DWF Labs Broadcast

Key takeaways from our latest issue of Eyes on the Market: 1) Crypto held up better than equities this week. Market cap +1.7% to $2.31T while the S&P and Nasdaq fell. 2) BTC volatility stayed near 1-year lows even through the shock. A compression that historically doesn't last. Positioning (OI, funding) and ETF flows are both cautiously building but nowhere near danger zone territory yet. 3) Oil markets aren't fully buying the peace talks: funding, backwardation, and elevated vol all suggest more caution than equities are pricing in. 4) Crypto is showing healthier, more independent market structure. Promising, but one good week isn't a confirmed trend. Dive into the full article: https://x.com/DWFLabs/status/2079914579514327453?s=20

Key takeaways from our latest issue of Eyes on the Market: 1) Crypto held up better than equities this week. Market cap +1.7% to $2.31T while the S&P and Nasdaq fell. 2) BTC volatility stayed near 1-year lows even through the shock. A compression that historically doesn't last. Positioning (OI, funding) and ETF flows are both cautiously building but nowhere near danger zone territory yet. 3) Oil markets aren't fully buying the peace talks: funding, backwardation, and elevated vol all suggest more caution than equities are pricing in. 4) Crypto is showing healthier, more independent market structure. Promising, but one good week isn't a confirmed trend. Dive into the full article: https://x.com/DWFLabs/status/2079914579514327453?s=20

As tokenization matures, value is spreading beyond Ethereum. Major issuers like BlackRock and Franklin Templeton are increasingly deploying the across multiple chains rather than picking just one. Ethereum's share has fallen from 70% in Jan 2025 to 44% today. Year to date, total tokenized asset value has grown 61% to $35B. Ethereum still leads in absolute terms, but other networks are growing much faster. 1) Ethereum: +$3.24B, +26% 2) BNB Chain: +$3.21B, +161% 3) Stellar: +$2.21B, +281% 4) Solana: +$1.61B, +115% 5) Avalanche: +$1.54B, +234% Original tweet here.

Tokenized stocks are one of the fastest growing categories within RWAs. Almost $1.9B has come onchain, with 464K holders across all issuers. xStocksFi dominates with 54% of all holders, Ondo Finance is at 30% and Robinhood has already grown to 12%. Original tweet: https://x.com/DWFLabs/status/2077030615850082797?s=20

In less than 13 days, Robinhood Chain has crossed $4B in cumulative DEX volume. 99.6% of that is on Uniswap, driven by memecoins. The chain now clears $800M+ in daily volume, ranking third behind Solana and BNB Chain. Original tweet here.

Prediction markets are thriving commercially, with Kalshi recently hitting $9B in weekly notional volume, and Polymarket hitting $3B. However, the composition of that volume is different from the 2024 election period, when prediction markets first grew in popularity. 👉 Average bet sizes are down 85%+ 👉 Percentage of profitable traders dropped from 30% to 16% 👉 Sports bets have increased significantly in volume DWF Ventures explores the shift in prediction markets, and whether they are drifting from their original use as forecasting tools in this deep dive. If you're building and looking for support, reach out to the DWF Ventures team here.

Prediction markets are thriving commercially, with Kalshi recently hitting $9B in weekly notional volume, and Polymarket hitting $3B. However, the composition of that volume is different from the 2024 election period, when prediction markets first grew in popularity. 👉 Average bet sizes are down 85%+ 👉 Percentage of profitable traders dropped from 30% to 16% 👉 Sports bets have increased significantly in volume DWF Ventures explores the shift in prediction markets, and whether they are drifting from their original use as forecasting tools here. Prediction markets are thriving commercially, with @Kalshi recently hitting $9B in weekly notional volume, and @Polymarket hitting $3B. However, the composition of that volume is different from the 2024 election period, when prediction markets first grew in popularity. 👉 Average bet sizes are down 85%+ 👉 Percentage of profitable traders dropped from 30% to 16% 👉 Sports bets have increased significantly in volume DWF Ventures explores the shift in prediction markets, and whether they are drifting from their original use as forecasting tools in this deep dive. If you're building and looking for support, reach out to the DWF Ventures team here.

Three tiers lead in demand in the tokenization market: 1️⃣ Credit risk premium (>7%): Private credit dominates, with yield that scales alongside AUM through vertical integration or DeFi leverage 2️⃣ Risk-free rates (3-4%): Highly commoditized yields, mainly competing on distribution and composability 3️⃣ No yield (0%): Assets with strong demand on their own, with onchain access providing price exposure DWF Ventures sees the next opportunity in two categories: non-USD denominated private credit and bonds (94% of tokenized assets are USD today), and enabling onchain yield on commodities and equities More in their article here.

Bitcoin ETFs just posted their first losing half in history. $5.4B net outflow across spot BTC ETFs, breaking a two-year streak of positive half-years. IBIT, the fund that led prior inflows, lost more in May and June alone ($5B) than in every other down-month combined since launch. ETH ETFs saw the same story: first negative half ever, -$1.47B, now 28% below their October 2025 peak. We unpack how BTC and ETH ETFs have performed over the last 6 months, how capital is shifting across ETH ETFs and our take on the future in the latest volume of Eyes on the Market: https://x.com/DWFLabs/status/2072682532232192130?s=20

Knowing how to take off but not how to land doesn't make you a pilot. Andrei Grachev explains with Cointelegraph's Robert Baggs on how this logic applies to investments in crypto projects 👆

