Yes! Yw you mean welcome and there are some similar short names used in chat, Some example here:
NP - No problem
NVM - Never Mind
Ty - thank you
THX - Thanks
They are often used in texting and chats. As "yw", these shortened names help keep the conversation small and fast. If you think, what does yw mean in texting? - This is an easy way to accept someone's respect.