The potential of RWA, and challenges with integrating blockchain-based assets into TradFi
February has been an action-packed month for DWF Labs as we continue to lead in our institutional research, partnerships, and global conference participation. A major highlight of this month was Falcon’s Closed Beta. Falcon is the next-generation synthetic dollar that offers sustainable, competitive, and institutional-grade returns, powered by DWF Labs.
We participated in Consensus 2025 Hong Kong, hosted our exclusive event DWF Labs Haus, and furthered our position as a leader in research and thought-leadership. Read more to catch up with us.
Falcon
Powered by DWF Labs, Falcon’s Closed Beta went live on February 18. Falcon is the next-generation synthetic dollar, offering sustainable, competitive, and institutional-grade returns.
Lingling Jiang, Partner of DWF Labs, shared that she will also be taking on a Partner role at Falcon.
Additionally, Falcon and DeXe Protocol announced a strategic partnership with $10 million allocated for Falcon’s Closed Beta.
Partnerships
ZIGChain
We have joined ZIGChain as a Validator, staking 3,000,000 $ZIG to enhance network security and support ecosystem growth.
BidAsk
This month, we partnered with Bidask Protocol to redefine trading on TON, bringing top-tier services to the ecosystem.
BAD Coin
We also established a key partnership with BAD Coin as part of our support for projects building in the AI x Crypto space.
ByBit Support
As a long-standing crypto market maker on Bybit, this February marked 5 great years of working together. We supported their team following a security threat as part of our commitment and dedication to supporting the Web3 industry through challenges.
Institutional Research and Thought Leadership
DWF Ventures Research
The DWF Ventures team released the institutional research report ‘AI Agents: Emergence of Lisan al Gaib’. The report covers the emergence of AI Agents in the crypto market and ecosystem, as well as use cases and potential challenges.
DWF Labs institutional report cover on the impact of AI Agents on crypto markets, February 2025
Additionally, DWF Ventures published several research articles: a look into how DeepSeek is impacting the AI sector, a deep dive into Ondo Chain, and a recap on Consensus 2025 Hong Kong.
Our crypto venture team is always seeking to invest in innovative projects — if you are building, reach out to DWF Ventures on their official page.
‘The STO Financial Revolution’ in Partnership with UCLA
A case study about DWF Labs was published in collaboration with Alex Nascimento, Member of the Blockchain Faculty at UCLA. We’re excited to continue collaborating with educators, academic institutions, and thought leaders in the space, helping to build a more knowledgeable and inclusive Web3 ecosystem.
Andrei Grachev’s Interview with BeInCrypto
Andrei Grachev, Managing Partner at DWF Labs, shared in an interview with BeInCrypto on the rapid evolution of AI agents, their increasing integration into Web3 and traditional tech sectors, and the challenges that come with mass adoption. His discussion highlighted the transformative potential of AI, the risks of misuse, and the crucial role of trust and responsible innovation in shaping the future of automation.
Consensus 2025 Hong Kong
Andrei Grachev’s Keynote ‘Dimensions of the Crypto Market’
Andrei Grachev, Managing Partner at DWF Labs, took the stage at Consensus Hong Kong to deliver the keynote ‘Dimensions of the Crypto Market.’
Drawing reference to the industry’s past, present and anticipated trajectory of the future, Andrei discussed how our vision and crypto investment approach aligns with the upcoming key market trends that will shape the sector in the future.
Watch his full keynote here.
Lingling Jiang on ‘Surviving and Thriving in 2025’ During Animoca Portfolio Day
Lingling Jiang, Partner of DWF Labs, shared during a panel at Animoca Brands’ Portfolio Day. She discussed product and token strategy, advice for founders seeking crypto venture capital, and balancing short-term hype with long-term sustainability.
Alessia Baumgartner at the Global Blockchain Congress
Alessia Baumgartner, VP of Ecosystems at DWF Labs, participated in a panel discussion at the Global Blockchain Congress hosted by Agora. She shared her insights on the importance of long-term sustainability in Web3, and advice for both crypto venture capitalists and founders.
Lingling Jiang Speaking at Alpha: Hong Kong Hosted by Luna PR
Lingling Jiang, Partner of DWF Labs, spoke during the panel ‘The Evolution of Investment: Trends, Challenges, and Opportunities’ at an event hosted by Luna PR.
She shared about the key role AI technologies will play in the crypto space, as well as crucial aspects to consider when investing in projects such as strong founding teams, clear revenue models, and mass adoption potential.
Fiona Ma at VC Startup Connect During Consensus Hong Kong
Fiona Ma, Investment and Research Lead at DWF Ventures, shared during the panel ‘Decentralisation vs. Big Money – Navigating Web3 Capital Injection’ at VC Startup Connect hosted by Cointelegraph Accelerator. She offered insights on the DWF Ventures investment strategy and approach to supporting ecosystems long-term.
