At Blockchain Life Forum in October 2024, DWF Labs’s Managing Partner Andrei Grachev shared his perspective on key trends in Web3 during the panel ‘The Unicorn Journey: Insights from Top Venture Capitalists’. He spoke during the panel alongside Yat Siu (Co-Founder and Chairman of Animoca Brands), Danilo S. Carlucci (Founder and CEO of Morningstar Ventures), Edward Chen (Managing Partner of HTX Ventures) and Alex Scott (Head of Solana Superteam Middle East). The panel was moderated by Charis Campbell (Director of Capital Markets at Animoca Brands). Together, they represented the communiry of crypto venture capital companies.
This discussion highlighted the role of ecosystems such as TON in onboarding crypto users, the marketing power of memecoins, shifting trends in crypto gaming, and the stabilising influence of institutional investment.
The Power of Ecosystems in Connecting Web2 and Web3
During the panel, Grachev highlighted that TON’s ecosystem possesses a significant asset — an existing base of millions of users via its integration with Telegram. This unique advantage has been a crucial part of TON’s growth trajectory.
Gateway applications such as the Notcoin mini-app introduced crypto concepts to mainstream users through gamified experiences. Andrei shared that as TON’s ecosystem moves towards more complex and advanced DeFi projects, TON will be able to facilitate a new, larger wave of crypto adoption.
Memecoins as an Entry Point for Web3
Grachev discussed the importance of memecoins in onboarding users into the Web3 space, sharing that memecoins serve as marketing tools and function as catalysts for broader blockchain ecosystem growth. He explained that memecoins create a domino effect: they attract new users who generate trading volume and bring liquidity to the chain, which in turn creates a more active ecosystem.
This increased activity attracts a diverse range of projects beyond just memecoins, including DeFi protocols, Real World Assets (RWA), AI Agents, and more. This organic growth pattern demonstrates how memecoins can serve as catalysts for comprehensive blockchain ecosystem development and mainstream user adoption.
What’s Next in GameFi
During the discussion, Andrei Grachev discussed GameFi and Web3 gaming, sharing how the 2021 and 2022 initial wave of crypto projects primarily focused on financial systems rather than immersive gaming experiences. These early Play-to-Earn models, while innovative, were unsustainable in retaining user interest. However, they were valuable learning experiences for the crypto gaming industry.
Grachev then outlined several key gaming models that have potential for growth. He emphasised the importance of real revenue streams beyond token economics, such as in-app purchases and in-game items. A particularly interesting phenomenon he noted was the emergence of attention-based economics through in-game advertising, where users exchange their time and attention for tokens in-game.
Institutionalisation in the Future of Crypto
The panel participants also discussed institutionalisation in crypto, sharing that, as the market enters a new era of institutional engagement, highlighted by the introduction of crypto ETFs, launching a successful token project requires more than just creativity. Success will also require a strategic approach to institutional backing from a recognised crypto venture capital fund.
Andrei Grachev also shared that significant institutional money from family offices and institutional funds is flowing into the industry. These institutions are capitalising on funding rates, arbitrage opportunities, and farming strategies that offer low-risk and stable returns.
What’s Next
In conclusion, takeaways from the panel ‘The Unicorn Journey: Insights from Top Venture Capitalists’ at Blockchain Life in April 2024 highlight key trends in the crypto space, such as connecting Web2 and Web3 users, the strategic role of memecoins, the evolving structures within crypto gaming, and the importance of institutionalisation.
As institutionalisation in crypto becomes increasingly prominent, we’re focused on advancing the Web3 ecosystem through our institutional partners such as the DMCC Crypto Centre, The Blockchain Centre Abu Dhabi, and the UCLA Blockchain Faculty. DWF Labs aims to further expand access to blockchain technologies and support wider adoption across Web3.
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