Messari Classification System
The Messari Classification System is a global standard for categorizing participants in the crypto industry, similar to how GICS functions in traditional finance. It provides a unified taxonomy that groups crypto entities into common sectors, sub-sectors, and tags.Overview
The Messari Classification System is composed of 4 layers of classifications.1. Entity Type
A Messari entity refers to any identifiable participant in the crypto ecosystem. Entity types include:- Project (e.g Solana)
- Asset (e.g. ETH)
- Organization (e.g. Solana Foundation Labs or Solana Ventures)
- Network (e.g. Ethereum Network)
- Governing Body (e.g. Uniswap DAO)
- Exchange (e.g. Binance)
- Person (e.g. Brian Armstrong)
2. Sectors
Sectors are broad categories used to group entities across all types.- There are 13 sectors total.
- An entity can belong to multiple sectors if applicable.
- Each sector is divided into sub-sectors.
3. Sub-sectors
Sub-sectors offer more specific classification within sectors.- There are 124 sub-sectors.
- A sub-sector may belong to multiple sectors. Example: “AI Meme” may fall under both AI and Meme sectors.
4. Tags
Tags are flexible, descriptive labels for finer classification.- Tags are free-form and not tied to any specific sector.
- If an entity only has orphaned tags (not linked to any sector), it will default to the Other sector. Example: An entity with only the tag “Agriculture” will roll up to the Others sector.
- If it also has a tag like “Decentralized Lending,” it will roll up to DeFi instead.
Sectors
| Sectors | Sub-sectors | Definition |
|---|---|---|
| AI | AI Infrastructure, AI Agents, Agent Frameworks, AI Consumer, AI Compute, AI Tooling, AI Meme, DeFAI, Other AI | AI in crypto uses artificial intelligence to improve blockchain systems. Includes AI agents for decision-making, apps for trading or analytics, frameworks for building AI tools, launchpads for AI projects, and DeFAI (AI-powered DeFi). Combines AI and blockchain for smarter, automated crypto solutions. |
| Cefi | Banking, Centralized Custody, ETFs, Hedge Funds, Centralized Insurance, Market Making, On/Off Ramp, OTC, Centralized Payments, Private Equity, Venture Capital, Centralized Asset Managers, Centralized Yield Services, Centralized Incubators and Accelerators, Centralized Exchange, Centralized Lending, Centralized Liquid Staking, Centralized Issuer, Other Centralized Finance | Financial services for cryptocurrencies managed by centralized companies, like banks but for digital assets. Includes exchanges (e.g., Coinbase, Binance), custody, lending, and payments. Offers user-friendly interfaces, customer support, and regulatory compliance, but controls user funds unlike DeFi. |
| DeFi | Decentralized Lending, Decentralized Exchange, Derivatives, Decentralized Payments, Decentralized Custody, Prediction Markets, Decentralized Insurance, Decentralized Incubators & Accelerators, Decentralized Liquid Staking, Restaking, Decentralized Yield Services, Aggregator, Launchpad and Crowdfunding, Real World Assets, Synthetic Assets, Decentralized Asset Managers, Decentralized Issuer | Financial services on blockchains without middlemen, using smart contracts. Includes decentralized exchanges, lending, staking, derivatives, and new ideas like AI-driven DeFi or tokenized real-world assets. Offers transparent, permissionless finance. |
| Networks | Layer-0, Layer-1, Layer-2, Layer-3, Interoperability | The infrastructure powering blockchains. Includes Layer-0 (base hardware), Layer-1 (e.g., Bitcoin, Ethereum), and scaling solutions like Layer-2 (rollups, sidechains). Supports faster, secure, and specialized blockchains for various apps, addressing scalability and interoperability. |
| Blockchain Infrastructure | Client, Hosting, Indexing, Oracles, Validator Operations and Support, Wallets, Mining Operations and Support | Core tech and services that keep blockchains running. Includes node hosting, wallet solutions, oracles (real-world data feeds), and indexing tools. Simplifies development and enhances security, scalability, and usability. |
| DePIN | DePIN Compute, Wireless Networks, Energy Networks, Robotics, Content Delivery Platform, File Storage, Mobility Networks, Geospatial Networks, Other DePIN | Blockchain-based systems for physical resources like storage, computing, or energy. Users contribute resources (e.g., internet bandwidth) and earn crypto rewards. Creates decentralized, community-driven alternatives to centralized infrastructure. |
| Gaming | Gaming Platform, Game, Game Tooling, Gaming Infrastructure, Gambling, Gaming Studio, Metaverse, Other Gaming | Blockchain-based gaming projects that bring fun, rewards, and ownership to players. Includes Gaming Platforms for hosting games, individual Games, Game Tooling for development tools, Gambling apps, Gaming Infrastructure for tech support, Gaming Studios for game creation, Metaverse for virtual worlds, Other Gaming for miscellaneous projects. |
