The digital asset ecosystem continues to evolve at a rapid pace, drawing increasing interest from institutional investors and paving the way for exciting advancements. Lingling Jiang, Partner at DWF Labs, recently shared her thoughts with DL News on how the firm is addressing these trends and preparing for the future. Here’s a recap of that conversation.
Meeting Institutional Needs: Bridging TradFi and Digital Assets
When asked how DWF Labs addresses the growing demand from institutional investors and facilitates their integration into the digital asset ecosystem, Lingling highlighted the firm's commitment to bridging traditional finance (TradFi) and the digital asset space. By offering tailored Over-The-Counter (OTC) trading solutions, market-making services, sharing technical insights, fostering strategic partnerships, and ensuring crypto liquidity, DWF Labs enables institutions to transition seamlessly into this emerging financial frontier.
Driving Blockchain Education with UCLA
Education plays a crucial role in building a sustainable digital asset ecosystem. LJ highlighted that, in collaboration with the UCLA Blockchain Faculty, DWF Labs is dedicated to enhancing blockchain education by contributing practical insights and real-world case studies. The firm's recent inclusion as a case study in UCLA’s educational book on Security Token Offerings (STOs) underscores its commitment to equipping students and professionals with valuable, hands-on knowledge.
Preparing for Regulatory Evolution
The regulatory landscape surrounding digital assets is in constant flux, posing both challenges and opportunities for market participants. According to Jiang, DWF Labs is proactively adapting to potential regulatory shifts by maintaining a robust compliance framework and engaging with regulatory authorities as we believe clearer regulations will legitimise the market and encourage greater institutional participation.
“Our market-making approach is flexible, ensuring efficient and compliant operations that align with the evolving regulatory environment.”
Emerging Trends and Growth Opportunities
Additionally, Partner of DWF Labs shared her optimistic vision for the convergence of decentralised finance (DeFi) with traditional financial systems, advancements in tokenised assets, and scalable blockchain solutions. DeFi, non-fungible tokens (NFTs), and the adoption of blockchain across various industries present significant growth potential.
To support this vision, we are committed to investing in and fostering these areas to drive the growth and development of the digital asset ecosystem.
Looking ahead
DWF Labs is committed to leading the digital asset space through innovation, education, and regulatory adaptation. By bridging traditional finance and digital assets, the firm is driving the future growth of this evolving ecosystem.
Securing funding for your Web3 project requires more than just a groundbreaking idea; it demands a strategic approach centered on product value, clear documentation, and community engagement. Speaking to Forbes, Lingling Jiang, Partner at DWF Labs, emphasised that funding opportunities aren't limited to seasoned teams with extensive portfolios. Instead, she notes: ‘What ecosystem funds are really looking for is original ideas that will help to distinguish their network from all the other L1s and L2s out there competing for market share.’
We asked Lingling to elaborate on the process of raising funds on the crypto market. Here's a step-by-step guide from her to help you succeed in attracting investors to your blockchain project.
1. Foundation Setup
Start with developing a Minimum Viable Product (MVP), a working prototype that solves a real problem using the Web3 approach. Your MVP should showcase basic functionalities on a testnet environment. Remember to maintain a clean code. You can achieve that by using an open-source repository with well-documented and commented code to demonstrate your technical skills.
Provide comprehensive documentation. In particular, include detailed architecture overviews, API specifications, and security measures in your dapp’s documentation. And always engage with the community. Actively participate in Web3 forums and social channels to build trust, share updates, and solve problems collaboratively.
2. Validation Phase
After you have a working prototype, share further progress in a transparent manner by regularly updating your community through blog posts and social media about your development milestones. You should foster early community relationships. To do that, focus on engaging with early adopters who can provide valuable feedback and become advocates for your crypto project.
To establish reliable feedback channels, set up systems to collect user insights and track metrics like daily active users and feature usage. Always avoid artificial growth tactics: focus on organic community building rather than buying followers or using incentivized engagement services.
3. Pre-Funding Readiness
When you have something to show to crypto investors, start with demonstrating a working prototype. Before approaching investors, ensure your MVP is ready and documented, while your blockchain project’s community is at least 2-3 months old. When pitching, highlight real metrics: showcase user retention rates, community growth, and other key performance indicators. Clarify your tokenomics. If you intend to incorporate a token into your dapp, clearly explain its utility and document all security considerations for token smart contracts.
