Messari Classification System
Detailed descriptions of our classification system available in the screener and other parts of the product.
Overview
The Messari Classification System is meant to be a common global classification standard similar to GICS in traditional finance. This classification standard is applied to any crypto market participant to group entities into common sectors, industry groups, and industries.
The Messari Classification System is composed of 4 main layers of classifications.
- Entity Type
A Messari entity can be of any of the below types. A given project may have multiple entities of different types. Uniswap for example has several protocols, a native asset, and multiple organizations & governing bodies. Note that exchanges can either be Organizations (Coinbase) or Protocols (Uniswap V3)
- Asset (e.g ETH)
- Protocol (e.g Uniswap V3)
- Organization (e.g Messari, INC)
- Network (e.g Ethereum Network)
- Governing Body (e.g Uniswap DAO)
- Product (e.g Coinbase Cloud)
At the moment, our classification is only applied to Assets but will be extended to other types of entities in the near future, providing a single taxonomy for the entire industry.
- Categories
Categories are high-level groups used to classify crypto market participants. They are common across all entity types. Each category is composed of multiple sectors. There are 25 categories in total. Each entity can only belong to a single category.
- Sectors
Sectors are more granular groups used to classify crypto market participants. They are common across all entity types. Each sector has a unique parent category. There are 91 sectors in total. Each entity can only belong to a single sector. For entities that may fit into multiple sectors, we apply the sector that is best suited based on the primary business model, revenue source or application.
- Tags
Tags are free-form ways to classify further different entities. An entity may have multiple tags, although it can only have a single sector and taxonomy.
Categories
Categories are high-level groups used to classify crypto market participants. They are common across all entity types. Each category is composed of multiple sectors. There are 25 categories in total. Each entity can only belong to a single category.
Categories | Underlying Sectors | Definition |
---|---|---|
Marketplaces | Exchange; Lending; Aggregator; Prediction; Launchpad and Crowdfunding; Fixed Income; Derivatives | Platforms that facilitate the coordination between buyers and sellers. |
Financial Services | Banking; Insurance; Yield Services; Custody; Payments; Market Making | An aggregator of offerings provided to individuals and businesses regarding financial transactions. |
Investment Management | Venture Capital; Private Equity; Hedge Funds; Asset Managers; Asset Owners; Corporates | Firms that deploy and allocate capital in markets to earn a return on their capital invested. |
Metaverse and Gaming | Metaverse; Gaming | Applications, protocols, and entities that facilitate 2D, 3D, or augmented reality virtual experiences including virtual worlds and gaming. |
Entertainment | Art; Collectibles and Digital Goods; Fashion; Sports; Music | Services and items that are considered non-essential and are consumed for pleasure. |
News and Information | News; Education; Information Services | Protocols and Services which serve to distribute knowledge, information, and fact-based resources. |
Consumer Infrastructure | Social Tokens; Identity, Reputation, and Credentialing; Social Media; Communication and Messaging | Applications and services that are primarily distributed and sold by retailers to individuals. |
Cryptocurrency | Currency; Stablecoins | Globally accessible money that is not necessarily use case specific. |
Synthetic Assets | Wrapped Asset, Real-world assets; Collateral Assets; Liquid Staking Tokens; Securities; Indexes; ETFs | Tokens and assets that are developed on top of an underlying asset and represented onchain. |
Mining and Validation | Mining Operations and Support; Validator Operations and Support; Liquid Staking | Onchain and Ocffchain entities that facilitate or support the Mining and Validation of cryptocurrency networks. |
Cross-chain Interoperability | Generalized Bridge | Protocols that facilitate the transfer of messages (data) between independent blockchains and protocols. |
Node Tooling | Hosting; Client | A node is a device that connects to a blockchain network by running the client software. Nodes verify the validity of state transitions and store transaction history. |
Security | Audits; Security Monitoring | Services, Protocols, and applications developed to secure assets and protocols. |
Wallet | Wallet | An application that controls access to their funds by managing keys and addresses, tracking balances, and creating and signing transactions |
Data | Analytics; Indexing; Oracles | Protocols, Services, and Companies focused on the extraction, distribution, or curation of information of data from blockchain networks or on top of blockchain networks. |
