World Go-To Market (GTM) Data

World Overview

World Markets allows traders to increase returns by 50%. Traders can use loans as collateral, with credit and unified margin, on Ethereum Mainnet’s state with real-time execution. World is the only crypto platform which integrates loan, spot, and perps markets, in a unified margin account. World is the evolution of Low-risk defi, it is fully onchain, and connected to Ethereum Mainnet’s assets, liquidity, distribution networks (e.g. aggregators). World’s immediate goal is to make the $10T of incoming RWA issuance productive for institutions: B2B and B2B2C.

Links:

• World.inc (UI is being overhauled)
• Docs: https://docs.world.inc/
• Trade examples:
• Simple Trade
• Elaborate Trade (returns during normal market conditions >36%)
• Media:
• Bankless Article
• Gwart Interview
• Annamite
• Media

Cap Table & Token:

• The World team owns ~97% of the business, with no outstanding obligations for the token supply outside of existing SAFE holders.
• We intend to use revenue to methodically buy back the token after TGE. Token related plans are dynamic and update with new market information.

Team:

• Lucas Gaylord (CEO, cofounder): Lucas co-founded Nomisma in 2017, a crypto derivatives exchange, which was sold to Amber Group in 2021. Subsequently co-founded Eulith (2022), a DeFi security company building on Safe, and Annamite (2024), a multi-manager crypto/tradfi hedge fund.
• Moh Rezaei (CTO, cofounder): Moh has been writing software for over 40 years. He worked at Goldman Sachs for 15 years; before leaving to join Nomisma, he was in charge of building Goldman’s crypto custody. Moh holds a PhD in Physics from Cornell (1998). Moh and Lucas have worked together in the DeFi and trading space for almost 10 years.
• Gareth Rhodes (COO & GC): Gareth served as Deputy Superintendent at the NYS Dept. of Financial Services and as a senior adviser to NY Gov. Cuomo. Through his private legal practice, he has advised dozens of early stage startups and established financial institutions. Gareth holds a J.D. from Harvard Law School.
• Joe Cox (Head of Business Development): Mr. Cox co-founded XMonetae Capital, a digital-asset quantitative hedge fund with assets under management exceeding $100 million. He is on the Advisory Board for the Global Digital & Cryptocurrency Association.
• Kevin Rubio (CPO, cofounder): Kevin served as a PM at Rengen, a proprietary trading firm.
• Pogo (CSO, cofounder): Pogo spent 10 years in computational astrophysics before becoming a smart contract white hat hacker (2018) and MEV searcher (2021). He ranked #1 on the Curta.wtf leaderboards, an EVM security challenge platform.
• Hersch (CMO)

World Thesis & Opportunity

AI is rapidly reducing the cost of building and operating software (AI developer productivity research). AI is the catalyst for a more durable trend: financial markets are becoming software.

But faster software built on fragmented infrastructure still produces fragmented markets.

Assets, loans, collateral, and hedges remain divided across exchanges, banks, custodians, clearing systems, and internal databases. The result of one transaction may take hours or days to become available for the next.

These delays consume real capital. DTCC now estimates that real-time tokenized collateral could reduce liquidity requirements, materially lower funding costs, and shift markets from “just-in-case” collateral toward “just-in-time” collateral. (DTCC T+1 results; DTCC tokenized-collateral research)

Blockchains provide the missing layer: common, deterministic, programmable financial state.

When markets share state, the output of one transaction becomes an immediate input to the next. Applications can evaluate the same post-execution balances, liabilities, prices, and risks without waiting for separate institutions to reconcile their records.

The BIS identifies the same opportunity: common programmable infrastructure can combine financial functions that are currently separated across incompatible ledgers, automate conditional transactions, reduce reconciliation, and increase the velocity at which money and assets can be reused.

World’s upcoming deployment in partnership with a trillion dollar tech company is designed to combine extremely fast and inexpensive execution with full synchronous composability with Ethereum L1.

Ethereum currently supports roughly $158 billion of stablecoins, $15.5 billion of distributed tokenized real-world assets, and approximately $1.8 trillion of stablecoin transfer volume over 30 days. (Ethereum asset data)

As more financial assets move onchain, World can make them immediately usable for trading, borrowing, hedging, collateral, and automated strategies, without forcing them into another isolated venue.

AI increases the rate at which markets and strategies can be created. World allows each successful addition to increase the utility and capital efficiency of everything already connected to it. The acceleration is multiplicative: faster software creation × permissionless deployment × reusable financial state × continuous autonomous operation × immediate market feedback.

World does not need to own the world’s assets. It needs to become the shared balance sheet through which those assets are traded, financed, hedged, settled, and used by applications.

As the network grows, every new asset increases the number of products that can be created, while every new product increases the utility of the existing assets.

AI makes markets faster to create. Ethereum supplies the shared financial state.

World maximizes the productivity of that state as the world’s balance sheet.

World GTM

Intention here is to provide the plan and the relevant public data behind how we decided on our GTM.

Overview 1

Comparisons: 1

Thesis 3

1. GTM Overview 5

2. Core GTM roadmap 6

3. Annamite solves the first distribution problem 9

4. Why the initial return product is credible 10

5. The Capital Sink: how return acquisition becomes market liquidity 11

6. Concrete market plan and capacity evidence 12

7. Ethereum routers and RFQ create low-friction distribution 14

8. Competitive position 15

9. Scale path: TVL, volume, institutional users and revenue 16

10. Data 17

11. Conclusion 19

12. Sources 19

1. Overview

Onchain finance has extraordinarily poor market structure. World’s onchain risk engine and Ethereum composability allows us to tap into existing liquidity and taker flow. World leverages Annamite's existing manager and allocator network, gives professional teams more capital and more return per dollar through one integrated spot-lending-perpetual risk engine, and then compounds the resulting TVL and volume through productive collateral, Ethereum composability, router flow, direct trading, issuer distribution and third-party builders.