4. Funding Research
Explore various funding paths tailored to Web3 projects. Here are some of them:
- Ecosystem grants, provided by blockchain platforms aiming to expand their networks through new features, tools, or apps.
- Chain-specific builder programs that usually offer long-term support, including technical resources and access to the platform's user base.
- Protocol improvement grants: these are suitable for developers enhancing existing protocols with deep technical knowledge.
- Infrastructure grants target foundational blockchain tools like data indexing, APIs, and testing frameworks.
- Community funds. Usually run by DAOs, they focus on projects that bring clear value to their community.
- Web3 hackathons that combine competitive building with networking, and where projects usually present working demos in short timeframes.
Lingling Jiang highlights the importance of hackathons: ‘Web 3 hackathons can be thought of as the precursor to grant programs. They're a great way to meet like-minded builders, get your name out there, and identify fellow developers you may be able to collaborate with. Your proposal needs to be something that can be realistically completed in a matter of days rather than months. It's an ideas factory, so the real work you do lies less in the code and more in the concept.’
5. Active Fundraising
At the active fundraising stage, you should strategize your applications: submit them in batches, and concentrate your activity around programs that align with your project's stage and goals.
Maintain regular communication. For instance, send bi-weekly updates showcasing development progress, user growth, and community achievements.
Don’t forget to invest in nurturing relationships: engage with the ecosystem by attending events and connecting with other funded teams to gain insights and visibility.
6. Managing Success
When you realise that the funding goal is about to be reached, set clear milestones. Specifically, break down your Web3 project’s roadmap into monthly goals linked to specific metrics, such as active user count, and feature launches. Commit to providing transparent updates: keep investors informed with clear reports, including key metrics and how user feedback is influencing development.
Next, scale efficiently. As funding allows, expand your team responsibly, maintaining strong documentation and clean code repositories. Always plan ahead: begin preparing for the next funding round early by analysing key metrics and incorporating feedback from your backers.
Final Thoughts
Securing funding in the Web3 space is a journey that rewards originality, preparation, and effective execution. By focusing on product value, clear documentation, and authentic community engagement, you enhance your project's appeal to investors.
We are committed to supporting innovative builders who bring transformative ideas to the blockchain ecosystem. As Lingling Jiang emphasized, original ideas that set your crypto project apart are crucial in getting investment and standing out in a competitive market.
We had an action-packed November 2024 with the launch of our $20M USD Meme Fund, Listing Bot, collaboration with UCLA, and the release of the first edition of our monthly institutional report. The report breaks down the biggest drivers behind the crypto market. Our team also participated in Devcon and TON Gateway, as well as the biggest blockchain hackathon in the Middle East hosted by Bybit and DMCC Crypto Centre. To top it off, Lingling Jiang, Partner at DWF Labs, shared insights in interviews with several media outlets.
Ready to catch up with us? Check out an overview of everything we’ve been up to below.
Thought Leadership
UCLA Educational Initiative
We are proud to be included as a case study in the book The STO Financial Revolution, by Alex Nascimento from UCLA’s Blockchain Faculty. Our inclusion as a case study demonstrates our commitment to enhancing institutional knowledge around Security Token Offerings (STOs) and the broader Web3 landscape. The case study highlights our crypto market-making strategies and liquidity solutions, providing insights for students, entrepreneurs, and industry leaders. This collaboration is a unique opportunity to share our expertise.
Lingling Jiang’s Interview with Bitcoin.com
‘Web3 is the Next Frontier,’ said Lingling Jiang, Partner of DWF Labs, in her interview with Bitcoin.com.
She also elaborated on our business development strategy, the importance of regulatory clarity in the crypto space, and highlighted Asia's role as a leading hub due to its clear regulatory frameworks. She suggested that the recent U.S. election of Donald Trump could signal a potential shift towards clearer regulations, but it would likely take time due to the complexity of the ecosystem. Lingling also discussed the potential impact of cryptocurrency ETFs on market dynamics and encouraged both retail and institutional investors to prioritise thorough research and risk management.
First Institutional Report Launch
In our first Institutional Report dedicated to analysing crypto market performance and trends in November 2024, we shed light on key developments in the crypto market, covering Bitcoin’s bullish trajectory, the rise of stablecoins and DeFi, and the resilience of memecoins.