Governance | Governance Frameworks; Dispute Resolution; Metagovernance | Protocols, onchain, and offchain, which determine the coordination of changes are made to the rules of a protocol and the decisions of a DAO |
Networks | Smart Contract Platforms (Layer-1); Layer-0; Scaling Solutions; Other | Protocols or blockchains that either provide settlement, act as a base layer infrastructure for the creation of networks on top of themselves, or provide security and scaling solutions built on themselves. |
Compute Networks | General Compute; Machine Learning; Streaming and Rendering | Services, protocols, and applications that provide access to both general-purpose and specific-purpose computing resources. |
Physical Infrastructure Networks | Energy Networks; Wireless and Sensor Networks; File Storage; Database | Platforms, protocols, or services that enable communication and interaction between different hardware components and leverage physical infrastructure. |
Networking and Web Services | Cloud Platforms; Content Delivery Network (CDN); Virtual Private Networks (VPNs); Domain Name System (DNS) | Platforms, protocols, or services that enable communication and interaction between different hardware and software components. |
Developer Tooling | Automation; Developer Tooling | Tooling developed to support the development and implementation of applications, protocols, and networks |
HR & Community Tools | Onboarding; Moderation; Access Control; Contribution and Compensation | Platforms and services designed to support the needs of groups working together |
Consultancy and Advisory | Design Services; Legal Services; Tax Services; Incubators and Accelerators; Marketing Services; Software Development Services; Protocol and Governance Services | A group or person that can be engaged to provide insight, analysis, or advice on their areas of expertise. |
Sectors
Sectors are more granular groups used to classify crypto market participants. They are common across all entity types. Each sector has a unique parent category. There are 91 sectors in total. Each entity can only belong to a single sector. For entities that may fit into multiple sectors, we apply the sector that is best suited based on the primary business model, revenue source, or application.
Sector | Parent Category | Definition |
---|---|---|
Exchange | Marketplaces | A platform that facilitates the trading of assets, including crypto assets. |
Lending | Marketplaces | A platform that facilitates the lending or borrowing of crypto assets. |
Aggregator | Marketplaces | A platform that routes optimal financial transactions including trades and yields across external platforms including exchanges. |
Prediction | Marketplaces | A platform that allows users to stake an item or monetary value on the outcome of an event. |
Launchpad and Crowdfunding | Marketplaces | A platform that facilitates the collection of capital to fund a business or initiative, which may result in shareholders receiving equity, crypto assets, or some other financial instrument. |
Banking | Financial Services | An aggregator of financial services offered by a banking institution. |
Insurance | Financial Services | A service offered by a government, corporation, or protocol that provides a guarantee of compensation in specific scenarios such as theft, hacks, or other exogenous factors. |
Yield Services | Financial Services | A service offered by an entity or protocol that focuses on providing or increasing yield on assets through various strategies such as liquidity provision or staking. |
Custody | Financial Services | A platform or service which holds and secures assets on behalf of users. |
Payments | Financial Services | Platform developed to facilitate payments within a specific usecase or industry. |
Market Making | Financial Services | An entity that provides liquidity to financial markets through buying and selling assets. |
Indexes | Synthetic Assets | An entity or platform that facilitates the creation of baskets of assets grouped together by a predefined composition and methodology. |
ETFs | Synthetic Assets | Exchange Traded Fund. |
Fixed Income | Marketplaces | A financial instrument that is a loan between a lender and borrower and provides fixed income to the creditor. |
Derivatives | Marketplaces | A financial instrument which is created from an underlying asset and derives its value from it. |
Securities | Synthetic Assets | A financial instrument created to raise capital for an entity. |
Venture Capital | Investment Management | An investment firm that invests in early-stage startups and entrepreneurs with high growth potential. |
Private Equity | Investment Management | An investment management firm that invests in the equity of private companies. In addition to funding, a private equity firm provides operational and industry guidance to improve the performance of the company it invested in. |