• Known distribution: Annamite has sourced 1,750 teams, screened about 400, approved 100 and currently trades with or allocates to 25. The 25 active relationships are the first customer cohort.
• Clear economic wedge: a team already earning 10%-15% from funding/basis strategies can add collateral yield because World loans remain usable as margin; lending rates on World during beta averaged around 7%.
• Large markets already exist: Hyperliquid produces about $190B of monthly perp volume, trade.xyz produces $81B of monthly RWA-perp volume, Aave and Morpho have more than $14B of active loans, and Ethereum aggregators distribute about $16.7B of monthly spot flow. [S91] [S95] [S96] [S97] [S105]
• One compounding strategy: Vault TVL creates liquidity; liquidity improves execution; execution creates volume; volume attracts direct users and issuers; issuers and builders bring more TVL and volume.
• North stars: TVL and volume. Revenue is the output of those two metrics, not a substitute for them.

EXISTING MARKET LEADER	CURRENT SCALE	METRIC	INCUMBENTS ACCELERATE WORLD’S GROWTH
Hyperliquid	~$190.4B	Monthly perp volume	Creates large external funding and hedge markets. World can import its liquidity and arbitrage the demand instead of creating it first.
trade.xyz	$81.3B	Monthly RWA-perp volume	Creates stock, index, commodity and FX funding dislocations that World can leverage up on and hedge.
Aave V3	$10.37B	Active loans	Proves large, persistent borrower demand; Ethereum TVL is $11.16B.
Morpho	$3.93B	Active loans	Proves isolated/curated lending demand; Ethereum TVL is $3.65B.
Ondo	441 assets / $3.62B	Platform RWA value	Creates large third-party spot inventory; World can make that inventory productive.
Ethereum routers	$16.7B	Monthly routed spot volume	Existing demand can be won through quotes without acquiring every wallet directly.

The strategy does not require World to create perpetual demand, lending demand, tokenized assets or wallet flow from zero. The strategy requires World to connect those existing markets and make the same capital more productive.

2. Core GTM roadmap

Stage 1 is the commercial wedge. Each later stage expands the utility, retention or distribution of the same capital base and is activated only after its proof gate is met.