Lingling Jiang’s Interview with Finbold
In November, Lingling Jiang also spoke to Finbold, sharing that DWF Labs is enhancing the landscape by offering crypto liquidity services and nurturing partnerships with traditional financial institutions. Our collaboration with UCLA contributes to the education of future Web3 professionals. She shared insights about our proactive approach to addressing challenges in regulatory compliance and interoperability, ensuring that both traditional and decentralised solutions meet institutional standards, ultimately bridging the gap between traditional finance and the Web3 world.
Heng Yu Lee on Quantum Computing
Heng Yu Lee, Partner of DWF Labs, was featured in the ‘FinTech in ASEAN 2024: A Decade of Innovation’ report, produced by the Singapore Fintech Association (SFA), UOB Group, and PwC. This paper explores ASEAN's FinTech journey over the past decade, from transforming digital services to tackling emerging challenges in a shifting global landscape. Heng shared insights on the transformative potential of quantum computing, particularly in enhancing cryptography and optimising investment strategies.
Lingling Jiang’s Interview with DLNews
In an interview with DLNews, Lingling Jiang shared that, by offering tailored crypto OTC trading and market-making services, we effectively bridge traditional finance with digital assets, ensuring liquidity while helping institutions navigate the crypto landscape. She also said that we’re particularly optimistic about the convergence of DeFi with traditional financial systems, advancements in tokenised assets, and scalable blockchain solutions.
Launches
Meme Fund
DWF Labs launched a $20 million USD Meme Fund to support chain-agnostic memecoin projects. Through this fund, we aim to champion creativity and community-driven innovations in the crypto space. We will provide financial resources and strategic support to memecoin projects that exhibit strong community engagement, unique value propositions, and the potential to achieve global recognition. Apply on the Meme Fund’s page.
Listing Bot
Another launch was the Listing Bot on Telegram. The bot features real-time listings of crypto spot and futures, launchpad announcements, multiple currency pairs, and instant notifications. Stay ahead of the crypto market by joining the Telegram channel.
Events and Conferences
TON Gateway
On 1-2 November, our team attended the TON Gateway conference in Dubai. Alessia Baumgartner, Business Partner of Ecosystems at DWF Labs, held a keynote speech where she shared about our support for the TON ecosystem.
Alessia also participated in a panel discussion titled ‘TONs of memes: how do memecoins help TON blockchain grow?’ alongside other Web3 experts, sharing insights about TON’s impact on the memecoin sector.
Members of the DWF Ventures team, who also participated in the conference, published a recap of TON Gateway’s key insights and takeaways.
Devcon 2024
DWF Labs was also at Devcon Bangkok 2024, co-hosting an event alongside Cypher Capital, 1inch, and Kava Chain. Lingling Jiang shared more about what’s ahead for us and the crypto market.
The DWF Ventures team has also compiled a recap of Devcon’s key narratives discussed during the conference, which were filled with excitement and optimism about bullish trends.
Bybit x DMCC Web3 Hackathon
We sponsored the second edition of the Middle East’s largest Web3 hackathon, hosted by Bybit and DMCC Crypto Centre. Alessia Baumgartner participated as a judge alongside a panel of experts in the industry.
The event brought together 15 forward-thinking Web3 startup projects from around the world, and we are proud to be a part of the exciting innovations in the crypto and Web3 space, collaborating with industry leaders to support projects shaping the future of crypto.
Wrap-Up
That’s a wrap on our November! It has been a busy month filled with exciting developments. As we look ahead to the final month of 2024, we are preparing ourselves to build more great things and projects next year.
We would also like to thank our community — we appreciate the opportunity to connect with everyone, and we are excited to continue to grow and innovate together with you.
Last week, DWF Labs sponsored the second edition of the Middle East’s largest Web3 hackathon, hosted by Bybit and DMCC Crypto Centre. DWF Labs is proud to be a part of the exciting innovations in the crypto and Web3 space, collaborating with industry leaders to support projects shaping the future of crypto.
The event brought together 15 forward-thinking Web3 startup projects from around the world, building in key areas such as tokenisation, AI, Web3 infrastructure, zero-knowledge protocols, digital identity, and DePIN (decentralised physical infrastructure networks). Projects were judged on their potential to offer real-world solutions, creativity, technical execution, practicality, and business potential. The top 5 projects took home prizes from a prize pool of $160,000.