Hedge Funds | Investment Management | A private alternative investment vehicle that pools funds from accredited investors to invest in complex trading strategies to generate outsized returns. |
Asset Managers | Investment Management | Firms that offer investment management services including mutual funds, and wealth management. |
Asset Owners | Investment Management | Firms tasked with owning the underlying assets they manage including pension funds, insurance funds, family offices, endowments, and sovereign wealth funds. |
Corporates | Investment Management | Refers to a corporation's treasury management entities and activities. |
Metaverse | Metaverse and Gaming | Refers to immersive and virtual 2D or 3D worlds where users can congregate and interact with one other online. |
Gaming | Metaverse and Gaming | Entities that create games or are games themselves, and can include games that leverage blockchain and cryptoassets to give players unique incentives, ownership, or experiences with games. |
Art | Entertainment | Physical or digital creations that are interpreted as creative or convey a sense of meaning. |
Collectibles and Digital Goods | Entertainment | Physical or non-physical items or tokens that provide the holder unique ownership of digital or real-world items. |
Fashion | Entertainment | Physical or digital clothing ware designed to have some sort of artistic quality. |
Sports | Entertainment | Includes sports games, events, merchandise, and equipment of professional and amateur sports leagues. |
Music | Entertainment | Entities or protocols that facilitate the creation, distribution, or sale of music. |
News | News and Information | The reporting or announcement of recent information that is deemed relevant or important. |
Education | News and Information | Entities and Services that provide resources and instruction on knowledge-based subjects. |
Information Services | News and Information | Services that facilitate the distribution of knowledge and knowledge-based resources. |
Social Tokens | Consumer Infrastructure | Tokens issued by individuals, communities, or platforms that provide the token holder unique benefits or access to holders, including status, potential financial reward, or Governance rights of a DAO. |
Identity, Reputation, and Credentialing | Consumer Infrastructure | Protocols that provide unique digital identities or link immutable records of identification to the digital world. |
Social Media | Consumer Infrastructure | Protocols and applications that facilitate the exchange of information and creation of and distribution of content between users through the internet or blockchain-based technology. |
Communication and Messaging | Consumer Infrastructure | A platform that allows members to share, discuss, and communicate. It can be a forum, messaging application, or social network focused on discussion. |
Currency | Cryptocurrency | Globally accessible money that is not necessarily use-case-specific |
Stablecoins | Cryptocurrency | A cryptocurrency pegged to another asset or underlying currency such as the US dollar or the Euro. Stablecoins can be fully collateralized, partially collateralized, or algorithmic. Popular stablecoins include USDT, USDC, DAI, and formerly UST. |
Wrapped Assets | Synthetic Assets | Wrapped tokens are cryptocurrency tokens representing another crypto asset's value that has been locked in storage. The original crypto asset gets locked so that a representative can get created in a wrapped form for its use on a noncompatible blockchain or dApp. For instance, Wrapped Bitcoin (WBTC) for use on the Ethereum network and Wrapped Ethereum (WETH) across dApps. |
Real World Assets | Synthetic Assets | Physical assets that are tokenized onchain to denote virtual ownership. |
Collateral Asset | Synthetic Assets | A token in which the underlying asset is deposited into a lending platform or lending contract. |
Liquid Staking Tokens | Synthetic Assets | Tokens in which the underlying asset is a locked or illiquid token deposited into a staking contract. A liquid staking asset is a transferable, yield-bearing representation of the deposited assets. |
Mining Operations and Support | Mining and Validation | Onchain and offchain entities that facilitate or support miners and mining operations of a cryptocurrency network. |
Validator Operations and Support | Mining and Validation | Onchain and offchain entities that facilitate or support validators and validator operations of cryptocurrency networks |
Liquid Staking | Mining and Validation | Liquid staking is a mechanism designed to give stakers a transferable, yield-bearing representation of their deposited assets. With liquid staking, users can earn a yield on top of their staked tokens or trade their staked position in available markets. |
Generalized Bridge | Cross-chain Interoperability | A bridge is a series of smart contracts that connect one or more blockchains together to enable the movement of assets across different networks. |