| NFTs | NFT Derivatives, NFT Exchange, NFT Fragmentation, NFT Launchpad, NFT Lending, NFT Oracle, Art, Collectibles and Digital Goods, Fashion, Music, Sports, Other NFT | Digital assets on blockchains representing unique items or collectibles. Includes NFT Derivatives for financial products tied to NFTs, NFT Exchanges for trading, NFT Fragmentation for splitting ownership, NFT Launchpads for new projects, NFT Lending for borrowing against NFTs, NFT Oracles for price data, Art for creative works, Collectibles and Digital Goods for virtual items, Fashion for wearable NFTs, Music for audio NFTs, Sports for fan collectibles, and Other NFT for niche uses. Enables ownership, trading, and creativity in the digital space. |
| Meme | Frog-Themed Coins, Cat-Themed Coins, Celebrity-Themed Coins, Country-Themed Coin, Dog-Themed Coins, Duck-Themed Coins, Elon Musk-Inspired Coins, Parody Coins, Other Meme | Crypto tokens driven by internet culture, humor, and community trends. Focuses on speculative, fun, and community-driven value. |
| Stablecoins | Algorithmic Stablecoin, Commodity-Backed Stablecoins, Crypto-Backed Stablecoins, Fiat-backed Stablecoin, Hybrid Stablecoins | Cryptocurrencies pegged to stable assets (e.g., USD, gold) to avoid price swings. Types include fiat-backed, crypto-backed, and algorithmic. Used for trading, payments, and DeFi, offering stability and bridging crypto with traditional finance. |
| Blockchain Services | Design Services, Security, Legal Services, Marketing Services, Protocol and Governance Services, Software Development Services, Tax Services | Professional support for blockchain projects. Includes design, legal, marketing, software development, and governance services. Helps businesses and startups adopt blockchain by addressing technical and regulatory challenges. |
| Tools | Block Explorer, Access Control, Analytics, Communication and Messaging, Contribution and Compensation, Developer Tooling, Education, Identity, Reputation, and Credentialing, Domain Name System (DNS), Moderation, News, Onboarding, Market Data, Trading Bots, Research | Services and apps that make blockchains easier to use or build on. Includes block explorers, analytics, trading bots, and identity solutions. Supports the crypto ecosystem by improving access, transparency, and functionality. |
| Others | Diverse blockchain projects focused on niches. Includes account abstraction (simpler blockchain interactions), industry applications (e.g., healthcare, real estate), privacy tools, and sustainability projects. |
Sub-Sectors
| Sub-sector | Parent Sector | Definition |
|---|---|---|
| Access Control | Tools | A service or tool developed to facilitate subscription or credential-based participation in a group or community. |
| Agent Frameworks | AI | Platforms enabling the creation and deployment of autonomous AI agents. They provide tools for developers to build agents that interact with blockchains. |
| Aggregator | DeFi | A platform that routes optimal financial transactions including trades and yields across external platforms including exchanges. |
| AI Agents | AI | Autonomous programs leveraging AI to perform tasks like trading or data analysis on blockchain networks. They operate independently, executing smart contracts or optimizing DeFi strategies. |
| AI Compute | AI | Decentralized networks offering computational power for AI model training and inference. Users share or rent GPU resources, rewarded via tokens. |
| AI Consumer | AI | Platforms leveraging AI to deliver user-friendly applications, such as intelligent wallets, predictive trading tools, or personalized DeFi dashboards. These solutions enhance accessibility and decision-making for retail users through intuitive interfaces and real-time insights. |
| AI Infrastructure | AI | Foundational blockchain systems supporting AI operations, like data oracles or scalable compute layers. They ensure secure data feeds and processing for AI applications. |
| AI Meme | AI | Crypto tokens or projects combining AI themes with meme-driven marketing. They leverage community hype and AI narratives. |
| AI Tooling | AI | Developer tools and platforms for integrating AI into blockchain ecosystems. These include SDKs, APIs, or model marketplaces for building AI-driven dApps. |
| Algorithmic Stablecoin | Stablecoins | Stablecoins maintaining pegs through algorithms that adjust supply based on market demand, without direct asset backing. They rely on smart contracts to stabilize value, often with high risk. |
| Analytics | Tools | Protocols or services which provide insights and analysis on data from networks and applications. |
| Art | NFTs | Physical or digital creations that are interpreted as creative or convey a sense of meaning. |
| Banking | CeFi | An aggregator of financial services offered by a banking institution. |
| Block Explorer | Tools | Web-based tools for querying and visualizing blockchain data, such as transactions, addresses, and blocks. They provide transparent access to network activity and smart contract details. |
| Cat-Themed Coins | Meme | Meme tokens with cat-inspired themes, tapping into internet cat culture. |
| Celebrity-Themed Coins | Meme | Tokens tied to celebrities or public figures. |
| Centralized Asset Managers | CeFi | Firms managing portfolios or funds for clients, offering professional investment strategies. They handle asset allocation, trading, and risk management centrally. |