Alessia Baumgartner, Business Partner of Ecosystems at DWF Labs, joined an expert panel of judges to select the winning projects. A special thank you to fellow judges: Phoebe Peng (Business Manager at Bybit), Zaher El Orm (Manager at DMCC Crypto Centre), Mathias Ruch (Founder & CEO of CV VC), Dyma Budorin, (CEO of Hacken), Daniel Zou (Incubation Lead at Blockchain for Good Alliance) and Kirill Kuznetcov (Lead Blockchain Engineer at 1inch).
Alessia also spoke during the panel discussion, 'Looking into the Future: What's Next?', alongside Mathias Ruch, Dyma Budorin, Kirill Kuznetcov, Helen Liu (Chief Operating Officer of Bybit), and Belal Jassoma (Director of Ecosystems at DMCC).
During the panel discussion, Alessia shared that hackathons and events organised by reputable companies are important opportunities for projects to obtain valuable feedback from judges, as well as to meet venture capital firms, exchanges, service providers, and government entities. She recommended that projects take advantage of opportunities to make valuable connections and obtain feedback from industry experts.
The 5 winners of the hackathon were:
- KelpMe – KELP (Key-Loss Protection), a blockchain-based solution designed to address the loss of private keys and misdirected transactions, which can lead to permanent asset loss. It offers a fully reactive recovery mechanism, allowing users to reclaim assets even after key loss, without needing pre-emptive backup measures. (USA, UAE, Greece)
- Trepa – Trepa is a Telegram-based app that lets users predict majority opinions on any topic through easy prediction pools. Stake tokens, align with the consensus, and earn rewards. Powered by TON blockchain for secure, transparent, and low-cost participation. (South Korea, Singapore)
- Mavryk Network – Mavryk Network is the Layer 1 blockchain designed to revolutionise asset ownership and nurture the RWA community building the tokenisation of assets for tomorrow. By leveraging RWA tokenisation, DeFi applications, and robust infrastructure, Mavryk aims to transform how individuals interact with and leverage tokenised assets. (Dubai, Gibraltar, Singapore, Paris, Kiev, Tel Aviv)
- Hive – Hive is building a solution that is leading the compute-sharing economy with every home's GPU. By empowering individuals to share their computing resources, Hive can democratise access to technology. This shift challenges the dominance of big tech and puts the power back into the hands of everyday people. (Abu Dhabi, Belgium)
- Poppin – Poppin is a browser extension that turns any webpage into a social hub, allowing users to connect and interact with others on the same webpage through comments, real-time chats, and voice streams. (Turkey)
Congratulations to the winners for their amazing work and ideas.
This year’s edition of the Bybit x DMCC Web3 Hackathon showcased the potential of the crypto industry and a wealth of opportunities for innovative projects and founders to explore. DWF Labs is constantly seeking to support innovators and builders in crypto. If you are building, feel free to contact our team.
DWF Labs, a new generation Web3 investor and market maker, is proud to unveil the $20 million Meme Fund, a groundbreaking initiative focused on investing in innovative memecoin projects across various blockchain ecosystems. This chain-agnostic fund aims to champion creativity and community-driven innovations in the digital asset space.
DWF Labs has long been an advocate of meme projects, and has worked with top-performing meme coins like Floki, Neiro, Turbo and Simon’s Cat. Most recently, DWF Labs announced its partnership with NikolAI and Barsik. The announcement with the former led to a 100% surge in $NIKO’s price; and the project now sits among many meme coins in DWF Labs’ portfolio that have secured Binance listings.
This fund is designed to provide financial resources and strategic support to memecoin projects that exhibit strong community engagement, unique value propositions, and the potential to achieve global recognition. By adopting a chain-agnostic approach, the fund will empower memecoin creators regardless of their choice of blockchain, encouraging interoperability and inclusivity.
“Memecoins are a powerful cultural force within the crypto landscape, often uniting communities around shared humour and creativity,” said Andrei Grachev, Managing Partner at DWF Labs. “The Meme Fund is our way of supporting this vibrant sector and enabling developers and communities to turn their ideas into impactful projects.”
This initiative reflects DWF Labs’ ongoing commitment to fostering innovation within the Web3 ecosystem. With this fund, the company continues to cement its position as a leader in identifying and nurturing transformative blockchain initiatives.