STAGE	TARGET USERS / SPECIFIC ICPs	WHAT THEY BUY	UNIQUE ECONOMIC ADVANTAGE - WHAT ONLY WORLD DELIVERS	CONCRETE MARKET EVIDENCE	ACQUISITION	COMPOUNDING EFFECT
1. Trading Vault + professional managers	· 25 hedge funds already traded with or allocated to by Annamite · Crypto yield funds with $10Ms-$100Ms · 15 funding-arbitrage teams under $50M · 50 DeFi market makers averaging $5M-$10M AUM · ETH/BTC/stablecoin whales · Later: 10 retail yield products	· Additional Vault capital · Higher return on existing capital · Direct access to World · Optional venue-risk insurance	· Target >20% net through several return sources · Loans remain 98% margin-eligible while earning yield · ATLAS recognizes spot/loan/perp hedges · USD, BTC and ETH Vaults preserve preferred denomination · Crypto basis launches first; highest-capacity stock/ETF basis markets add a second return sleeve	· 1,750 sourced; ~400 screened; 100 approved; 25 active · Beta: 5 integrations; 3 completed onboarding · >$20M commitments · Ethena $4.25B; JLP $709M; HLP $252M prove adjacent capital demand · Hyperliquid ~$190B monthly perps and ~$11B OI	Annamite manager and allocator relationships; direct Ethereum deposits; referrals; Vault allocations	Prove funded TVL, net return, capacity and contribution margin. Vault capital seeds World spot, lending, perps and RFQ inventory.
2. Productive yield-bearing collateral	· Existing World managers · mEDGE, mHYPER, mF-ONE and Avant holders · wiTRY and local-yield investors · Stablecoin/Treasury allocators · DeFi leverage users · Curators such as MEV Capital and Steakhouse	Keep the asset yield while the same position supports borrowing and trading	· Earn yield, borrow and trade from one balance · Fixed-rate, fixed-term loans reduce variable-rate loop risk · Hedged portfolios need less duplicated collateral · World can dynamically lend when rates are high and borrow when financing is cheap	· Tokenized Treasuries: $15.98B · Midas: >$2B cumulative issuance; existing Morpho markets for mEDGE/mHYPER/mF-ONE · Aave: $10.37B active loans; Morpho: $3.93B active loans · Avant dashboard: ~$110M NAV with senior/junior yield products · Beta: wiTRY leverage and >7% World lending yield	Issuer partnerships; Annamite buyer network; DeFi curators; Vault managers; direct holder conversion	Prove yield preservation, haircuts, redemption liquidity and safe liquidation. More useful collateral increases retention and strategy capacity.
3. Ethereum composability	· Vault depositors · Aave and Morpho users · Ethereum curators and wallets · Funds, DAOs and treasury managers · Tokenized-asset holders	World loan and Vault positions that remain useful across Ethereum	· Capital is not trapped in an isolated exchange account · Tokenized loans and Vault receipts can become external collateral and yield primitives · External utility raises the opportunity cost of withdrawing · Based-rollup architecture deepens synchronous Ethereum access over time	· Ethereum DeFi TVL: ~$40.9B · Ethereum stablecoins: ~$150.2B · Ethereum RWA active value: ~$14.9B; DeFi RWA TVL: ~$2.0B · Aave Ethereum TVL: $11.16B; Morpho Ethereum TVL: $3.65B · Rabby integrated World during beta after user demand	Ethereum wallets; curators; Morpho/Aave markets; tokenized World positions; protocol integrations	World issued tokens (e.g. Lending Vault token) are externally held and accepted by credible protocols. Reusable balances make aggregate TVL more durable.
4. RFQ + router flow	· 1inch resolvers · UniswapX fillers · 0x, CoW and Kyber liquidity providers · Wallet users and block traders · RWA issuers with thin spot markets	Competitive quotes financed and hedged from one shared balance sheet	· One balance supports inventory, financing and hedge · Order book + RFQ can quote assets that do not justify isolated AMM pools · Immediate hedging and portfolio netting improve large-order economics · Routed flow is monetizable even if the user never opens a World account	· Ethereum aggregators: ~$16.7B monthly · Ethereum DEXs: ~$28.4B monthly · Kyber ~$4.1B; 0x ~$2.37B; CoW ~$2.31B; 1inch ~$2.19B monthly · World had ~2 bps beta spreads in BTC, ETH, SOL and HYPE; production must re-prove depth	UniswapX; 1inch; 0x; CoW; Kyber; wallets; institutional RFQ; issuer integrations	Repeat routed volume, measurable price improvement and positive net quote economics. Conversion to direct accounts is upside, not assumed.
5. Direct traders + World-only trades	· Hyperliquid and trade.xyz traders · Funding/basis funds · DeFi market makers · RWA traders · Crypto-native wealth users · Global funds seeking stocks/ETFs on crypto rails	One account for trades that require spot, lending and perps together	· Funding/lending basis in one account · Yield on collateral while trading · Stock/RWA spot + financing + hedge · More leverage for hedged portfolios · Fixed-term financing and optional insurance · World can internalize the full trade or arbitrage external venues	· Hyperliquid: ~$190B monthly perps; ~$11.1B OI · trade.xyz: $81.3B monthly RWA perps; $3.31B OI · RWA perps: $4.03B OI across 634 markets · Public equities + equity indices: 71.6% of RWA-perp OI · Top six trade.xyz markets produced ~$52.4B in the July 18 snapshot	Annamite teams; Vault managers; direct referrals; issuer users; one-click trade bundles; external-arbitrage teams	Unaffiliated organic volume, retained balances, repeat direct activity and positive net revenue. Direct flow deepens the Capital Sink.
6. RWA distribution + quality control	· Third-party tokenized-asset issuers · Hedge funds and allocators · Brokers, wallets and wealth applications · Institutional RWA traders · Curators and asset-selection teams	A buyer network and complete market, not merely an exchange listing	· Annamite evaluates assets as an actual buyer · World adds spot, lending, collateral, perps, Vault demand and RFQ liquidity · The asset becomes a portfolio complement instead of a substitute · Issuer neutrality lets World select the best third-party asset · A World listing can become a positive quality signal	· Ondo: 441 assets and ~$3.62B platform RWA value · Public equities: ~$1.29B active value but only ~$55.7M in DeFi · Tokenized Treasuries: $15.98B · trade.xyz proves large derivative demand · Beta: Brix purchases and liquidity routed through World	Annamite fund network; issuer partnerships; listings and APIs; Vault anchor demand; router distribution	Issuer-attributable TVL/volume, repeat launches and inbound issuer demand. This builds the issuer-trader network moat.
7. AI-native “brokers” and “dealers” for modern finance (long-term plan)	· Human founders building AI-assisted consumer wealth and brokerage products · Brokerage and treasury teams · Policy, identity and workflow builders · Prime-brokerage and structured-product teams	Programmable spot, lending, perps, collateral and settlement infrastructure	· Founders define the customer and risk rules · AI improves interface, personalization and operations · World supplies the financial backend instead of forcing each team to rebuild markets · Each product can become a new TVL and volume channel	· Organic beta builder behavior and Rabby integration are early signals · Worldalytics was built independently with $0 paid marketing · Category is excluded from base revenue underwriting	APIs; SDKs; open-source UI; fee sharing; policy and permission tools; developer competitions	Activate after core TVL, liquidity and APIs are proven. Each successful application becomes a distribution channel.

3. World trading vault + Annamite kick starts distribution

World does not begin with anonymous retail acquisition. It begins with professional teams that Annamite already knows, has screened and, in many cases, already trades with or allocates to. The first product gives those teams both capital and a venue that can improve their existing strategy economics.

FUNNEL STAGE	COUNT	GTM INTERPRETATION
Sourced teams	1,750	Top-of-funnel manager/counterparty universe; not treated as funded distribution.
Screened	~400	Strategies and teams reviewed for fit.
Approved	100	Teams that passed Annamite approval.
Currently traded with / allocated to	25	Exact first customer cohort.
Expected conversion of active cohort	~13	Highest-confidence production integrations.
Expected conversion of approved non-active cohort	~23	Second cohort after proof.
Expected conversion of screened non-approved cohort	~30	Longer-term funnel after additional diligence.
Beta integration test	5 integrated; 3 onboarded	Small sample; shows willingness to complete technical integration.