| Centralized Custody | CeFi | Services securely storing crypto assets on behalf of users, typically for institutions or high-value accounts. They use security measures like cold storage and multisig. |
| Centralized Exchange | CeFi | A platform operated by a central authority that facilitates the trading of cryptoassets custodied on the platform. |
| Centralized Incubators and Accelerators | CeFi | Programs run by centralized entities to fund, mentor, and launch crypto startups or projects. They provide capital, resources, and networks to drive growth. |
| Centralized Insurance | CeFi | Services providing coverage for assets against hacks, fraud, or platform failures, managed by centralized entities. They offer policies to protect user funds, often integrated with exchanges. |
| Centralized Issuer | CeFi | A centralized issuer is an entity that has control over the creation and distribution of a particular cryptoasset. |
| Centralized Lending | CeFi | Platforms where users borrow or lend crypto assets, with the platform managing terms, collateral, and risk. They provide accessible loans or interest-earning opportunities. |
| Centralized Liquid Staking | CeFi | Services offered by centralized platforms where users stake crypto assets to earn rewards while receiving liquid tokens. The platform manages staking operations, ensuring security and returns. |
| Centralized Payments | CeFi | Platforms enabling crypto-based or not payments for goods, services, or remittances, processed through centralized systems. |
| Centralized Yield Services | CeFi | Platforms offering interest or yield on deposits through centralized management, often via lending or investment pools. Users earn passive income without managing complex DeFi protocols. |
| Client | Blockchain Infrastructure | 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. |
| Collectibles and Digital Goods | NFTs | Physical or non-physical items or tokens that provide the holder unique ownership of digital or real-world items. |
| Commodity-Backed Stablecoins | Stablecoins | Stablecoins pegged to the value of physical commodities like gold or silver, managed by centralized or decentralized entities. They aim to combine crypto efficiency with tangible asset stability. |
| Communication and Messaging | Tools | A platform that allows members to share, discuss, and communicate. It can be a forum, messaging application, or social network focused on discussion. |
| Content Delivery Platform | DePIN | Decentralized systems for streaming or delivering digital content efficiently. Nodes cache and distribute content, reducing latency and costs. |
| Contribution and Compensation | 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. |
| Country-Themed Coin | Meme | Memecoins themed around a specific country, often created as a playful tribute to national identity, culture, or a viral trend associated with a nation. |
| Crypto-Backed Stablecoins | Stablecoins | Stablecoins overcollateralized by cryptocurrencies like ETH or BTC, typically managed by decentralized protocols. Users lock crypto in smart contracts to mint stable tokens. |
| Decentralized Asset Managers | DeFi | DAOs or protocols managing crypto portfolios, optimizing yield, or trading via community governance or algorithms. They offer transparent, user-controlled investment strategies. |
| Decentralized Custody | DeFi | Blockchain-based solutions for secure asset storage without centralized intermediaries, using smart contracts or multisig. They ensure user control and transparency for institutional or retail funds. |
| Decentralized Exchange | DeFi | A platform for the trading of cryptoassets without a centralized intermediary. |
| Decentralized Incubators & Accelerators | DeFi | Community-driven programs funding and mentoring DeFi or blockchain startups via DAOs or token incentives. They democratize access to capital and resources. |
| Decentralized Insurance | DeFi | Protocols offering coverage for smart contract failures, hacks, or DeFi risks using pooled funds and decentralized governance. Users stake tokens to underwrite or purchase policies. |
| Decentralized Issuer | DeFi | A protocol that autonomously manages the issuance of a cryptocurrency without a centralized entity. |
| Decentralized Lending | DeFi | Peer-to-peer lending platforms on blockchain, using smart contracts to manage loans and collateral without intermediaries. Users borrow or lend crypto with transparent terms. |
| Decentralized Liquid Staking | DeFi | DeFi protocols allowing users to stake assets in PoS networks while receiving liquid tokens for use elsewhere. They enhance capital efficiency via decentralized governance. |
| Decentralized Payments | DeFi | Blockchain-based systems enabling fast, low-cost crypto transactions for remittances or commerce without centralized processors. They prioritize user control and global access. |
| Decentralized Yield Services | DeFi | DeFi platforms aggregating opportunities for earning yield on crypto assets through staking, lending, or liquidity provision. They optimize returns via automated strategies. |