The Meme Fund is now open to applications from promising memecoin projects seeking investment and strategic guidance. Interested projects can submit their proposals via the DWF Labs website.
Lingling Jiang, Partner at DWF Labs, shared insights with Finbold on the company’s commitment to advancing blockchain education, driving innovation in Web3, and bridging traditional finance with the decentralised tech stack. Below is the summary of the interview.
Advancing Blockchain Education
Being asked about the DWF Labs’ recent educational initiatives, Lingling Jiang highlighted the collaboration with University of California, Los Angeles (UCLA) as an initiative aimed at bridging the gap between academia and blockchain technology. The partnership focuses on educating students about tokenized securities, particularly Security Token Offerings (STOs), and equipping financial professionals with practical knowledge. By combining theoretical learning with real-world case study, DWF Labs strives for fostering sustainability and innovation in the blockchain space.
About Strategic Partnerships
LJ emphasised that partnerships are a cornerstone of DWF Labs’ business strategy. The firm seeks to align with crypto projects that share its values of innovation, growth, and sustainability. Through tailored support, including financial investment, advisory services, and strategic guidance, DWF Labs helps Web3 achieve utility, scalability, and long-term success.
Sectors With the Investment Potential
In discussing what sectors DWF Labs is currently focused on, Jiang pointed to DeFi, digital identity, tokenized assets, and Web3 infrastructure as the most promising sectors. DeFi is redefining traditional finances, digital identity solutions are enhancing user security and ownership, and tokenized assets are reshaping asset management. Above all, robust infrastructure is also critical for enabling mainstream adoption.
What Will Drive Web3 Adoption?
According to DWF Labs’ Partner, several developments are essential for Web3 to achieve mainstream. These include scaling solutions like Layer 2 protocols, which improve transaction efficiency, and regulatory-compliant frameworks to build trust. Interoperability between blockchain networks and user-friendly interfaces are also necessary to make Web3 accessible to a broader audience.
Facilitating Institutional Engagement with Web3
DWF Labs is actively contributing to the institutionalisation of Web3, Lingling Jiang underlined. The company offers crypto liquidity services, crypto market making, and infrastructure development to attract traditional financial institutions. Collaborations with academic institutions, such as UCLA, further support the onboarding of future professionals into the ecosystem.
Challenges in TradFi
Lingling Jiang acknowledged the challenges of integrating traditional finance (TradFi) with decentralised technologies, including regulatory compliance, security concerns, and interoperability. DWF Labs addresses these issues by developing compliant frameworks, supporting technological innovations, and advocating for regulatory clarity.
The Role of Regulation in Shaping Web3
Lingling Jiang stressed the importance of regulation in establishing trust and legitimacy in the Web3 ecosystem. DWF Labs proactively engages with regulatory bodies to align its operations with evolving standards, ensuring compliance and creating a secure environment for crypto projects and investors.
Vision for the Future
Looking ahead, Lingling Jiang described DWF Labs’ vision to be a global leader in Web3 adoption and development. Over the next decade, the firm aims to drive innovation in decentralised finance, support research and education, and invest in institutional-grade blockchain solutions. By bridging traditional finance with Web3, DWF Labs aspires to build a decentralised, transparent, and accessible financial ecosystem.
DWF Labs is honoured to announce its inclusion as a case study in the book The STO Financial Revolution, the latest educational initiative spearheaded by Alex Nascimento, from the UCLA Blockchain Faculty. This collaboration underscores DWF Labs’ commitment to advancing institutional understanding and shaping the evolving landscape of Security Token Offerings (STOs) and the wider Web3 space.
The DWF Labs case study, featured prominently in this comprehensive resource, provides insights into their innovative crypto market-making strategies and liquidity solutions, aimed at equipping students, entrepreneurs, professionals, and industry leaders with practical knowledge of tokenized securities. Alex Nascimento, author and faculty member and Co-founder of Blockchain at UCLA, has curated this textbook to serve as a core academic resource, bringing together industry insights and strategic frameworks for STOs.
‘This collaboration with UCLA is a unique opportunity to contribute to educational initiatives that will cultivate the next generation of leaders in tokenized markets,’ said Andrei Grachev, Managing Partner of DWF Labs. ‘We are excited to share our experience and help shape the industry’s future by influencing how institutions understand and engage with digital assets and STOs.’