The conversion path is approximately 13 managers from the active cohort, 23 from approved non-active teams after proof, and 30 from the broader screened pool. That implies a known-network path to roughly 50-66 professional teams.

USER PROFILE	CURRENT LIMITATION	WORLD VALUE PROPOSITION
Funding-arbitrage teams	10%-15% baseline systematic carry; collateral often idle	Loan dollars can continue earning yield and remain 98% margin-eligible; Vault supplies additional capital.
DeFi market makers / RFQ firms	Inventory fragmented across venues and pools	One balance finances inventory, supports quotes and hedges spot/perp exposure.
Yield funds	Constant search for higher risk-adjusted yield	Multi-manager Vault, productive collateral and diversified return sources.
ETH/BTC/stablecoin whales	Want yield without losing market access	USD/BTC/ETH-denominated Vaults plus direct access to stocks, RWAs and crypto markets.
Retail yield products	Need higher yield while keeping trading utility	Tokenized Vault receipt plus World trading features; later channel after institutional proof.

Annamite also contributes institutional credibility. [S1]

4. 20% trading vault return math

The trading vault targets a 20% net annualized to vault depositors after a 1% management fee and 10% performance fee. The vault is structured as a multi-manager product, so it allocates to many trading teams, similar to Annamite, which gives it scale and diversification as well as bring an increasing number of teams to trade on World. The return does not depend on one spread. It combines conventional systematic carry, yield on collateral, World-specific internal/external arbitrage, RWA opportunities and professional manager diversification. The strategies are run not just on World, but across venues including Lighter and Hyperliquid to monetize arbitrage opportunities. The vault capital will be concentrated on World.

RETURN SOURCE	INDICATIVE RETURN / COST	EVIDENCE AND LIMITATION
Baseline funding / basis	10%-15%	Estimate from Annamite teams with verified track records and public funding rate historical data.
Yield on otherwise-idle dollars	~7% beta result	World beta result; loans remain 98% margin-eligible under current rules
Yield-bearing collateral	>7%, product dependent	mEDGE, mHYPER, mF-ONE, wiTRY and selected Avant products; apply product-specific risk and liquidity haircuts. Ref Miads: https://midas.app/products
World internal / external arbitrage	Variable	Incremental return from World rate convergence and cross-venue spreads; measure with live fills.
RWA basis and funding	Variable; potentially large. >36% during Beta, evidence posted on X.	trade.xyz and RWA-perp data prove demand; capacity depends on spot and lending depth
RFQ / market making	Variable	Shared inventory may add P&L; net against hedge cost, gas, adverse selection and losses
Insurance	(2.7%) on insured exposure	Insurance cost; more details from insurers available in the data room.

Gross Vault return = funding and basis P&L + collateral yield + World/RWA/cross-venue arbitrage + RFQ/market-making P&L - financing - trading costs - insurance - defaults - liquidation losses - idle-cash drag.

Net depositor return = 90% x gross Vault return - 1% management fee - any insurance charged to the depositor.

A 20% net depositor return therefore requires approximately 23.3% gross with no insurance charged to the depositor, 24.8% if half the capital is insured at 2.7%, and 26.3% if all capital is insured. We believe a 15% net return target is a reasonable lower bound on the vault.

The exact bridge from a conventional strategy to the target:

Typical returns from funding arbitrage	PLUS 7% COLLATERAL YIELD	100% INSURED
10.0%	17.0%	9.33 pp
12.5%	19.5%	6.83 pp
15.0%	22.0%	4.33 pp

The defensible claim is not that every source can be added without limit. It is that a 10%-15% systematic strategy can gain roughly 7% just from lending, leaving a measurable 1.3-6.3 percentage-point gap that World-specific strategies must earn to reach 20% net. The 7% yield on collateral can be increased to ~13% by holding institutional yield bearing assets as collateral, detailed below.

Who pays the lending yield:

BORROWER	WHY IT BORROWS	COLLATERAL / USE	EXTERNAL PROOF
Leveraged yield investors	Borrow when expected asset yield exceeds the loan rate	mEDGE, mHYPER, mF-ONE, wiTRY, Avant and future approved products	Existing Morpho markets directly demonstrate borrowing utility.
Funding / basis arbitrageurs	Finance the spot or stablecoin leg when funding exceeds financing cost	Crypto, stocks, ETFs, indices and other assets with spot + perps	World beta demand came mainly from levered basis and wiTRY leverage.
Market makers / RFQ firms	Finance inventory and hedge without prefunding each market	Crypto and RWA spot inventory	Aave/Morpho prove multi-billion-dollar borrowing; World reuses one balance across markets.
Whales / treasuries	Access liquidity without selling productive holdings	BTC, ETH, funds and yield-bearing assets	Existing DeFi lending shows broad demand beyond arbitrage funds.

The economic rule is simple: borrowers lever an asset or trade when its expected return exceeds the all-in loan cost. World does not need to invent this behavior. It needs to list safe, liquid assets with yields above the clearing loan rate and price their collateral risk conservatively. Additionally, when the lending rate is lower than any funding rate with a high OI, there is an arbitrage opportunity given sufficient liquidity; that arbitrage pulls the lending rate up towards the funding rate. Funding rates are typically 10.95% on Hyperliquid for BTC and ETH.