DWF Labs Haus
DWF Labs Haus: Consensus HK was a major highlight of Consensus week, and we had a great time connecting with our top tier community. We were treated to stunning views of Hong Kong's harbour and skyline while enjoying delicious cocktails and canapés.
Check out highlights from the event:
Wrap-Up
February 2025 was full of exciting developments throughout our partnerships, event participation, and support of Falcon.
As we move further into 2025, we’re thankful for our community and are excited to continue contributing to the crypto ecosystem.
How agentic AI will transform the crypto market, and what issues arise on the path to its adoption
Key highlights of Andrei Grachev’s keynote speech about the five key dimensions of the crypto market in 2025
At Animoca Brands’ Portfolio Day during Consensus Hong Kong 2025, Lingling Jiang, Partner of DWF Labs, spoke during the panel ‘What To Do As A Founder Now? Surviving & Thriving in 2025’.
The panel featured Filip Wielanier (Co-founder & CEO of Cookie3), Jason Lau (Chief Innovation Officer of OKX), and was moderated by Jonah Lau (Head of Portfolio at Animoca Brands). They shared their perspectives on product-market fit, investment strategies, and the evolving role of AI and stablecoins in the crypto space.
Product vs. Token: Striking the Right Balance
A recurring theme in the discussion was the importance of both product and token strategy — but with distinct roles in a project’s lifecycle.
Lingling Jiang emphasised that a strong product is essential for long-term sustainability. The project should solve real problems and provide lasting value. A well-structured token helps drive early adoption and liquidity, acting as a catalyst for community engagement and growth.
She shared that while tokens can create initial market momentum, projects without a solid product risk fading out once speculative interest declines.
Short-Term Hype vs. Long-Term Value
Jiang also shared about short-term vs. long-term investment strategies in crypto.
She noted that memecoins generate excitement and liquidity, making them attractive for short-term gains and building hype. However, their speculative nature means they often lack sustainability.
In contrast, infrastructure projects — especially those bridging Layer 1s and Layer 2s — offer lasting value and drive industry growth. These projects help improve blockchain scalability, interoperability, and overall efficiency, making them critical for Web3’s evolution.
Jiang highlighted how DWF Labs strategically allocates resources to both types of projects, in order to maximise both immediate and sustained impact as part of our support for the Web3 ecosystem.
Fundraising in 2025: Execution Over Hype
With the rapidly evolving crypto fundraising landscape, Jiang shared key advice for founders looking to raise capital in 2025.
She shared that projects can no longer secure millions of dollars in funding with just whitepapers. Investors today expect traction, a clear business model, and realistic valuations when seeking for projects to invest in.
This shift reflects a maturing crypto venture investment landscape, where a project’s strong execution that solves real problems is key.
DWF Labs’s Focus: AI Agents & Stablecoins
Jiang shared that looking ahead to 2025, DWF Labs is particularly bullish on two major trends: AI Agents and Stablecoins.
Jiang highlighted how AI-driven automation is set to revolutionise how users interact with Web3. AI can enhance trading efficiency, automate transactions, and improve security in decentralised environments. She also shared about our recently launched $20 million AI Agent Fund, as part of our commitment to accelerate innovation in autonomous AI technologies.
Jiang also shared about Falcon, powered by DWF Labs. Built by blockchain and financial engineering experts, Falcon Finance ensures sustainable, competitive, and institutional-grade returns. With regulatory clarity improving in key markets like Hong Kong and the U.S., stablecoins are becoming an increasingly critical part of the global financial landscape.
Building for the Future
Jiang’s insights at Animoca Brands’ Portfolio Day provided a clear roadmap for founders navigating the evolving crypto landscape in 2025. She emphasised balancing product and token strategy, distinguishing between short-term hype and long-term value, and focusing on execution over speculation. Her advice offers practical guidance for Web3 builders looking to thrive in any market condition.
With DWF Labs leading investments in AI automation and stablecoin infrastructure, 2025 is shaping up to be a pivotal year for Web3 innovation.
At Blockchain Life Forum in April 2024 during the panel ‘The Role of Crypto Whale Funds’, key leaders from the Web3 and crypto venture landscape discussed their strategies in determining which Web3 projects to invest in.
Andrei Grachev, Managing Partner of DWF Labs, shared his insights alongside Sergei Khitrov (Founder of Listing.Help, Jets.Capital, Blockchain Life), Danilo Carlucci (Founder and CEO of Morningstar Ventures), and Bhavik Patel (CIO of Arrington Capital). In the first part of this panel’s recap, we presented key forecasts for the crypto market.
The Founder-First Approach: People Over Profit
A key theme throughout the discussion was the emphasis on investing in exceptional founders and strong teams. The panelists shared that while profits are important, the true determinant of long-term success lies in the quality, vision, and capabilities of the founding team.
Andrei Grachev, Managing Partner of DWF Labs, shared that, ‘We have a founder-first approach. We invest in people before technologies or products. Behind every idea and technology should be a team that can execute, build, and be trusted’.
