Grayscale DeepBook and Walrus Trusts Launched

Grayscale, the leading crypto asset manager, has unveiled two new single-asset investment trusts: the Grayscale DeepBook Trust and Grayscale Walrus Trust. These trusts provide investors with exposure exclusively to the DEEP and WAL tokens, integral to the DeepBook and Walrus protocols within the Sui blockchain ecosystem. The Grayscale DeepBook Trust and Grayscale Walrus Trust are designed to hold only their respective tokens. Both protocols are part of the Sui network, a Layer 1 blockchain developed by Mysten Labs. Sui utilizes the Move programming language and parallel transaction processing to ensure high throughput and low fees. Grayscale already offers a trust for the SUI token itself. DeepBook functions as a central limit order book on the Sui blockchain, acting as a vital liquidity layer for decentralized finance applications. Conversely, Walrus serves as a data layer that enables developers to store and share on-chain information, with an emphasis on scalability and privacy for applications in gaming and social media. While Walrus is native to Sui, its design is chain-agnostic, facilitating data storage across various blockchains. Eligible accredited individual and institutional investors can subscribe to these trusts daily via private placement. As with Grayscale’s other single-asset products, including recently launched trusts for Story, Space and Time, and Dogecoin, there is no assurance these products will be approved for secondary market trading. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, emphasized that these products offer investors essential exposure to "two pivotal protocols fostering innovation within the Sui ecosystem." Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, described the launches as "a seminal moment" for Sui, noting that both Walrus and DeepBook deliver “crucial infrastructure” indispensable for blockchain adoption. Grayscale highlighted that both protocols are in their infancy and carry potential risks, including significant token price volatility and possible technical challenges. As per The Block's token price listings, DEEP and WAL are ranked 226th and 168th by market capitalization, currently valued at $372 million and $559 million, respectively. Recent data shows DEEP priced at $0.15 and WAL at $0.40, reflecting declines of about 5% and 3% in the last 24 hours. Established in 2013, Grayscale is the largest crypto investment platform, managing over $35 billion in assets. The firm recently appointed four senior executives and reinstated founder Barry Silbert as board chairman, following a confidential IPO filing last month. Disclaimer: The Block is an independent media outlet delivering news and data. As of November 2023, Foresight Ventures is a major investor in The Block, which operates independently to provide timely and objective industry information. The article is for informational purposes only and should not be construed as legal, tax, investment, or financial advice.