Introduction: The world is undergoing a significant transformation, driven by a new mindset that prioritises trust, transparency, and sustainability. As we rebuild from the pandemic, geopolitical wars and face the reality of the climate crisis, Blockchain technology marks an epoch in human history and catalyses the creation of a more decentralised, democratised, and inclusive global economy. The second edition of the Crypto Oasis Ecosystem Report, created in collaboration with the DLT Science Foundation and Roland Berger, provides a comprehensive overview of this transformation and renaissance heralded by Web3, Blockchain and Cryptographic technologies in the UAE.

The incoming Blockchain revolution has been charged with unbelievable momentum in the past year since we published our inaugural Crypto Oasis Ecosystem Report. With this report, we are delighted to introduce our new members and also acknowledge the most relevant players in the local Crypto space. We have highlighted the significant strides made across the Blockchain sector and the main activities of top organisations using Blockchain and Crypto technologies to transform existing markets and create new industries.

DWF Labs: Accelerating Web3 Adoption and Ecosystem Support in the MENA Region

The inevitability of web3 adoption is becoming increasingly clear, with its potential to reshape industries such as finance, media, entertainment, and many more. As a significant player in the MENA region, DWF Labs is dedicated to fostering this trend by investing in and supporting projects that contribute to the growth and adoption of web3. DWF Labs' Managing Partner, Andrei Grachev, emphasises the importance of infrastructure projects that simplify the onboarding process from Web2 to Web3, as they play a crucial role in bridging the gap and facilitating widespread adoption.

A key component of our success is our winning investment strategy, which centres on diversification in web3 projects. By actively investing in projects spanning verticals such as NFTs, infrastructure, media, entertainment, metaverse, GameFi, and DeFi, we ensure our confidence in the entire web3 ecosystem is well-placed. This multifaceted approach to diversification keeps us at the forefront of the rapidly evolving web3 landscape.

Our ecosystem approach to supporting projects further bolsters our investment strategy. At DWF Labs, we recognize that our strength lies in the ecosystem, enabling us to provide comprehensive support to our portfolio projects. In addition to capital, we offer liquidity for tokens, marketing services, security assessments, networking opportunities, and introductions to crypto exchanges for listing. This holistic support system ensures that projects within our ecosystem have the necessary resources to thrive and succeed.

Our strong ecosystem and investment strategy have led to strategic partnerships, such as the one with DMCC, the world's flagship free zone and Government of Dubai Authority on commodities trade and enterprise. This partnership has solidified our position as a key player in the MENA region. The DMCC Crypto Centre offers a USD 5 million growth platform for web3 and blockchain businesses. As a new ecosystem partner, we have established the DWF Ventures Studio to support early-stage startups, connecting our ecosystem approach with the broader web3 landscape in the MENA region.

DWF Labs Managing Partner Andrei Grachev has often expressed his belief that the bearish market presents an opportune time to invest in the space. He stated that DWF Labs has accumulated enough funds from its profits to invest in projects now. With offices in Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, South Korea, and Hong Kong, the firm is well-positioned to make an impact on the global stage. DWF Labs has backed several high-profile projects, including a $40 million round for "alternative internet" provider Tomi, a $20 million fundraise for derivatives trading platform Synthetix, and a new $40 million raise for AI-focused crypto protocol

Fostering collaboration among portfolio projects is a critical aspect of our work at DWF Labs. We believe that synergies between different projects are essential to building a robust and interconnected web3 ecosystem. By encouraging communication and collaboration among our portfolio companies, we enable them to learn from each other's experiences, share resources, and achieve greater success. Examples of successful collaborations include the partnership between Orbs Protocol and TON, which has led to the development of multiple Layer-3 applications.

DWF Labs' recent investment strategy highlights our dedication to driving innovation and promoting the adoption of decentralised solutions in the web3 ecosystem. We have invested in Synthetix, integrating the platform's perpetual futures product into our trading business, which aims to boost Synthetix's trading volume. Our investment in Orbs Network's native token, ORBS, will enable the infrastructure provider to develop its ecosystem and provide scalable infrastructure for decentralised applications. Radix received a much-needed boost, especially as it is working towards building a decentralised finance ecosystem that can support the scale and complexity of the global financial system.

The MENA region, with its growing interest in blockchain and digital asset technologies, presents a fertile ground for the development and adoption of web3 technologies. DWF Labs is actively working to foster this growth by partnering with local governments, regulators, and industry leaders to develop a supportive regulatory framework, increase awareness, and create opportunities for web3 projects in the region.

Our commitment to supporting the web3 ecosystem in the MENA region also extends to education and talent development. DWF Labs is actively involved in initiatives such as hackathons, workshops, and training programs, helping to equip the next generation of developers, entrepreneurs, and industry professionals with the necessary skills and knowledge to contribute to the web3 ecosystem.

Looking ahead, DWF Labs will continue to expand its footprint in the MENA region, identifying and investing in promising web3 projects, fostering synergies among our portfolio companies, and working closely with local stakeholders to build a vibrant and sustainable web3 ecosystem. Our goal is not only to contribute to the growth of web3 adoption in the MENA region but also to shape the future of the global digital economy through our relentless pursuit of innovation and excellence.