Emre Yumlu 
Crypto asset manager Grayscale has announced two new single-asset investment trusts offering exposure to the native tokens of two protocols providing trading and data infrastructure within the Sui blockchain ecosystem: Grayscale DeepBook Trust and Grayscale Walrus Trust.
What Are DeepBook and Walrus?
Grayscale’s DeepBook Trust and Grayscale Walrus Trust are designed to hold only DEEP and WAL tokens, respectively. Both protocols are native to the Sui network, a Layer 1 blockchain developed by Mysten Labs. Sui aims to deliver high throughput and low fees using the Move programming language and parallel transaction processing. Grayscale had previously launched a trust for the SUI token itself.
DeepBook acts as a central limit order book on the Sui blockchain, serving as a liquidity layer for decentralized finance (DeFi) applications within the network.
Walrus is a data layer that enables developers to store and share information directly onchain, focusing on scalability and privacy. It is designed for use cases such as gaming and social platforms. Walrus offers cross-chain compatibility, allowing it to store data from multiple blockchains.
A New Opportunity for Investors by Grayscale
These trusts will be open for daily subscription via private placement to eligible individual and institutional accredited investors. As with Grayscale’s previous trusts like Story, Space and Time, and Dogecoin, there is no guarantee that these new products will be approved for secondary market trading.
Grayscale’s head of product and research, Rayhaneh Sharif-Askary, stated that these trusts provide investors exposure to “two key protocols driving innovation within the Sui ecosystem.” Mysten Labs co-founder and chief product officer Adeniyi Abiodun called the launches “a seminal moment” for Sui, emphasizing that Walrus and DeepBook provide “critical infrastructure” for blockchain adoption.
Risks and Market Capitalization
Grayscale reminded that both protocols are relatively new and carry risks including high price volatility and potential technical issues. DEEP and WAL tokens rank 226th and 168th by market capitalization, with values of approximately $372 million and $559 million, respectively.
This development offers a notable opportunity for those interested in investing in Layer 1 blockchain and DeFi infrastructure.
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