There is an art to tokenization.

Andrei Grachev, Managing Partner, explains why 👆

It's a new era for user experience.

Andrei Grachev, Managing Partner, explains why 👆

Crypto M&A hit a 5-year high in 2025. DWF Ventures investigates what's driving it:

→ TradFi firms pushing into digital assets
→ Companies acquiring licenses rather than building from scratch
→ Clearer regulatory frameworks removing friction

Three categories dominated, accounting for 96% of deal value ($42.5B+):

• Investing & trading
• Brokers & exchanges
• Stablecoins & payments

Coinbase, Kraken, and Ripple have been the most aggressive acquirers, spanning multiple categories.

Companies are on a quest to become the "everything app", with a key focus on bringing onchain to the masses. Acquiring legacy and innovative dApps as a strategy could be a reason for increased M&As.

Read more here.

One sector continues to climb regardless of market conditions: RWAs. According to data from RWA.xyz, there has been ~8% growth in the last 30 days alone.

RWAs are increasingly built on crypto-native rails, using onchain infrastructure for issuance, settlement, and collateral.

Traditional assets are now being embedded into crypto, rather than sitting alongside crypto and simply being "represented".

Even when markets are soft, capital finds its way to what's useful. RWAs are proving to be exactly that.

Read more here.

The rise of the new world...

Andrei Grachev, Managing Partner, discusses new beginnings 👆

Do stocks or tokens trade at higher premiums, and why? DWF Ventures breaks it down👇

→ Stocks typically trade at 7-40x P/S ratios vs. 2-16x for tokens
→ The gap comes down to institutional access, index inclusions, and additional leverage/options choices for equities

However, P/S ratios alone don't tell the full story.

Moat, diversification, buyback programs, and sector sentiment all play a role in justifying premiums.

Revenue is the starting point, and the full picture requires deeper analysis.

Read more here.

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 👆