Hosting | Node Tooling | A protocol that facilitates and executes remote client requests on networks. Transactions from users on blockchains are routed through RPC nodes, and RPC calls allow for blockchain data to be queried. |
Client | Node Tooling | A software implementation of a specific blockchain and every node on the network runs client software. Public blockchains can have one or many clients that interface with one another to create a distributed, peer-to-peer network. |
Audits | Security | A service that analyzes smart contracts and related data to identify and remedy potential vulnerabilities or unexpected interactions of a code base. |
Security Monitoring | Security | A protocol or service that provides real-time monitoring of protocols and contracts to identify potentially malicious transactions or unexpected code interactions. |
Wallet | Wallet | A digital tool that securely stores private keys and allows users to manage, send, and receive various cryptocurrencies on a blockchain network. |
Analytics | Data | Protocols or services which provide insights and analysis on data from networks and applications. |
Indexing | Data | Protocols and services that extract data from blockchains for generalized or specific use cases. |
Oracles | Data | Protocols that verify claims regarding external, on-chain, or off-chain data and information for smart contracts to obtain the inputs needed to execute their instructions. |
Governance Frameworks | Governance | A system used to manage blockchain-based upgrades and changes. These rules include specifying who can update protocol parameters. |
Dispute Resolution | Governance | A platform or service designed to solve conflicts and or claims between two parties. |
Metagovernance | Governance | Metagovernance occurs when a DAO holds voting power in other DAOs through possession of the other DAO’s governance tokens. Some protocols focus on & facilitate metagovernance. |
Smart Contract Platforms (Layer-1) | Networks | A Layer-1 blockchain refers to generalized smart contract networks that provide security for applications and scaling solutions built on top of the network. |
Layer-0 | Networks | Cosmos and Polkadot are the go-to examples of Layer 0 blockchains. Layer 0 blockchains are meant to provide the underlying infrastructure to facilitate the creation of blockchains and also allow cross-chain interoperability. |
Scaling Solutions | Networks | Protocols designed to increase the transaction throughput of a blockchain while inheriting security properties of the underlying network. |
Other | Networks | Protocols that do not support general-purpose computing, data availability, or consensus services. Modular settlement layers that solely handle the validation of state transitions via fraud or validity proofs would be considered under this classification. |
General Compute | Compute Networks | A platform or service that provides an array of computation, networking, file storage, or other services, such as a cloud provider. |
Machine Learning | Compute Networks | Networks dedicated to providing computational requirements and/or supporting the secondary infrastructure requirements associated with machine learning. |
Streaming and Rendering | Compute Networks | Services that offer computational resources for transcoding and streaming video such as Livepeer. |
Energy Networks | Physical Infrastructure Networks | Networks that aggregate distributed energy resources, including energy generation and storage units, to create a more resilient and efficient energy grid. |
Wireless and Sensor Networks | Physical Infrastructure Networks | Networks that allow the transmission of data through radio frequencies, including but not limited to IoT, cellular, Bluetooth, and WiFi, or networks of interconnected devices with sensors that collect real-time data from the physical world and transmit it to a gateway for processing. |
File Storage | Physical Infrastructure Networks | A platform or protocol designed for long-term, immutable file storage, such as Arweave and Filecoin. |
Database | Physical Infrastructure Networks | A platform or protocol designed for the temporary storage of data that may need to be updated more frequently than data stored on a permanent storage service. |
Cloud Platforms | Networking and Web Services | Platforms that aggregate and provide on-demand access to computing resources. |
Content Delivery Network (CDN) | Networking and Web Services | A distributed network of nodes that provide fast and efficient delivery of content and apps. |
Virtual Private Networks (VPNs) | Networking and Web Services | Networks or services that focus on secure, encrypted data transmission over public networks through privacy-focused obfuscation. |
Domain Name System | Networking and Web Services | A naming system that translates domain names into Internet Protocol (IP) addresses that are used to communicate over the Internet. |
