It’s pretty clear the wider DeFi + perps landscape is still massively under-penetrated with so much room for innovative development. DeFi TVL today sits at $155B, just 76.9% of the 2021 cycle ATH of $202B. Even with strong adoption tailwinds, perp DEXs still account for only ~20% of CEX volume, which shows how much room there is for deeper market capture. @DWFLabs just launched a $75M DeFi fund aimed at core pillars of the financial stack: 🔹Money markets 🔹Perp DEXs 🔹Yield-based protocols In many ways, this accelerates the maturity of the DeFi financial layers (M1, M2), esp. now that M0 capital inflows are strengthening with institutional adoption + regulatory clarity improving globally. The initiative will primarily support the largest steady-state ecosystems @ethereum @solana @BNBCHAIN @base focusing on builders addressing liq. fragmentation + risk inefficiencies. These are key bottlenecks that are impeding the space from further adoption growth. And imo, this timing is pretty good considering how markets aren’t at peak euphoria yet which means growth can be fundamentally driven by proper adoption dynamics. If you look back historically, many of the most resilient, high-conviction protocols i.e. the ones with true market fit were built in the bear or during choppy markets. Looking forward to the new batch of innovations coming from this 🫡