DWF Labs

Helping institutions, builders, and individuals power the future with liquidity, capital, ideas, and infrastructure.

Managing Partner: @ag_dwf

[DWF Labs @DWFLabs]

Revenue alone isn’t driving token outperformance. Steady buybacks are.

13 of 15 tokens with active or announced buybacks have beaten BTC year to date. HYPE is up 200%, PUMP is up 120%, and BTC is down 8.5%.

The exceptions are Maple and Lido. Both are among DeFi’s largest revenue generators, but their buybacks are conditional or shrinking, and both tokens are down this year.

Read the full report from DWF Ventures.

[DWF Ventures @DWFVentures]

https://t.co/7pZCSOdiAp

[DWF Labs @DWFLabs]

The narrative premium in crypto has compressed sharply.

Buyers now pay for revenue, not vision.

4 reasons:
→ Low-float launches made buyers wary of supply still to come.
→ Bear markets showed narrative tokens have no floor.
→ Too many tokens chase the same capital, so revenue became the filter.
→ Lost trust sent capital to teams with proven products.

[DWF Ventures @DWFVentures]

https://t.co/7pZCSOdiAp

[DWF Labs @DWFLabs]

Revenue alone doesn’t earn a premium.

4 tests decide whether the market pays for it.

1) Incentivized? Points, liquidity mining, and fee rebates inflate revenue. It fades when incentives stop.

2) Diluted? A buyback returns value only if it outpaces unlocks and emissions.

3) Cyclical? Perp DEX, launchpad, and prediction market revenue moves with volatility and real-world events.

4) Defensible? Without a moat, cheaper entrants take share fast.

[DWF Ventures @DWFVentures]

https://t.co/7pZCSOdiAp

[DWF Labs @DWFLabs]

Winning products remove a fear, or a friction.

[DWF Labs @DWFLabs]

Uniswap turned on its fee switch and has burned over 110M UNI.

Aave announced automated buybacks under Aavenomics 3.0.

Ethena voted to route 95% of net revenue into ENA buybacks.

[DWF Labs @DWFLabs]

Tokens tied to protocol revenue are the ones the market rewards.

Uniswap, Aave, and Ethena all rewired theirs over the past year.

[DWF Ventures @DWFVentures]

https://t.co/7pZCSOdiAp

[DWF Labs @DWFLabs]

@Titannet_dao If it was easy, everyone would do it.

[DWF Labs @DWFLabs]

Simplicity wins.

[DWF Labs @DWFLabs]

https://t.co/NEUyqvQxTl

[DWF Labs @DWFLabs]

Revenue alone isn’t driving token outperformance. Steady buybacks are.

13 of 15 tokens with active or announced buybacks have beaten BTC year to date. HYPE is up 200%, PUMP is up 120%, and BTC is down 8.5%.

The exceptions are Maple and Lido. Both are among DeFi’s largest revenue generators, but their buybacks are conditional or shrinking, and both tokens are down this year.

Read the full report from DWF Ventures.

[DWF Ventures @DWFVentures]

https://t.co/7pZCSOdiAp

[DWF Labs @DWFLabs]

https://t.co/gnjT7i5LLG

[DWF Labs @DWFLabs]

This Wednesday. Ideas, connection and more. Spots are limited, registration is recommended.

[Digital Asset Yield Summit @Yield_Summit]

What separates stablecoins that hold up from the ones that don’t? Lingling Jiang (@Lingersj/@DwfLabs) explains the market maker’s view.

Digital Asset Yield Summit (DAYS) is an invite-only event that brings private capital together to explore yield opportunities in digital assets.

🔗 Request an Invite for DAYS Miami 2027 → https://t.co/Z2y5r55aE1

[DWF Labs @DWFLabs]

Incoming: Key market moments this week (UTC+8)

Monday:
China CPI at 09:30

Tuesday:
US CPI at 21:30

Wednesday:
Veterans Day; the US bond market closes, but stocks still trade
SEC deadline on crypto ETF options

Thursday:
UK GDP at 15:00
US jobless claims at 21:30

Friday:
Euro area GDP at 18:00
US PPI at 21:30

What are you watching?

[DWF Labs @DWFLabs]

In modern markets speed is the defining risk.

Good and bad events land almost instantly.

The unprepared miss both the protection and the opportunity.

[DWF Labs @DWFLabs]

Since the ETFs launched, BTC sell-offs have been slower and calmer. Not shallower.

The median sell-off now falls 0.69% a day, half the 2021 pace. Days with a 7%+ drop are down from 15 a year to 2.

Depth hasn’t changed.

The median ETF-era sell-off fell 21.3% vs. 24.0% in 2021, and 19.4% in 2022–23.

[DWF Labs @DWFLabs]

https://t.co/EgfWNdYalp

[DWF Labs @DWFLabs]

19 midterms since 1950. 19 times the S&P 500 was higher a year later.

Why? The year after is year 3 of the presidential cycle, historically the market’s best.

- S&P 500: up in 17 of 19 third years, median +18.9% (vs. +9.3% otherwise)
- Nasdaq: up in 11 of 13, median +29.8% (vs. +14.7%)
- BTC: 3 for 3 (+34%, +92%, +155%)

The next third year is 2027.

[DWF Labs @DWFLabs]

https://t.co/oTxn4BSY19

[DWF Labs @DWFLabs]

Joining her: Allen Fok, Joshua Lim, Spencer Applebaum, and Constantin Kogan.

https://t.co/NGUh1ek2qy

[DWF Labs @DWFLabs]

Institutional adoption or retail speculation? @Lingersj takes on RWA perpetuals at @DAF_Global in New York next week.

[DWF Labs @DWFLabs]

Will history repeat?

[DWF Labs @DWFLabs]

How much would $1,000 invested after the 2022 Midterms be worth today?

BTC: $4,170
S&P: $1,977
Nasdaq: $2,390
Gold: $2,296