Tokenization is working, but value capture isn't fully functional yet. $31B in tokenized assets are now onchain with 50% YTD growth, and institutional capital continues to flow into the market.

But only ~$3B (10% of total value) sits in DeFi as active TVL. Top US treasury tokens like BUIDL, WTGXX, and BENJI are estimated to have fewer than 30 transfers per month.

Most assets get minted and held rather than composed and collateralized.

Opportunities exist in solving issues such as: pricing infrastructure for illiquid assets, redemption mechanisms, oracle systems, and vertical integration.

DWF Ventures explores the gaps in the stack and where the next value layer gets built.

The DWF Ventures team is always seeking projects to support. If you're building, reach out here: https://www.dwf-labs.com/ventures