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.

Human logic is still a crucial part of utilizing AI for trading.

Andrei Grachev explains why in a panel with RWA Week 👆

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

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 thesis behind Falcon Finance's fUSD in Korea Economic TV (한국경제)👆

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

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.

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: 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.

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.

Market makers, listings, CeDeFi, and his personal playbook.

Check out Andrei Grachev's interview on The Sujal Show with Sujal Jethwani here.

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 👆