Alex Nascimento, from the Blockchain Faculty, UCLA Masters of Quantitative Economics, said:
‘Market makers in the crypto space are essential for maintaining liquidity in digital assets and ensuring continuous trading opportunities through active buy and sell orders. Crypto market making companies like DWF Labs play a key role in stabilizing prices, minimizing volatility, and promoting market efficiency. Gaining insight into their impact is invaluable for students, entrepreneurs, and investors navigating today’s dynamic digital economy.’
With this initiative, DWF Labs continues strengthening its role as a leading crypto venture capital company, liquidity provider, institutional influencer and thought leader. This collaboration further aligns with their mission to foster industry growth by supporting academic and professional understanding of STO mechanisms, regulatory frameworks, and liquidity management.
The STO Financial Revolution will be available as a valuable educational resource, providing readers with a deep dive into the STO landscape and empowering professionals to navigate the complexities of the tokenized securities market.
After her appointment as Partner at DWF Labs, Lingling Jiang sat down for her first interview with Bitcoin.com. In this conversation with journalists, Jiang outlined the company’s business development strategy, shared insights on the strategic prospects of the crypto market, explained DWF Labs’ investment selection process, and dived deeper into the significance of Web3, all while shedding light on the role of memecoins. Here are the key takeaways from the interview.
Regulatory Clarity in the Crypto Space
Lingling Jiang highlighted Asia's leadership as the prominent crypto industry’s hub, attributing its success to clear regulatory frameworks in countries like the United Arab Emirates (UAE), Singapore, Hong Kong, and Japan. She suggested that the recent U.S. election of Donald Trump could signal a potential shift toward clearer regulations, provided the administration recognizes crypto’s economic potential. However, she noted that any substantial changes in the U.S. regulatory landscape would likely take time due to the complexity of the ecosystem.
The Impact of Crypto ETFs: Two-Tier System?
While cryptocurrency-based exchange-traded funds (ETFs) bring stability and attract institutional investors, Jiang observed that they might dilute the influence of retail investors and reduce the volatility traditionally seen in the market. She foresaw a possible two-tier crypto ecosystem, where crypto whales focus on established assets such as ETFs, while retail traders continue speculating on volatile, lesser-known tokens:
“We could end up with a two-tier crypto ecosystem where suits trade the blue chips and degens stick to the trenches where 1,000x fortunes are won and lost.”
DWF Labs’ Role in Web3 Development
According to Lingling Jiang, DWF Labs has supported over 800 Web3 projects with crypto market making, OTC trading, and treasury management services. She emphasised the company’s selective approach, backing projects with real-world utility and long-term potential. Success, in her view, is defined by a project’s ability to innovate, decentralise processes, and generate real protocol fees:
“If a project is building a more decentralised, secure, and efficient solution to anything that’s currently available in Web3 — and is generating real protocol fees in the process — it definitely fits the bill.”
The Importance of DYOR
DWF Labs’ Partner advised retail and institutional investors to conduct thorough research, a process called “Do Your Own Research” (DYOR), and implement robust risk management frameworks. Following up, Jiang added that developers should focus on secure and transparent platforms. She also stressed the importance of partnering with established industry players and trusted communities to avoid falling prey to scams during periods of rapid innovation.
Commitment to Web3
“Web3 is the next frontier of the digital economy,” Lingling Jiang said, adding that DWF Labs remains dedicated to fostering innovation in the Web3 space, undeterred by allegations and challenges. Lingling Jiang also underlined the transformative potential of decentralisation and the firm’s focus on supporting projects that deliver real-world utility and sustainability.
Approach to Investing in Memecoins
As an integral part of crypto culture, memecoins are driven by community sentiment, Jiang commented. However, she urged caution, recommending that institutions treat memecoins as speculative assets and invest in them on a limited basis:
“It’s important to allocate a proportionately smaller portion of a portfolio to such assets and use them as an opportunistic play rather than a core holding.”
Effective risk management, liquidity assessment, and timing are critical for navigating this volatile space.
In conclusion, Lingling Jiang reaffirmed DWF Labs’ commitment to supporting the crypto and Web3 ecosystem, emphasizing innovation, strategic investment, and adaptability to evolving market dynamics.