| DeFAI | AI | Decentralized finance protocols enhanced by AI for yield optimization, risk management, or automated trading. AI algorithms improve efficiency and decision-making in DeFi. |
| DePIN Compute | DePIN | Decentralized networks providing computational resources for tasks like AI training or data processing. Users share or rent processing power via blockchain-based platforms. |
| Derivatives | DeFi | A financial instrument which is created from an underlying asset and derives its value from it. |
| Design Services | Blockchain Services | Services focused on design elements of a website or protocol, including but not limited to product design, graphic design, web design, and iconography. |
| Developer Tooling | Tools | Tooling developed to support and aid developers or the development cycle of applications, protocols, and networks |
| Dog-Themed Coins | Meme | Memecoins that revolve around dog-based themes, often inspired by popular internet memes, typically created as jokes or community-focused tokens. |
| Domain Name System (DNS) | Tools | A naming system that translates domain names into Internet Protocol (IP) addresses that are used to communicate over the Internet. |
| Duck-Themed Coins | Meme | Meme tokens centered around duck-related imagery or humor. |
| Education | Tools | Entities and Services that provide resources and instruction on knowledge-based subjects. |
| Elon Musk-Inspired Coins | Meme | Meme tokens inspired by Elon Musk’s persona, tweets, or ventures. |
| Energy Networks | DePIN | Networks that aggregate distributed energy resources, including energy generation and storage units, to create a more resilient and efficient energy grid. |
| ETFs | CeFi | Exchange Traded Fund. |
| Fashion | NFTs | Physical or digital clothing designed to have some sort of artistic quality. |
| Fiat-backed Stablecoin | Stablecoins | Stablecoins pegged to fiat currencies like USD, backed by reserves held by centralized custodians. They offer stability through direct 1:1 collateralization and audits. |
| File Storage | DePIN | A platform or protocol designed for long-term, immutable file storage, such as Arweave and Filecoin. |
| Frog-Themed Coins | Meme | Meme coins featuring frog mascots, popularized by Pepe the Frog, with strong community and meme culture ties. |
| Gambling | Gaming | Refers to platforms and companies focused on online or blockchain-based gambling activities. This includes casinos, betting, slot machines, poker, blackjack, roulette, bingo, lottery, odds-making, and bookmaker services. It also covers a range of wagering activities such as horse racing, dice games, and jackpot systems. |
| Game | Gaming | A single gaming title developed and released as an individual product. This refers to a standalone game rather than a broader platform or series |
| Game Tooling | Gaming | Developer tools and platforms for creating blockchain games, including SDKs, APIs, or asset marketplaces. They simplify integration of crypto, NFTs, and DeFi into games. |
| Gaming Infrastructure | Gaming | Blockchain networks or layer-2 solutions optimized for gaming, offering scalability, low-cost transactions, and NFT support. They power game economies and player interactions. |
| Gaming NFTs | Gaming | Non-fungible tokens representing in-game assets like characters, items, or land in blockchain games. They enable true ownership, interoperability, and trading across platforms. |
| Gaming Platform | Gaming | Companies that develop gaming-related products and services that are not games themselves. This includes infrastructure, aggregators, marketplaces, trackers, tools, and services with a focus on gaming. Examples include platforms that showcase or aggregate Web3 games, game development platforms, marketplaces for gaming assets, gaming-focused blockchain layers, and services related to e-sports and competitive gaming. |
| Gaming Studio | Gaming | Companies that focus on the development or publishing of video games. This category includes entities that design, build, and release games, as well as those that manage the distribution and promotion of games. Companies classified under this tag typically have multiple games in their portfolio or present themselves as dedicated to producing a range of games, even if they are currently working on a single title. |
| Geospatial Networks | DePIN | Decentralized systems collecting and sharing location-based data. Nodes contribute geospatial insights, rewarded via tokens. |
| Hedge Funds | CeFi | A private alternative investment vehicle that pools funds from accredited investors to invest in complex trading strategies to generate outsized returns. |
| Hosting | Blockchain Infrastructure | 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. |
| Hybrid Stablecoins | Stablecoins | Stablecoins combining multiple backing mechanisms, such as fiat, crypto, or algorithmic methods, to enhance stability and flexibility. They balance risk and liquidity through diversified reserves or dynamic protocols. |
| Identity, Reputation, and Credentialing | Tools | Protocols that provide unique digital identities or link immutable records of identification to the digital world. |
| Indexing | Blockchain Infrastructure | Protocols and services that extract data from blockchains for generalized or specific use cases. |
