Grayscale strategy upgrade! Aiming at the Sui protocol layer, launching DeepBook and Walrus trust | Institutional layout of new trends in L1 underlying infrastructure

The world's largest cryptocurrency asset management company Grayscale ( is expanding its investment focus from purely Layer 1 Tokens to the core protocol layer that supports the operation of public chains. On August 12, Grayscale announced the launch of two brand new single asset investment trust products — DeepBook Trust ) DEEP ( and Walrus Trust ) WAL (, which are anchored to the central limit order book protocol and the on-chain data storage layer of the Sui ecosystem, respectively. This marks Grayscale's first foray into protocol layer infrastructure investments beyond its existing SUI trust, aiming to allow accredited investors direct access to the liquidity engine and data foundation of the fastest-growing public chain ecosystem, Sui. Boosted by this news, the DEEP and WAL Tokens surged.

Grayscale Strategic Shift: From L1 Tokens to Protocol Layer Infrastructure Grayscale's launch of DeepBook )DEEP( and Walrus )WAL( trust products represents a significant and careful shift in its institutional crypto investment strategy. While most asset management institutions are still focused on Layer 1 Tokens themselves, Grayscale has shifted its priority target towards promoting the infrastructure layer that drives real blockchain applications, going beyond pure token speculation. DeepBook aims to provide institution-level Liquidity solutions, while Walrus focuses on scalable on-chain data storage, both dedicated to addressing critical bottlenecks in real-world applications.

DeepBook and Walrus: The Cornerstone Protocols of the Sui Ecosystem

• DeepBook )DEEP(: As the central limit order book )CLOB( of the Sui network, it is the core engine of decentralized liquidity within the ecosystem. It provides low-latency, high-throughput trading infrastructure for various DeFi, gaming, and social applications.
• Walrus )WAL(: Build the on-chain data storage layer of Sui, providing a scalable and privacy-focused data storage solution to meet the needs of decentralized applications for efficient data management. These two major protocols are positioned as essential core components in the design of the Sui network, jointly supporting the development of its high-performance ecosystem.

The Sui ecosystem is developing rapidly, and the market is responding positively to Grayscale's endorsement. Grayscale's move is highly aligned with the rapid rise trend of the Sui ecosystem. According to CoinMarketCap data, as of the time of writing:

• The market cap of DEEP is approximately $580 million, ranking 113th.
• The market cap of WAL is approximately $609 million, ranking 110th. Grayscale's recognition as a heavyweight institutional player immediately triggered a positive response in the market:
• DEEP price surged by 12%, reaching $0.1691.
• The price of WAL rose by 7% to $0.4304. This clearly indicates that the market recognizes Grayscale's layout as a validation of the protocol's value.

Ecological Milestone Significance and Risk Warning Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs, commented: "We believe that the launch of these two products is a key turning point in the development of the Sui ecosystem. Since the inception of Sui, the Mysten Labs team and network contributors have never stopped, continuously providing critical infrastructure for the broader blockchain ecosystem." According to the press release, Grayscale DEEP and WAL trusts are now open for daily subscriptions (only for accredited investors, who must meet specific financial thresholds). However, Grayscale also warns investors of the associated risks:

1. The protocol is relatively new: Both DeepBook and the Walrus protocol are relatively emerging technologies, and their curves have not yet been fully validated.
2. Token High Volatility: The price volatility of DEEP and WAL tokens is extremely high.
3. Uncertainty in the Secondary Market: There is no guarantee that these trust products will trade in the secondary market in the future, which is a long-term challenge faced by Grayscale's single asset products.

Conclusion: Grayscale strategically lays out the infrastructure of the Sui ecosystem's protocol layer, launching DeepBook and Walrus Trust, marking that institutional capital is deeply exploring the deeper layers of the blockchain value stack—from surface tokens to the underlying engine (Liquidity) and data base that support ecological prosperity. This move not only provides accredited investors with new channels to participate in the growth of the core Sui protocol but also highlights the market's recognition of the infrastructure value in solving practical application bottlenecks (such as institutional-level liquidity and scalable data storage). Although the new protocol comes with high risks and volatility, and the liquidity in the secondary market is questionable, Grayscale's product innovation undoubtedly opens up a more refined direction for the crypto asset investment field, warranting the industry's continued attention to its impact on the Sui ecosystem and the entire protocol investment track.