Automation | Developer Tooling | Tooling created to automate workflows or execute code, including artificial intelligence and machine learning |
Developer Tooling | Developer Tooling | Tooling developed to support and aid developers or the development cycle of applications, protocols, and networks |
Onboarding | HR & Community Tools | A platform or tool designed to induct new users or employees into groups or communities. |
Moderation | HR & Community Tools | A tool or service which allows for the enforcement of standards and rules in communication channels. |
Access Control | HR & Community Tools | A service or tool developed to facilitate subscription or credential-based participation in a group or community. |
Contribution and Compensation | HR & Community Tools | A service or tool that allows for the accounting of work or effort done by community members and the facilitation of compensation of community members. |
Design Services | Consultancy and Advisory | Services focused on design elements of a website or protocol, including but not limited to product design, graphic design, web design, and iconography. |
Legal Services | Consultancy and Advisory | Services focused on legal or legal advisory. |
Tax Services | Consultancy and Advisory | Services provided by an external agent to provide analysis and recommendations on activities in regard to their tax implications or mitigations. |
Incubators and Accelerators | Consultancy and Advisory | Service or Entity that provides services to early-stage companies to aid in bootstrapping and launching a project or protocol, in some cases in return for equity or tokens from the project accelerated/incubated. |
Marketing Services | Consultancy and Advisory | Services provided by an external agent to support the creation of a brand, create marketing collateral, or act on behalf of an entity to promote an application, protocol, or entity. |
Software Development Services | Consultancy and Advisory | Services provided by an external agent to support the development of software for an application, protocol, or network. |
Protocol and Governance Services | Consultancy and Advisory | Advisory or technical services provided to a protocol or DAO including governance recommendations, risk analysis, and monitoring. |
Tags
Tags are free-form ways to further classify different entities. An entity may have multiple tags, although it can only have a single sector and taxonomy.
Tag | Definition |
---|---|
A.I. | A protocol or application that utilizes Artificial Intelligence technology for a specific use-case. |
Application Specific Chain | A blockchain built for a specific use case or application. Application-specific chains are not intended for general-purpose use and instead are tailored to a specific application to optimize performance, improve security, and create a better user experience for the intended use case. |
Automated Market Maker (AMM) | An Automated Market Maker (AMM) is a type of decentralized exchange protocol that pools user funds and utilizes mathematical formulas to price assets without an order book. |
CDP | A Collateralized Debt Position (CDP) is a system where users deposit an asset as collateral to borrow another asset, which the user must repay along with interest to return their collateral. |
Centralized Exchange | A platform operated by a central authority that facilitates the trading of cryptoassets custodied on the platform. |
Centralized Issuer | A centralized issuer is an entity that has control over the creation and distribution of a particular cryptoasset. |
Contentious Fork | A blockchain that splits from its original network due to a community disagreeing on the fundamental aspects of the chain's protocols or rules. |
Cosmos SDK | A blockchain built with the Cosmos SDK that is compatible with the IBC protocol. |
Curve Finance Ecosystem | Protocols or assets that leverage the Curve stableswap protocol. |
DAO | A Decentralized Autonomous Organization (DAO) is a blockchain-based organization governed by smart contracts and token holders, with voting rights typically, but not always, proportional to the number of tokens a member holds. |
Decentralized Exchange | A platform for the trading of cryptoassets without a centralized intermediary. |
Decentralized Exchange Aggregator | A platform that sources liquidity from various decentralized exchanges to provide users with the most optimal trading rates and slippage. |
Decentralized Issuer | A protocol that autonomously manages the issuance of a cryptocurrency without a centralized entity. |
Decentralized Lender | A platform or protocol that enables users to lend and borrow cryptocurrencies without centralized intermediaries. |
DeFi | Protocols that make financial products available to users on decentralized networks. |
DePIN | Decentralized physical infrastructure networks (DePINs) use token rewards to incentivize the deployment of hardware-based networks and the completion of real-world tasks. |