| Interoperability | Networks | Protocols enabling communication and asset transfer between different blockchains, enhancing ecosystem connectivity. They bridge disparate networks via cross-chain messaging or token swaps. |
| Launchpad and Crowdfunding | DeFi | 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. |
| 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. |
| 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-2 | Networks | Scaling solutions operating atop layer-1 blockchains, designed to increase the transaction throughput of a blockchain while inheriting security properties of the underlying network. |
| Layer-3 | Networks | Protocols built atop layer-2 solutions, often for specialized applications like privacy, gaming, or cross-chain interactions. They aim to further optimize scalability or functionality. |
| Legal Services | Blockchain Services | Services focused on legal or legal advisory. |
| Market Data | Tools | Services aggregating real-time and historical data on crypto prices, volumes, and market metrics across blockchains and exchanges. They enable traders and analysts to monitor trends and make informed decisions. |
| Market Making | CeFi | An entity that provides liquidity to financial markets through buying and selling assets. |
| Marketing Services | Blockchain Services | 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. |
| Metaverse | Gaming | Refers to immersive and virtual 2D or 3D worlds where users can congregate and interact with one other online. |
| Mining Operations and Support | Blockchain Infrastructure | Onchain and offchain entities that facilitate or support miners and mining operations of a cryptocurrency network. |
| Mobility Networks | DePIN | Decentralized platforms for managing transportation or logistics data. They enable peer-to-peer ride-sharing or vehicle coordination. |
| Moderation | Tools | A tool or service which allows for the enforcement of standards and rules in communication channels. |
| News | Tools | The reporting or announcement of recent information that is deemed relevant or important. |
| NFT Derivatives | NFTs | Financial instruments tied to NFT values, such as options or futures, enabling speculation or hedging. They rely on oracles for accurate pricing and are emerging in DeFi. Projects. |
| NFT Exchange | NFTs | A marketplace where users can buy, sell, or trade non-fungible tokens (NFTs). |
| NFT Fragmentation | NFTs | Platforms consolidating NFT listings from multiple marketplaces for easier browsing, comparison, and trading. |
| NFT Launchpad | NFTs | Platforms facilitating the creation, minting, and initial sale of NFT projects, often with marketing and community support. They help creators launch collections while attracting early investors. |
| NFT Lending | NFTs | DeFi protocols allowing users to borrow against NFTs as collateral or lend to earn interest. They unlock liquidity for NFT holders while managing valuation risks via oracles. |
| NFT Oracle | NFTs | Mechanisms delivering external data, like price valuations, to blockchain networks for NFT-based applications. They address the challenge of accurate pricing for illiquid NFTs in DeFi, lending, or derivatives. |
| On/Off Ramp | CeFi | Refers to platforms and services that facilitate the conversion between fiat currency and cryptocurrencies. This includes fiat solutions, credit card and payment system integrations, and other tools that allow users to seamlessly move funds in and out of the crypto ecosystem. |
| Onboarding | Tools | A platform or tool designed to induct new users or employees into groups or communities. |
| Oracles | Blockchain Infrastructure | 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. |
| OTC | CeFi | Centralized platforms facilitating large crypto trades directly between parties, bypassing public exchanges. They offer privacy, price stability, and high liquidity for institutional or high-net-worth clients. |
| Other AI | AI | Niche or emerging AI-crypto projects not fitting standard subsectors. |
| Other Centralized Finance | CeFi | Niche centralized financial services in crypto, such as bespoke wealth management or specialized trading tools. Includes emerging platforms not fitting standard categories. |
| Other DePIN | DePIN | Emerging or niche decentralized physical infrastructure networks. |
| Other Gaming | Gaming | Niche or emerging blockchain gaming categories, such as puzzle games, simulations, or experimental formats. They explore unique mechanics or crypto integrations. |
| Other Meme | Meme | Meme coins not fitting specific themes, encompassing a wide range of humorous, absurd, or niche cultural references. |
| Other NFT | NFTs | Niche or experimental NFT applications, such as virtual real estate, music royalties, or tokenized identities. They explore diverse use cases beyond art or collectibles. |
| Parody Coins | Meme | Memecoins created as a humorous or satirical imitation of an existing person or entity. |
| Prediction Markets | DeFi | Decentralized platforms for betting on real-world outcomes (elections, sports) using crypto, with prices reflecting probabilities. They incentivize accurate forecasting via token rewards. |