5. The Capital Sink: Vault builds market liquidity

STEP	MECHANISM	EFFECT ON WORLD
1. Internal arbitrage	Borrow to buy spot with leverage and short the perp inside World.	World lending and funding move toward internal equilibrium.
2. External spread opens	World rates now differ from Hyperliquid, Aave, Morpho, trade.xyz or another venue.	A new cross-venue trade becomes profitable.
3. External arbitrage	Hold one side on World and the offsetting side elsewhere.	The trade requires collateral and open interest on World.
4. Capital enters	Deposits support positions, loans, inventory and margin.	World TVL and executable capacity increase.
5. Capacity compounds	More capital permits larger internal basis trades and tighter quotes.	The next internal/external arbitrage cycle becomes larger.
6. Equilibrium retention	If aggregate capital leaves, the World/external rate gap reopens.	Individual balances may rotate; a standing equilibrium pool remains economically required.

World’s showcase trade during Beta was the “Levered Basis Trade.” The risk-reward of this trade is extremely attractive; the consequence is that it sucks liquidity into World from all of its nearest neighbors. The retention claim is aggregate equilibrium capital, not permanent loyalty from each arbitrageur. If capital leaves and World rates diverge again, the arbitrage reopens. Productive collateral and Ethereum composability give the capital additional reasons to remain after any one spread closes. [S2] [S9]

During World’s Beta other MegaETH venues routed spot orders back to World because World had become the primary spot-liquidity source, which is observable onchain (additional evidence can be found in the data room). Other venues routing back to World limited our ability to market make spot (i.e. we were constrained by the ecosystem's liquidity, not a lack of demand). For this reason we are extremely excited about launching the venue with Ethereum Mainnet synchronous composability. Same block composability with Ethereum mainnet allows us to use liquidity from any and every venue on ethereum. We believe we will suck in at least >$2Bn of liquidity from Morpho, Aave, and Uniswap on Ethereum Mainnet for USDC, ETH and WBTC (or cbBTC or BTC.b).

What proves the Capital Sink:

· Internal World basis notional increases.

· World lending/funding rates move toward one another.

· The World-versus-external spread changes.

· Cross-venue open interest and World deposits increase.

· World spot depth and loan capacity improve.

· Aggregate TVL remains economically deployed after the original spread compresses.

5b. Taker flow: who pays, who takes, and how they are acquired

The Capital Sink describes an equilibrium. This section addresses the early book directly: who is on the paying side of the funding rate, at what scale, why on World first, and how that flow is acquired. It also states what the Vault's return is underwritten on when rates fully compress.

Where paying legs come from

"Who net-pays funding" is the wrong unit of analysis. No rational trader net-pays across their whole book on any venue; a delta-neutral team is neutral in aggregate, not on every venue it operates on. Venue by venue, a multi-venue book is all legs, and every carry structure has a paying leg somewhere. A team collecting funding on Hyperliquid may be long the perp on World to hedge; a team collecting basis on Lighter pays funding on World against it. The commercially meaningful question is where rational books choose to host their paying legs — and paying legs migrate to the venue where hedging is cheapest and margin stays productive. That is World's structural claim: portfolio margin recognizes the hedge, the margin itself earns yield, and loans are usable as collateral (unique to World). The advantage is largest precisely for hedged, multi-leg books — the population that hosts paying legs.

Four groups sit on the paying side of World's funding markets, and none requires the short leg to live elsewhere — funding-rate arbitrage between two perp venues opens perp positions on both books, so every internal and cross-venue dislocation prints perp taker volume and open interest on World:

1. Cross-venue books and funding arbitrageurs, long or short World's perps against Hyperliquid, Lighter and trade.xyz whenever rates diverge. This flow pins World's rates to external markets; it is volume and OI rather than durable net payment, and we treat it as such.
2. Hedgers, for whom funding is an insurance premium rather than a cost to minimize: wiTRY holders shorting the TRY perp today, tokenized-equity and RWA holders hedging exposure as those markets grow. Hedger demand is bounded by tokenized float, and tokenized float is compounding now, not on a five-year horizon: tokenized Treasuries at $15.98B, Ondo at $3.62B across 441 assets, trade.xyz from zero to $81B of monthly RWA-perp volume. Every yield-bearing collateral listing (mEDGE, mHYPER, wiTRY, Avant, mTBILL pipeline) mints its own hedger population by construction, because holding a yield asset creates the demand to hedge it. This is the one payer class whose growth World does not have to fund — the tokenization market funds it.
3. Professional trading teams onboarded through Annamite. These teams are market-neutral in aggregate, which means their books are distributed across venues — and the leg that pays funding on World is frequently the hedge for a position held elsewhere. World is the best venue to host that leg for the capital-efficiency reasons above.
4. Directional prosumers and retail, acquired through the channels below and through listings with demonstrated directional demand: trade.xyz's $81B of monthly RWA-perp volume proves the appetite for stock perps that World's SK Hynix, SpaceX and index markets serve — wrapped, on World only, with financing and cross-margin in the same account.

If World's funding clears below external venues, that is not a leak in the model: the Vault captures the reopened cross-venue spread in the other direction, and compression toward equilibrium is the state in which the exchange earns fees on the open interest the dislocations attracted.

Acquisition: baseline proven at zero spend, paid levers unexercised

For example: DeFi attracts builders.

https://worldalytics.com/

During beta, World generated roughly $653.8M cumulative perp volume with $0 of growth or marketing spend — no points campaign, no referral program, no paid acquisition, no incentive emissions — on a marketing function of one person plus part-time founder effort, using posting, product marketing, livestreams, Twitter spaces and community engagement. Third-party distribution required no spend either: Hit.one, built on World during beta, reached more than 3,000 traders and over 500 DAU on its first live prototype, also at $0.