Derivatives | A platform that facilitates the creation or trading of financial contracts that derive their value from the performance of underlying cryptoassets. |
Enterprise Services | Blockchain-based solutions and services specifically designed to meet the needs of large organizations in areas such as infrastructure, smart contract development, data analytics, compliance, etc. |
Ethereum Layer-2 | A secondary architecture or protocol specifically designed to increase transaction speed and scalability while deriving some or all of its security or decentralization properties of Ethereum. Rollups, validiums, and volitions can all be considered Layer-2 projects. |
Ethereum Liquid Staking Asset | A token that represents staked Ether in the Ethereum Proof-of-Stake network to provide liquidity for staked ETH. |
Euro Stablecoin | A cryptoasset designed to trade at the same price as the Euro. |
EVM | A blockchain network that is compatible with the Ethereum Virtual Machine (EVM). |
Fan Token | A cryptoasset that provides benefits to fans of a sports team, music artist, or other entity with exclusive content or merchandise. |
Governance Token | A cryptoasset that gives holders voting rights for a protocol, application, or DAO to facilitate decentralized governance. |
ICO Era | Tokens launched primarily between 2016 and 2018 when Initial Coin Offerings (ICOs) were the primary avenue for teams to raise funding. ICOs were primarily denominated in BTC or ETH terms. |
Index Token | A cryptoasset that represents a basket of other tokens to give users exposure to multiple assets. |
Indonesian Rupiah Stablecoin | A cryptoasset designed to trade at the same price as the Indonesian Rupiah. |
Japanese Yen Stablecoin | A cryptoasset designed to trade at the same price as the Japanese Yen. |
LST-Fi | An application that integrates liquid staking tokens with financial services such as lending, stablecoin protocols, decentralized exchanges, interest rate swaps, and other platforms, to unlock additional value and enhance the utility of liquid staking tokens. |
Meme | A cryptoasset that does not seek to provide any specific utility other than branding and community for the token. |
Move-to Earn | A tokenomics model where users can earn cryptoassets by performing physical activities such as walking or exercising. |
NFT Exchange | A marketplace where users can buy, sell, or trade non-fungible tokens (NFTs). |
NFTs | A cryptoasset that represents ownership or proof of authenticity of a unique piece of content, typically associated with digital art, music, or virtual real estate. |
Non-U.S. Dollar Stablecoin | A cryptoasset that is pegged to the value of an asset other than the US dollar, such as another fiat currency, commodity, or cryptoasset. |
Optimistic (Fraud Proofs) | A network or protocol that leverages fraud proofs for scaling. |
Parachain | A blockchain built with the Substrate framework that leases security from the Polkadot or Kusama relay chains. |
Play-to-Earn | A play-to-earn game refers to a model in blockchain-based gaming in which users can earn real-world value in the form of cryptoassets such as tokens or NTFs by achieving certain in-game milestones or tasks. |
Privacy | A protocol that obscures transaction details such as sender, receiver, or amount, to protect user data and ensure anonymity on a blockchain-based network. |
Proof-of-Stake | A blockchain network that utilizes the Proof-of-Stake consensus mechanism. |
Proof-of-Work | A blockchain network that utilizes the Proof-of-Work consensus mechanism. |
Revenue Tokens | Tokens that grant holders a claim on protocol-generated revenue. |
SEC Alleged Securities | A cryptoasset that the Securities and Exchange Commission (SEC) of the United States alleges is a security. |
Singapore Dollar Stablecoin | A cryptoasset designed to trade at the same price as the Singapore Dollar. |
South Korean Won Stablecoin | A cryptoasset designed to trade at the same price as the South Korean Won. |
Stableswap | An exchange designed to efficiently swap between stablecoins with low slippage and minimal price impact. |
Stakeable | A non-native asset that can be staked or locked in a smart contract to earn yield or participate in governance. |
Swiss Franc Stablecoin | A cryptoasset designed to trade at the same price as the Swiss Franc. |
Turkish Lira Stablecoin | A cryptoasset designed to trade at the same price as the Turkish Lira. |
U.S. Dollar Stablecoin | A cryptoasset designed to trade at the same price as the U.S. Dollar. |
Wrapped Bitcoin Asset | A token deployed on any blockchain other than Bitcoin that is redeemable for native BTC. This can include custodial and non-custodial wrapped BTC. |
Yield Aggregator | A protocol or service that automatically optimizes funds in DeFi on behalf of users to maximize potential returns. |
Zero Knowledge (Validity Proofs) | A network or protocol that leverages zero-knowledge cryptography, such as validity proofs, for scaling or privacy. |
Updated 3 days ago