| Private Equity | CeFi | 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. |
| Protocol and Governance Services | Blockchain Services | Advisory or technical services provided to a protocol or DAO including governance recommendations, risk analysis, and monitoring. |
| Real World Assets | DeFi | Physical assets that are tokenized onchain to denote virtual ownership. |
| Research | Tools | Platforms or services offering in-depth analysis, reports, and insights on blockchain projects, markets, and trends. |
| Restaking | DeFi | Platforms or protocols that enable users to stake their already staked tokens across multiple networks or protocols. These services enhance the utility of staked tokens by allowing them to earn rewards or participate in governance across different protocols, optimizing the efficiency of capital deployment. |
| Robotics | DePIN | Decentralized networks coordinating autonomous robots for tasks like delivery, agriculture, or industrial automation. Blockchain-based protocols enable secure data sharing, task allocation, and incentivization through tokens. |
| Security | Blockchain Services | Services, Protocols, and applications developed to secure assets and protocols. |
| Software Development Services | Blockchain Services | Services provided by an external agent to support the development of software for an application, protocol, or network. |
| Sports | NFTs | Includes sports games, events, merchandise, and equipment of professional and amateur sports leagues. |
| Synthetic Assets | DeFi | DeFi protocols creating tokens that track the value of real-world assets (stocks, commodities) without direct ownership. They enable exposure to diverse markets via blockchain. |
| Tax Services | Blockchain Services | Services provided by an external agent to provide analysis and recommendations on activities in regard to their tax implications or mitigations. |
| Trading Bots | Tools | Automated software executing crypto trades based on predefined strategies, market signals, or algorithms. They operate on exchanges via APIs, aiming to optimize profits or reduce manual effort. |
| Validator Operations and Support | Blockchain Infrastructure | Onchain and offchain entities that facilitate or support validators and validator operations of cryptocurrency networks |
| Venture Capital | CeFi | An investment firm that invests in early-stage startups and entrepreneurs with high growth potential. |
| Wallets | Blockchain Infrastructure | An application that controls access to their funds by managing keys and addresses, tracking balances, and creating and signing transactions |
| Wireless Networks | DePIN | Peer-to-peer wireless connectivity solutions bypassing traditional telecom providers. Nodes share Wi-Fi or cellular signals, rewarded via tokens. |
Tags
| Tag | Defintion |
|---|---|
| Advertising | Companies and platforms focused on advertising, promotion, and public relations, utilizing blockchain technology. This includes ad technology, video ads, influencer marketing, in-game ads, mobile advertising, and services provided by ad publishers. |
| Agriculture | Blockchain-based platforms and companies focused on the agriculture industry. This includes agriculture management platforms, agri-tech solutions, agriculture marketplaces, weather information services, verification systems, and agricultural supply chain tracking. |
| AI Launchpad | Platform that integrates AI technologies into the process of launching new blockchain projects and tokens. |
| 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. |
| Bitcoin Layer-2 | Refers to protocols or solutions built on top of the Bitcoin network to enhance scalability, speed, and efficiency. Often called Layer 2 or L2, these solutions (such as the Lightning Network) allow transactions to occur off-chain while maintaining the security and decentralization of Bitcoin. |
| Blockchain API | Interfaces allowing developers to interact with blockchain networks for building dApps or integrating crypto features. They provide access to data, transactions, and smart contracts. |
| BRC20 | Token standard on the Bitcoin blockchain enabling fungible and non-fungible tokens via the Ordinals protocol. It attaches JSON data to satoshis for NFT creation, supporting use cases like collectibles. |
| BTCfi | DeFi ecosystems built on Bitcoin or its layers (e.g., Lightning, Stacks) for lending, trading, or yield generation. They bring DeFi functionality to BTC without wrapping it. |
| Carbon Credits | Platforms and companies involved in the carbon market and carbon offset ecosystem. This includes carbon offset trading, carbon finance, carbon-free energy matching, carbon NFTs, climate actions aimed at neutralizing carbon emissions, carbon removal, decarbonization services, and education or events related to carbon credits. |
| Card Games | Blockchain-powered card games where cards are NFTs, enabling ownership, trading, or staking for rewards. They combine strategy with decentralized economies. |