This prioritization stems from the recognition that even the most promising blockchain technology or product can fail without the right team to execute, as well as to pivot and persevere during challenges.
The importance of trust and credibility in team selection was also highlighted by Danilo Carlucci (Founder and CEO of Morningstar Ventures): ‘When we pick a team, we consider very much who the introducer was. Most of the investments we make are referred to us by people who we trust, and when we pick bets, we ask the opinions of others to certify our belief in a team.’
This focus on referrals and credibility demonstrates how institutional crypto investors value founders who have already built strong networks and relationships within the industry.
Strong founders bring not just technical expertise but important soft skills such as leadership, adaptability, and the ability to attract and retain talent. These qualities often prove more valuable than initial profit projections or technical specifications, as they enable teams to overcome obstacles and capitalize on new opportunities as the crypto market evolves.
The Importance of Sustainable Tokenomics
Panelists also explored the role of tokenomics in creating sustainable blockchain projects. They discussed the delicate balance between short-term liquidity and long-term value creation, highlighting the need for projects to design token strategies that align with their growth goals.
Andrei Grachev described two common tokenomic approaches: funding of crypto projects with short-term, aggressive token economics, and projects with longer lockup periods of 12 to 24 months. The longer lockup period is more suited for long-term investors but requires more crypto venture capital upfront.
He shared that while both approaches can work, the second strategy is more relevant for building substantial and sustainable solutions in the long run.
Danilo Carlucci also emphasized flexibility in token distribution, sharing that blockchain projects shouldn’t sell too many tokens initially and should maintain flexibility for future funding.
The Power of Ecosystems: Supporting the Broader Web3 Community
A key differentiator of DWF Labs is our comprehensive blockchain ecosystem approach. Andrei Grachev shared about a key aspect of our crypto investment strategy — that we also invest in projects that may not deliver immediate profits but play a crucial role in supporting our portfolio companies.
We provide our portfolio companies with extensive connections and resources to grow, ensuring that each project contributes to the strength and resilience of the larger ecosystem.
Building Lasting Value in Web3
The panel discussion at Blockchain Life Forum in April 2024 highlighted priorities of crypto venture capital firms and their holistic approach to investment. The founder-first philosophy, sustainable tokenomics, and ecosystem-driven strategies collectively highlight a shift toward long-term resilience and community building in the Web3 space.
These insights are particularly valuable for founders and teams seeking crypto venture funding, as they provide a clear roadmap for building projects that are not only innovative but also built to last.
Yesterday during a livestream hosted by #Memhash, The Open Platform (TOP), and Headliners Podcast, Alessia Baumgartner, VP of Ecosystems at DWF Labs, shared her insights into the evolution of the TON ecosystem, the rise of Telegram mini apps, and how projects like #Memhash are driving Web3 and crypto adoption.
She spoke alongside Kirill Malev (Jr. Partner of The Open Platform), Nikita Anufriev (Host of Headliners, the largest Russian-speaking crypto channel), and Nick Borisov (CEO of #Memhash).
Keep reading for a look into key insights from the livestream.
The Evolution of the TON Ecosystem
Alessia Baumgartner discussed the remarkable growth of the TON ecosystem over the past few years, noting the success of the TON Gateway Conference 2024, which drew thousands of participants and partners. This expansion demonstrates the ecosystem’s scalability and its ability to attract a global audience.
Baumgartner also shared about the importance of USDT integration, which was one of the biggest milestones for the TON blockchain in 2024, noting the integration’s significance on the TON ecosystem. Tap-to-Earn games have also brought in new users, partners, and crypto venture capital into the TON ecosystem.
#Memhash and the Telegram Mini App Space
During the livestream, the speakers highlighted #Memhash’s ability to onboard new users and build a loyal community, a crucial part of successful Web3 and crypto projects. They discussed #Memhash’s gamified mechanics and viral distribution, demonstrating how community-driven projects can thrive in the Web3 and crypto space.
Navigating Market Volatility
Baumgartner addressed the challenges posed by the volatile crypto market, stressing the importance of resilience and adaptability. She explained that, while market fluctuations are inevitable, blockchain projects with strong community engagement and strategic utility are better equipped to endure and succeed.
She advised founders to focus on adding value and utility to their ecosystems, as well as to maintain flexibility in their strategies. By staying attuned to community needs and market trends, crypto projects can also navigate uncertainty in the market.
The Future of Web3 and Telegram Mini Apps
Looking ahead, VP of Ecosystems at DWF Labs expressed optimism about the future of Web3 and the role of Telegram mini apps in driving adoption.
Baumgartner shared that the TON ecosystem, with its scalable infrastructure and user-friendly design, is well-positioned to lead the next wave of Web3 innovation. Telegram mini-apps will be particularly important as user-centric innovation is a key part of user adoption into crypto.
Web3 gaming, bull run, institutional adoption: what 2024 forecasts came true?
New collaborations, investments, market research, global events and internal developments