Catch up with us in our June recap 👇 1. Andrei Grachev, Managing Partner, was quoted in Reuters on Strategy's enterprise value and Bitcoin holdings. 2. Andrei published "The Great Restructuring," covering how the market is sorting builders from extractors, and who will dominate the next cycle. 3. Andrei was featured in an interview discussing Falcon Finance's fUSD, US regulatory trendsetting, and what comes next for the stablecoin stack. Listen here. 4. In an interview with The Sujal Show, Andrei covered DWF Labs' vision, market structure, and where we are focused next. 5. We discussed Bitcoin's market structure in Decrypt, covering where it stands as an asset while institutional adoption grows. Read more here. 6. Alessia Baumgartner, VP of Ecosystems, joined Ask ORO, sharing about DWF Labs and our role across market making, OTC, and project investments, as well as her market outlook for the rest of 2026. Tune in to the full interview. 7. Alessia also represented DWF Labs at Cointelegraph Accelerator's pitch workshop. 8. We published Eyes on the Market Vol. 13 covering stablecoins: supply growth is the headline, but velocity is the story. The piece breaks down how stablecoins are actually moving. 9. DWF Ventures published a deep dive on the Hermes AI agent, covering current gaps in AI agent offerings, memory layers and ranking systems, and a comparison with other AI models on the market. 10. DWF Ventures also published "Tokenization: Who Actually Captures the Value?" - a deep dive on tokenization and where opportunities lie across the stack. 11. The data points across June show that capital is rotating toward productive onchain infrastructure. More in our post here. We're always building. See you in July 🛠

Tokenization has a liquidity problem - the assets that would benefit most from being onchain, such as private credit, are the ones with the least secondary liquidity. Four approaches are emerging to solve it: 1️⃣ Stablecoin collateral wrappers: issuers such as Maple Finance. enable tokenized assets as collateral, allowing users to tap into yield while achieving deeper liquidity. 2️⃣ Better oracles: Chainlink Labs, Pyth Network, and RedStone are serving 24/7 tokenized markets with real-time pricing. Real-time pricing alongside asset risk scoring would significantly boost trust and asset composability. 3️⃣ New redemption mechanisms: Symbiotic Liquid Lane uses RFQ-based vaults to compete on redemption discounts, providing faster execution while reducing spreads on the assets. 4️⃣ Vertical integration: Figure controls stages from origination to price discovery to settlement in-house. Read more from DWF Ventures's deep dive into tokenization here.

Alessia Baumgartner, VP of Ecosystems, shares her outlook on where the market is headed with ORO Beats: 1️⃣ On underrated areas: 👉 Beyond the usual conversation around prediction markets and tokenization, Alessia points to yield generation as a space with large growth potential 👉 Blockchain-based identity and global citizenship would require collaboration with governmental entities, and could be an interesting use of blockchain technologies 2️⃣ On institutional adoption: 👉 Adoption is stronger now and is moving independently of price 👉 At a recent institution-focused event in Switzerland, banks showed clear interest, with both major and smaller banks building out digital asset teams Full episode here.

The tokenization market consists of 9 main asset categories, with $31B onchain and 50% YTD growth. US Treasuries lead at $14.79B with deep institutional adoption, and commodities follow with the broadest retail holder base (196K). Stocks command the most holders overall (347K) on just $1.47B in value. Capital tends to concentrate in regulated, liquid assets, but only ~$3B of that capital is actually deployed in DeFi. The 10% that does flow into DeFi has been good business for the protocols that capture it, but the opportunity sits in unlocking the other 90%. DWF Ventures shares more in their latest research article here.

Tokenization is working, but value capture isn't fully functional yet. $31B in tokenized assets are now onchain with 50% YTD growth, and institutional capital continues to flow into the market. But only ~$3B (10% of total value) sits in DeFi as active TVL. Top US treasury tokens like BUIDL, WTGXX, and BENJI are estimated to have fewer than 30 transfers per month. Most assets get minted and held rather than composed and collateralized. Opportunities exist in solving issues such as: pricing infrastructure for illiquid assets, redemption mechanisms, oracle systems, and vertical integration. DWF Ventures explores the gaps in the stack and where the next value layer gets built. The DWF Ventures team is always seeking projects to support. If you're building, reach out here: https://www.dwf-labs.com/ventures

Alessia Baumgartner, VP of Ecosystems, shares with ORO Beats about all things DWF Labs: 1️⃣ On what DWF Labs is: "I don't try to put us just in the market maker position or just the investor position. The model spans stages. Investor at pre-seed and seed, liquidity provider as traction builds, market maker for DeFi protocols, later-stage backer when it fits. The role matches where a company actually is in its journey, not a fixed label." 2️⃣ On what earns a yes for project investments: "The founder's vision matters most. The question is whether what they are proposing can actually be executed. Not necessarily the project in front of them today, since teams often need to pivot, but whether the founder has a proven track record and has executed before. That is a strong signal. We look for exceptional people." 3️⃣ On the work itself: "Ecosystem management runs the full lifecycle. Catching up with portfolio companies, guiding them through market trends, and handling listing execution in the background. We need to make sure everything, from the information provided by the portfolio companies to the moment it's listed, is done perfectly." Full episode here.

The US is the largest market and the global regulatory trendsetter. Falcon Finance's fUSD is built to operate at that standard. Andrei Grachev on Korea Economic TV (한국경제)👆

Seamless liquidity movements, RWA exposure, and transferability are the key aspects behind the future of tokenized gold. Andrei Grachev shares with Cointelegraph's Robert Baggs 👆

Market makers, listings, CeDeFi, and his personal playbook. Check out Andrei Grachev's interview on The Sujal Show with Sujal Jethwani here.

Market makers, listings, CeDeFi, and his personal playbook. Check out Andrei Grachev's interview on The Sujal Show with Sujal Jethwani here.