DWF Labs Broadcast

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.

Competition for pre-IPO market share is accelerating: → Binance and Bitget: tokenized pre-IPO shares via PreStocks integration → Trade.xyz: pre-IPO perps, ~$7M daily volume in week one → Backpack: onchain IPOs with actual equity exposure as issued shares, supported by Superstate and Solana But the SEC-CFTC has released guidance that puts tokenized SPV structures at risk of enforcement once companies go public. Platforms that can optimize for all conditions will emerge as winners. DWF Ventures explains the endgame for pre-IPO markets here.

A current gap in the AI agent market is memory. Most assistants today don't have a way to compound what they've learned. Every interaction is a fresh start, regardless of how many hours a user has spent with them. Hermes Agent, released by Nous Research in February 2026, is built around the opposite principle: an agent that gets more capable over time. It is already ranked #1 on OpenRouter, with 40+ built-in tools and support for 20+ LLM providers. DWF Ventures investigates the architecture and what it means for the agent landscape here.

Most AI agents have a major design flaw. Missing memory. Every session starts from 0. They don’t learn. They don’t improve. Nous Research built Hermes with memory in mind. It self-improves the more you use it. Compounding its capabilities. It’s now the most-used agent by token volume. 2.2x that of OpenClaw. The latest piece by DWF Ventures explains why Hermes has pulled ahead, how its memory architecture works, and how it stacks up against the alternatives: https://x.com/DWFVentures/status/2062897248233787776?s=20

Stablecoin market cap hitting $320B is the number dominating headlines. However, the full picture requires looking beyond market cap and at stablecoin velocity as well. Stablecoin velocity has reached an annualized rate of 49.7x, which means every tokenized dollar in circulation is changing hands ~50 times per year. $320B supply × 49.7x velocity = $6.64T in real, filtered transaction volume since the start of 2026 (via Visa and Allium Labs, bots excluded). For context, stablecoin velocity peaked at 34.2x during the stress of Terra/FTX in 2022. The current reading of 49.7x is nearly 50% above that prior record. The surge in velocity reflects a genuine expansion of real-world utility beyond speculation. More in our full report here.

Stablecoin adoption has gone through three distinct phases: 1️⃣ (2019 - 2021): Speculative bootstrap 👉 Velocity stayed within the range of 24-28x as usage grew in tandem with capital inflows 2️⃣ (2022 - 2024): Stress test 👉 Velocity peaked at 34.2x during Terra/FTX as users de-risked 👉 New capital in 2024 remained mostly idle 3️⃣ (2025 - present): Real-world adoption 👉 Transaction volume has completely outpaced supply growth and velocity has surged from 39.3x to 49.7x 👉Remittances and payments are now the fastest-growing segment $320B in supply and $6.64T in year-to-date volume show that the dollars are working. However, Bitcoin and Ethereum ETFs are telling a different story. We unpack it all in our new edition of Eyes on the Market: https://www.dwf-labs.com/research/stablecoin-velocity-hits-record-497x-as-real-economic-usage-surges

Andrei Grachev on the thesis behind Falcon Finance's fUSD in Korea Economic TV (한국경제)👆

Catch up with us in our May recap 👇 1. Andrei Grachev, Managing Partner, published an article on the DeFi vs. CeDeFi debate, sharing that full automation isn't the endgame - risk management still matters three cycles in. Read more here. 2. Andrei was quoted in CCN on what the market needs in the next stage of tokenization and RWA adoption. 3. At a panel hosted by RWA Week, Andrei covered AI agents in trading, why human logic still sets the floor for risk management, and what the future of AI in crypto looks like. Listen here. 4. DWF Ventures published "The Pre-IPO Gold Rush," examining tokenized pre-IPO markets, the structural differences between existing models, and the risks most platforms haven't solved for. 5. We published Eyes on the Market Vol. 12 - "The On-Ramps Are Multiplying." The GENIUS Act passed, stablecoin infrastructure is scaling, and the regulatory framework is catching up to what builders have already shipped. 6. Falcon Finance launched fUSD, a GENIUS-ready stablecoin, in partnership with Anchorage. The stablecoin stack is expanding. More information about the partnership here. 7. We're on top of market growth and developments. Catch some of the highlights from May: - GENIUS and Clarity Act timeline - The story behind what people are buying onchain - Stablecoin growth and usage - Tokenized stocks market expansion - Tokenized private credit market overview The work compounds. See you in June 🛠

Andrei Grachev on the formula for project success with Cointelegraph's Robert Baggs 👆

Human logic is still a crucial part of utilizing AI for trading. Andrei Grachev explains why in a panel with RWA Week 👆

Pre-IPO tokens on PreStocks and Ventuals are trading at persistent premiums above last known private market valuations. Historical IPO valuations land roughly 25% above raise. Investors who entered at a 20-40% premium have a narrow margin before trades turn negative. There are also other risks: → Companies like OpenAI and Anthropic have condemned unauthorized tokenized exposure → Fund structures bundle exposure with no control over individual allocations → At IPO, there's no guarantee of instant liquidity. SPV-held shares require a separate liquidation process DWF Ventures elaborates more in their article here.