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DWF Labs
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DWF Labs
@DWFLabs
A Web3 market maker and strategic investor providing capital and liquidity to institutions and builders. Managing Partner: @ag_dwf
Katılım Haziran 2022
237 Takip Edilen124.8K Takipçiler
October 2025: $21.9B RWAs onchain
Today: $34B
+55% in 7 months
The tokenized world @ag_dwf called last year is being built.
Andrei Grachev 🦅🟠 $FF@ag_dwf
We are going to live in the tokenized world
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The growth is the headline, but what people are buying is the story.
Data source: @chainalysis @RWA_xyz
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Three structurally different models for pre-IPO market exposure exist:
1️⃣ SPV-backed tokens: claim on shares, redeemable post-IPO, but redemption requires selling on private secondary markets with no guaranteed timeline
2️⃣ Synthetic contracts: no backing, oracle-pegged, permissionless, but can be exited at market subject to secondary liquidity mechanisms
3️⃣ Closed-end funds: SEC-registered or fund-structured, but with direct equity or SPV backing, and higher fees (up to 3.6% annually)
@DWFVentures breaks down the tradeoffs 👇
DWF Ventures@DWFVentures
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No cycle ends without a lesson. The question is whether the industry learns from them.
@ag_dwf on why risk management continues to be increasingly important 👇
Andrei Grachev 🦅🟠 $FF@ag_dwf
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-13.4% → 40.5% → 49.1%
The @Hiive_HQ 50 secondary market index tracking the top 50 pre-IPO companies has gone from underperforming the S&P 500 to nearly tripling it in two years.
What changed is that companies like @SpaceX, @OpenAI, and @AnthropicAI are approaching IPOs at record valuations, and the average time to go public has stretched to 12 years, up from 4-5 in the 1990s.
Hiive's average transaction size topped $1M last year.
The transaction size shows that the market exists, but it's built for institutional buyers. Retail demand is spilling onto on-chain alternatives.
More from @DWFVentures 👇
DWF Ventures@DWFVentures
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Two weeks of on-ramps:
→ @CharlesSchwab opens spot crypto to millions of clients
→ @JPMorgan, @Mastercard, @Ripple, and @OndoFinance ran a cross-border tokenized Treasury settlement pilot
→ Total RWAs crossed $33B
→ Tokenized Treasuries crossed $15B
The CLARITY Act clearing committee 15-9 is also huge news for the industry - it's the closest crypto has ever been to a comprehensive federal regulatory framework in the U.S.
Every cycle builds rails, but this one is building the on-ramps to match.
Full analysis: dwf-labs.com/research/eyes-…
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