to take off but not how to land doesn't make you a pilot.

Same applies to investing. Andrei Grachev explains with Cointelegraph's Robert Baggs 👆

The market boils down to only a few real problems, and builders who solve them are the ones who acquire users, retain them, and survive.

Andrei Grachev shares in The Rollup 👆

1 product update, 100+ new markets, and $130B in volume.

DWF Ventures breaks down how Hyperliquid's HIP-3 became a key inflection point for RWA perps 👇

Since launching permissionless perp deployment in October 2025, HIP-3 markets have attracted 2.2M+ unique traders and $1.7B in open interest.

RWA-related pairs are driving over 90% of that activity.

Read more here.

Image source: Artemis

South Korea's prepaid card and digital wallet market is projected to hit $39.66B by 2030.

Without a KRW stablecoin, it would mean:

❌ Less visibility for regulators on capital flowing to USDT, USDC, and overall crypto activity
❌ Missed revenue from reserve-backed yield
❌ Continued USD dependency in cross-border settlements

The case for a KRW stablecoin is clear, but the framework isn't yet.

More from DWF Ventures here.

Integration, compliance, and frameworks are next for tokenized RWAs.

Hear more from Andrei Grachev, Managing Partner 👆

The state of AI agents in DeFi right now:

👉 19% of all onchain activity is automated or agentic
👉 76% of stablecoin transfer volume is generated by bots
👉 17,000+ agents launched since 2025
👉 $39M+ TVL held by agents directly

There is significant room for agentic activity to grow in DeFi but trust, execution, and infrastructure are still the bottlenecks.

DWF Ventures explores where this goes next in their article here.

If you are building, the DWF Ventures team is always looking to back exceptional projects. Reach out here.

Institutional capital is increasingly moving into production-grade onchain infrastructure, and the data from the past two weeks reflects that shift in concrete terms.

1️⃣ Legal & General Asset Management put $68B in funds onchain via the Calastone token network, the kind of move that marks the difference between institutions studying tokenization and institutions committing to it.

2️⃣ Stablecoin supply on Ethereum reached a record $180B, with Ethereum now holding roughly 60% of the global stablecoin market.

3️⃣ New users on Ethereum jumped 82% quarter-over-quarter, with transaction volumes hitting record highs.

4️⃣ Strategy added another 13,927 BTC, bringing total holdings past 780,000.

Meanwhile, DEXs are on pace to capture more than 25% of combined spot trading volume by year-end, and crypto-backed loans are increasing as institutional participants increasingly use DeFi protocols for capital deployment.

Our latest edition of Eyes on the Market breaks down what's happening. Read more here.