| Centralized Liquid Staking Tokens | Tokens issued by centralized platforms representing staked assets, allowing users to trade or use them while earning staking rewards. These tokens provide liquidity without unstaking, managed by centralized custodians. |
| Charity | Blockchain-based platforms that facilitate donations, aid, or other charitable contributions. These platforms leverage blockchain technology to provide transparency, traceability, and efficiency in charitable giving or aid distribution. |
| Cosmos SDK | A blockchain built with the Cosmos SDK that is compatible with the IBC protocol. |
| Data Availability | Data availability in blockchain networks refers to ensuring all transaction data is accessible to nodes for validation and verification. It prevents data withholding, supports network security, and enables scalability solutions like rollups by confirming data is publicly available, maintaining decentralization and trustlessness within the ecosystem. |
| Decentralized Liquid Staking Tokens | Tokens representing staked assets in DeFi protocols, tradable for liquidity while earning staking rewards. They’re managed by decentralized networks, not custodians. |
| DeSci | DeSci, or Decentralized Science, is a movement that leverages blockchain technology and related tools-such as tokens, NFTs, smart contracts, and DAOs to make scientific research more open, transparent, and community-driven. The goal is to address the limitations of traditional scientific research, which is often hampered by centralization, restricted access, slow funding, and limited collaboration. |
| 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. |
| Euro Stablecoin | A cryptoasset designed to trade at the same price as the Euro. |
| Exchange Token | An Exchange Token is a token issued by an exchange, primarily designed to provide utility within that exchange’s ecosystem. These tokens are typically used to reduce trading fees for users who hold or use them. |
| Fan Token | A cryptoasset that provides benefits to fans of a sports team, music artist, or other entity with exclusive content or merchandise. |
| Hardware Wallet | Physical devices designed to securely store private keys offline, protecting crypto assets from hacks. They support signing transactions in a secure environment. |
| Healthcare | Blockchain-based platforms and companies focused on healthcare-related solutions. This includes areas such as longevity, medicine, clinical trials, pharmaceuticals, telemedicine, health and patient data management, genetic testing, and prescription services. These platforms aim to improve healthcare delivery, data security, and patient outcomes through decentralized technologies. |
| Indexes | An entity or platform that facilitates the creation of baskets of assets grouped together by a predefined composition and methodology. |
| InfoFi | InfoFi refers to a category of applications that create tradable markets for exotic, non price signals, such as mindshare, reputation, and quantitative metrics. These platforms enable users to speculate on intangible information, supporting discovery and valuation of new data types through financial market activity rather than traditional price movements. |
| Intent | DeFi systems using intent-based architectures where users specify desired outcomes (e.g., trades) and solvers execute optimal paths. They improve efficiency and reduce user complexity in transactions. |
| Logistics | Blockchain-based protocols and platforms that aim to improve supply chain management and logistics by providing transparency, immutability, and real-time tracking of goods and services. |
| LRTfi | DeFi platforms leveraging liquid restaking tokens to enable yield farming, lending, or trading of restaked assets. Users gain liquidity while earning staking rewards from protocols. |
| 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. |
| MEV | Platforms, services, or tools that focus on mitigating, providing research, data or capitalizing on Miner Extractable Value. These include protocols that help reduce the potential for front-running or other manipulative practices by validators, as well as those that enable users to capture MEV through arbitrage opportunities. |
| Multiparty Computation | Cryptographic protocols enabling secure, private computations across multiple parties without revealing sensitive data. In blockchain, they enhance wallet security and private transactions. |
| Multisig Wallet | Wallets requiring multiple private key signatures to authorize transactions, enhancing security for shared accounts. They’re used by DAOs, teams, or high-value accounts. |
| Music | Entities or protocols that facilitate the creation, distribution, or sale of music. |
| NFTFI | DeFi protocols integrating NFTs as collateral for loans, liquidity pools, or yield generation. Users can borrow against or fractionalize NFTs to unlock value. |
| Optimistic (Fraud Proofs) | A network or protocol that leverages fraud proofs for scaling. |
| Options | Refers to cryptocurrency option protocols and exchanges that offer options trading. These platforms allow users to trade options contracts, providing the flexibility to speculate, hedge, or manage risk by purchasing or selling the right to buy or sell cryptocurrencies at a predetermined price within a specified timeframe. |
