📑 **The Block Research: Grvt and the Rise of Composable Onchain Wealth**
The Block's research profiles Grvt, a perp DEX that has expanded into a broader onchain wealth platform combining trading, yield, and tokenized real-world-asset products under a single collateral balance; perp DEX volume overall has grown from under 2% to over 10% of total crypto perpetuals volume since early 2023.

**Why it matters:** The move illustrates a broader industry shift toward merging trading, yield generation, and tokenized institutional assets into unified accounts, a trend that widens onchain venues' addressable market while increasing regulatory scrutiny as they extend into equities and private credit.
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