We treat this as the acquisition floor, not the plan. The launch plan adds the levers deliberately left unpulled during beta: a budgeted points and referral program, dedicated GTM and marketing hires scaling a function that currently runs on one person, and aggregator and wallet integrations. Incentive spend therefore accelerates a demonstrated organic baseline rather than substituting for one. Points and referrals are paid acquisition and are budgeted as such; the zero-spend beta is what shows the demand they accelerate is not manufactured by the spend.

The RWA basis engine: the spread exists today and the market is compounding

Funding rates per the data above are extremely off because there is no spot and lending market for these assets, which is required to create a hedge. World’s GTM here is to take the same trade we successfully proved during Beta for ETH and BTC described above and apply it to RWAs. Importantly, you need not only spot but also a lending market for the RWA spot assets to arb negative funding rates. World is the only venue which offers both.

Across the top three tokenized equities on trade.xyz (NVDA, MU, SNDK), funding computed from 4-hour snapshots against onchain Aave variable borrow rates ran roughly 20–60% APR against a 3–6% dollar borrow cost over Feb–May 2026 — an average carry spread of 25.6 percentage points, versus ~7–9 points for the same trade on ETH over 2020–2026. An equal-weight, unlevered basis vault across the three names returned +39%, +19%, +16% and +29% annualized in successive months: roughly 30% annualized with zero leverage, gross of fees, fully hedged by construction. Every rate input is taken from its actual onchain source — funding from exchange snapshots, borrow from Aave's variableBorrowIndex, and the USD lend yield in negative-funding months from Aave's liquidityIndex (the real supply rate). (See rwa_spread_1x_by_period.png and its accompanying methodology note, which documents the negative-funding treatment, the stand-aside rule, and the known caveats — short sample, single venue, gross figures, expected compression.)

Compression is not ignored; it is the mechanism. As basis capital enters, the spread compresses toward the borrow rate — and the stand-aside rule means compression degrades returns toward zero rather than producing losses. Two offsets matter. First, cross-venue arbitrage regenerates the spread: once the internal funding-vs-borrow gap closes, differentials against other venues reopen it, so the trade mechanically attracts liquidity rather than exhausting a fixed pool. Second, the market is growing far faster than the capital compressing it: tokenized equities are ~$1.4B today against a $120T+ global equity market, with industry projections (Standard Chartered at the high end) putting onchain RWA tokenization at 100–1000x growth by 2030. Even substantial compression on a market growing by orders of magnitude leaves absolute carry capacity far larger than today's. The same growth curve drives Group 2 above: every dollar of tokenized float is potential hedging demand, so the payer base and the basis capacity scale together.

What the Vault is underwritten on when rates fully compress

The Vault's return bridge does not depend on World-internal dislocations persisting. It is underwritten on cross-venue carry — harvested from external funding payers and unaffected by World's internal equilibrium — plus lending yield paid by borrowers, a demand proven off-network by Aave and Morpho's $14B of active loans and floored by borrower demand rather than by market regime (Aave USDC borrow averaged 5.9% over Dec 2020–Jun 2026 and sat below 3% in only 12 of 67 months). World-specific arbitrage is incremental upside, as Section 4's table already labels it. In the fully compressed case, the two-sided |funding − borrow| spread still averaged 3.4 percentage points through the 2022–2023 bear market, and the 67-month ETH-carry backtest (same rules as the RWA analysis) produced no losing calendar period. The compressed-case Vault return is therefore lending yield plus residual two-sided carry — materially below target, positive, and retained by the productive-collateral reasons in Section 5, not by the persistence of any single spread.

The Vault floor, and what it does not prove

Beneath these channels the Vault provides the liquidity floor: it arbitrages World against external venues whenever prices, funding rates or borrow rates diverge, and takes the other side of leveraged basis trades either internally — unlevered basis plus lending the USD leg — or by holding the World leg and hedging on another perp DEX. The external hedge is the structural difference from pool-model precedents such as HLP: one-sided internal flow becomes a cross-venue position rather than absorbed inventory, so the Vault is not the terminal counterparty on its own island. Router flow (~$16.7B monthly, Section 7) seeds the spot leg and dealer revenue rather than perp demand, and we do not count it as such.

Vault-originated volume is bootstrap, not proof. The GTM gates count only unaffiliated organic volume (Stage 5) — the same sequencing Hyperliquid ran with HLP before organic flow took over, executed here with a payer base (hedgers, cross-venue paying legs) that grows with the tokenization market rather than with our own incentive budget.

Yield bearing collateral & leveraged exposure

World’s risk engine is powerful in allowing traders to generate yield on their collateral while they trade spot and perps. World will list some of the highest quality assets on https://midas.app/product, in partnership with those funds to be able to process liquidations effectively. We have known many of these managers for 3-5 years. Users and traders already leverage these yield products on Morpho, but poor capital efficiency limits users’ yield. Additionally, users cannot use their positions as collateral for other trades.

During Beta, World successfully listed https://brix.money/, a tokenized yield bearing Turkish money market with an average APR of 15-25% in USD over the last 5 years, which users like to leverage. When users buy wiTRY from their own site at https://app.brix.money/trade, it routes through World’s order books on MegaETH.