| Ordinals | Refers to the BRC-20 token standard on the Bitcoin network, enabling the creation and management of fungible tokens using Bitcoin’s ordinal inscriptions. This category also includes ordinal-focused projects, such as ordinal marketplaces and tools that facilitate the trading, creation, or management of ordinal inscriptions. |
| Parachain | A blockchain built with the Substrate framework that leases security from the Polkadot or Kusama relay chains. |
| Perpetuals | Refers to platforms and services that facilitate perpetual trading, including perpetual swaps and aggregators. These platforms enable users to trade perpetual contracts without expiration dates, allowing for continuous positions in cryptocurrency markets. |
| 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. |
| Racing Games | Blockchain-based games centered on competitive racing, often integrating crypto rewards or NFT-based vehicles. Players earn tokens through races or trade unique in-game assets. |
| Real Estate | Companies and protocols focused on tokenizing real estate assets, providing users with the ability to buy, sell, or invest in fractional shares of properties via blockchain technology. |
| Rollup | Layer-2 scaling solutions that bundle (or “roll up”) transactions off-chain and settle them on a layer-1 blockchain. They reduce costs and congestion while inheriting mainnet security. |
| Runes | A Bitcoin-based protocol for creating fungible and non-fungible tokens, simplifying token issuance compared to BRC-20. It leverages Bitcoin’s UTXO model for token management. |
| SEC Alleged Securities | A cryptoasset that the Securities and Exchange Commission (SEC) of the United States alleges is a security. |
| Settlement Layer | Blockchain networks serving as the final ledger for transaction settlement, ensuring security and immutability. They anchor other layers or chains, processing high-value or batched transactions. |
| Shared Sequencer | A shared sequencer is a decentralized network of nodes that provides transaction ordering and block creation services for multiple layer-2 rollups or blockchains simultaneously. Unlike a centralized sequencer, which is a single entity controlling transaction order for a specific rollup, a shared sequencer allows different rollups to outsource their sequencing needs to a common, permissionless network. |
| Shooting Games | Decentralized shooter games leveraging blockchain for tokenized weapons, skins, or rewards. Players engage in PvP or PvE modes, earning crypto or NFTs. |
| SideChain | A sidechain is a separate, independent blockchain that is connected to a main blockchain (often called the “mainchain” or “parent blockchain”) enabling faster or specialized transactions with periodic settlement to the mainnet. This setup allows digital assets (such as tokens or coins) to be transferred back and forth between the mainchain and the sidechain without changing the underlying value of the assets. |
| Social Media | 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. |
| Social Tokens | 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. |
| Social Trading | Social trading is an investment approach where individuals use online platforms to observe, interact with, and often directly copy the trading strategies of more experienced or successful cryptocurrency traders. |
| Stableswap | An exchange designed to efficiently swap between stablecoins with low slippage and minimal price impact. |
| Ticketing | NFTs used as secure, verifiable digital tickets for events, preventing fraud and enabling secondary markets. They can include perks like VIP access or collectible metadata. |
| Travel and Hospitality | Blockchain-based platforms and services within the travel and hospitality industry. This includes travel agencies, hotel services, travel identity solutions, travel infrastructure, services for digital/Web3 nomads, and platforms for bookings such as flights and accommodations. |
| U.S. Dollar Stablecoin | A cryptoasset designed to trade at the same price as the U.S. Dollar. |
| Undercollateralized Lending | DeFi protocols offering loans with minimal or no collateral, relying on credit scoring, reputation, or off-chain data. They expand access to borrowing but carry higher risk for lenders. |
| Validium | A validium is a layer 2 scaling solution for blockchains like Ethereum that processes transactions off-chain to increase throughput and reduce costs. It uses validity proofs, such as zero-knowledge proofs (ZK-SNARKs or ZK-STARKs) to ensure the correctness of off-chain transactions, but unlike ZK-rollups, validiums store transaction data off-chain rather than on the main blockchain. |
| Web Wallets | Browser-based or cloud-hosted wallets for storing and managing crypto assets. They offer user-friendly interfaces for transactions and DeFi interactions, often custodial or non-custodial. |
| X-to-Earn (Play, Move, Drive, Tap, etc) | Games rewarding players with tokens for actions like playing, exercising, driving, or tapping, often tied to real-world activities. They incentivize engagement through crypto economies. |
| 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. |