Currently, World is the only place in the world (pun!) where:

• You can use wiTRY as collateral to trade
• You can be long wiTRY, the turkish money market, and short the lyra (perps; listing coming soon) in 1 cross margined account. This very attractive trade is not possible anywhere else, globally because of regulation.
• You will be able to use yield bearing assets such as Midas vaults as collateral to trade and leverage the yield on those products on 1 account balance.

“Looping ” Trades have better UX, higher yield, and lower risk

World increases the yield and decreases of DeFi users’ favorite “loop leveraged” trades compared to Morpho and Aave. The return is higher and the risk is lower on World. The return is higher because users are able to use 1 account balance to margin all trades. The risk is lower because World does not use lending pools or variable rate loans, both of which create extreme tail risk for users in these positions, due primarily to (often intentional) rate spikes. Loans are fixed rate, fixed term.

Example trades:

• stETH vs ETH
• JLP vs BTC, ETH, SOL
• jitoSOL vs SOL

Also, no looping is needed. 1 click.

6. RWA: Substitute to Complement

The first wave of asset issuers tokenizing assets onchain have already realized their biggest dilemma: a trader must choose between their existing, working strategy or this newly issued asset. The dilemma is that the trader is having to choose between substitute products. For example, if I am trading perps on Hyperliquid, I have to stop some of my trading to buy the new token on Ethereum, which is a bad tradeoff.

World is able to change these tokenized assets from substitutes to complement. That changes the question from, “is this new asset your single best option?” to “does this asset contribute to your portfolio?” The latter is a much easier sell. World is able to make that change for issuers, because traders on World can use any listed spot asset as collateral; traders can also borrow USDC to buy other spot assets, all from the same balance. To enable this change requires 1) RWA spot listings and 2) unified margin.

The result of this change is that asset issuers, who are trying to sell their assets, bring their buyers to trade World, because their assets are most useful and productive there. This happened with Brix (above) during our Beta.

Most importantly, World can evolve to be the central hub of the whole tokenized RWA market. The reasons are:

1. Every tokenized asset listed on World will be first due diligenced by Annamite. Even the brand name products and services in crypto have glaring flaws, much less new products.
2. The popular asset issuers, such as Ondo, xStocks (Kraken), and Binance are all owned by exchanges (or own exchanges), which has created a major conflict of interest in the market. Asset issuers must compete with the listing teams internal to these businesses and, not surprisingly, these exchanges near exclusively list the assets they own and issue. Traders want to trade the best tokenized asset or product, not whatever the exchange is making money on the back of their trades.
3. Annamite is the target buyer of every asset issuer because it is both a hedge fund and an allocator of other funds, with a traditional background. Most assets are not worth buying. When we approach other funds after identifying a high quality asset, they see us as a fellow buyer instead of “an issuer trying to sell them something.”

These new tokenized assets can be traded in the World trading vault (1), which itself attracts more issuers for partnerships.

Additionally, World is the first venue in the history of finance that is able to integrate prime broker, exchange, and custodial functionality into one unified system without inheriting the conflicts of interest regulation has evolved to prevent, because the whole venue is fully onchain.

7. Market plan and capacity evidence

Ethereum supplies the balance sheet:

CAPITAL POOL	CURRENT SCALE	WHY IT MATTERS	SOURCE
Ethereum stablecoins	$150.2B	Large dollar balance sheet for loans, margin and settlement.	S92
Ethereum USDC	$47.1B	Primary basis-trade financing asset.	S92
Ethereum DeFi TVL	$40.9B	Capital already comfortable with onchain risk.	S93
Ethereum active RWA value	$14.9B	RWA inventory already on the target settlement layer.	S94
Ethereum RWA DeFi TVL	$2.0B	Existing productive RWA base and substantial unused headroom.	S94
Aave V3 Ethereum TVL	$11.16B	Largest Ethereum lending balance sheet.	S95
Morpho Ethereum TVL	$3.65B	Curated/isolated lending and future tokenized-position distribution.	S96

The relevant serviceable pool is not all Ethereum TVL. It is the subset available at rates, haircuts and liquidity conditions that support World strategies. The table establishes that the raw balance sheet is already large enough for a substantial venue.

Investors already allocate billions to adjacent return products:

COMPARABLE PRODUCT	CURRENT SCALE	CAPITAL EXPOSURE	PROOF FOR WORLD
Ethena	$4.25B TVL	Basis-linked yield product	Billions already allocated to crypto carry. Was previously >$12Bn.
Jupiter JLP	$709M TVL	Exchange liquidity and market making	Users accept pooled venue-liquidity exposure.
Hyperliquid HLP	$252M TVL	Exchange liquidity, liquidations and fees	$250M World Vault TVL would already be peer scale.
Pendle	$1.10B TVL	Tokenized yield and rate trading	Tokenization creates a second distribution layer.
Combined Ethena + JLP + HLP	~$5.21B	Adjacent capital pool	A $5B World leadership case is ambitious but has direct category precedents.

Yield-bearing collateral: launch set and pipeline:

ASSET	RETURN SOURCE	EXISTING DEFI / MARKET PROOF	WORLD APPLICATION
Launch: mEDGE	Diversified delta-neutral DeFi yield	Existing Morpho USDC market; 86% LLTV	Productive strategy collateral across lending, spot and perps.
Launch: mHYPER	Market-neutral stablecoin strategy managed by Hyperithm	Existing Morpho USDC market; 86% LLTV	Institutional yield asset with direct leverage precedent.
Launch: mF-ONE	Fasanara private-credit and digital-asset strategy	Existing Morpho USDC market; 91.5% LLTV	Differentiated credit/yield collateral and financing demand.
Launch: wiTRY	Turkish money-market yield	Live on World beta; Brix reports >15% annualized over five years	Long wiTRY + short TRY perp creates a concrete World-only hedge.
Launch: Avant	Senior and junior USD/BTC/ETH yield products	~$110M NAV; public dashboard showed 7.83% savUSD and 13.56% avUSDx	Additional collateral across several base denominations.
Pipeline: mTBILL	Short-duration Treasuries	Morpho 94.5% LLTV	Low-volatility dollar collateral.
Pipeline: mBASIS	Tokenized crypto basis strategy	Morpho 91.5% LLTV	Tokenized extension of the Vault return engine.
Pipeline: mMEV / mBTC	Market-neutral DeFi carry / BTC lending yield	Morpho, Euler and Pendle integrations	Strategy collateral and BTC-whale distribution.

World's beta wiTRY example is the simplest proof: hold a yield-bearing Turkish money-market asset, short the corresponding TRY perpetual, and manage the position in one cross-margined account. This converts local yield into a hedgeable onchain product rather than an isolated token holding. [S56] [S74]

We expect approximately 200 third-party stocks and ETFs at launch. The commercial strategy will not spread active liquidity equally across all of them. We will concentrate the Vault, RFQ, market-making and marketing resources in 15-25 markets with the largest external volume, open interest and funding dislocations.

PRIORITY MARKET	30D VOLUME (JULY 18 SNAPSHOT)	OPEN INTEREST	WHY IT MATTERS
SK Hynix	$14.36B	$414M	Large concentrated stock-perp demand.
Nasdaq-100	$10.46B	$215M	Broad index demand and simple tokenized-ETF hedge.
Micron	$7.87B	$168M	Large semiconductor funding demand.
SpaceX	$7.39B	$139M	Private-company exposure with strong derivatives demand.
S&P 500	$6.93B	$501M	Largest OI among the selected markets; clear ETF/index application.
SanDisk	$5.43B	$148M	Another concentrated funding market.
Top six total	$52.45B	-	Roughly two-thirds of trade.xyz volume in the July 18 snapshot.

• Public-equity tokens have about $1.29B of active value but only about $55.7M deployed in DeFi: roughly 4.3% utilization. World targets the unused collateral utility. [S101]
• Public equities and equity indices represent 71.6% of decentralized RWA-perp open interest. Stocks and indices are therefore the best first RWA category. [S104]
• The full World trade is: buy tokenized spot, finance it through lending, hedge with the perpetual, and cross-margin the complete portfolio. Perp-only venues cannot internalize all four legs.

8. Ethereum routers and RFQ create low-friction distribution

World can compete for existing Ethereum order flow before each trader becomes a direct customer. The immediate GTM is a prioritized counterparty list, not a generic claim that routers will discover World automatically.

ROUTER / CHANNEL	CURRENT ETHEREUM VOLUME	MODEL	WORLD FIT	PRIORITY
KyberSwap	$4.13B / month	Aggregator / RFQ	Largest current Ethereum router pool in the selected set.	1
0x	$2.37B / month	RFQ + custom liquidity	Explicit support for professional and order-book liquidity.	1
CoW Swap	$2.31B / month	Solver / batch auction	Execution-quality positioning and block flow.	1
1inch	$2.19B / month	Fusion resolver	Direct fit for World inventory and RWA routing.	1
Bebop	$1.14B / month	RFQ / intent	Professional flow and large-order fit.	2
Velora	$0.93B / month	Aggregator / intents	Additional Ethereum distribution.	2
OKX DEX	$0.80B / month	Wallet / aggregator	Exchange and wallet distribution.	2

Why an integrated order book + RFQ can outperform AMMs and propAMMs:

EXECUTION PROPERTY	PAIR-SPECIFIC AMM	WORLD ORDER BOOK + RFQ
Inventory	Isolated by pool and pair	Shared across spot, loans and perps
Hedging	External rebalancing	Immediate hedge in one risk engine
Capital	Duplicated across pools and fee tiers	One balance supports quotes, loans and hedges
Pricing	Curve + fee + price impact	Portfolio-risk-based quote
Large orders	Price impact rises with size	Dealer inventory can support block liquidity
Tail assets	Thin passive pools limit usability	RFQ can price without deep passive liquidity
Distribution	Pool-by-pool or router dependent	The same quote can reach many routers and wallets

We have provided evidence in the data room in the “GTM Description” doc for Rabby integrating World after user requests, and independent users built Worldalytics without paid marketing. These are early signals that a strong market backend can attract third-party distribution. [S54] [S55]

9. Competitive position

Hyperliquid aggregates traders and derivatives demand. Ondo aggregates tokenized-asset supply. World's position is the issuer-neutral Ethereum market where third-party supply and trading demand meet - and where each asset can become collateral, a loan market, a hedge and a source of yield.

CAPABILITY / ECONOMIC OUTCOME	WORLD	HYPERLIQUID	ONDO	WHY IT MATTERS
Primary capital acquisition	>17% net Vault target plus manager allocations	Trading and HLP	Asset issuance and yield products	World enters through a return product and known manager network.
Integrated capital productivity	Spot + fixed-term lending + perps + yield collateral under ATLAS	Strong trading; portfolio margin is emerging but Ethereum lending/composability remain constrained	Strong asset supply; financing and hedging remain fragmented	World can improve return per dollar and recognize complete hedges.
Yield assets as active margin