Subsector Catalogue
Subsectors provide a more precise description within an assigned sector. A system may have more than one subsector within the same sector where more than one distinct buyer job is materially present.
Blockspace Production
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 1-1 | L1 Blockchain | General-purpose base layers that sell execution and inclusion to applications and users; priced by metered work such as gas or compute. Buyers are application teams and end users. | Bitcoin, Ethereum |
| 1-2 | L2 Blockchain | Layer 2 networks and rollups that sell execution and post transaction data to a base layer blockchain to inherit the security properties of the base layer. Buyers are L2 application teams and end users. | Arbitrum, Optimism |
| 1-3 | Specialised Data Availability Layers | Specialised solutions that sell data posting capacity and availability guarantees to blockchains. Buyers are blockchains, including L1s and L2s. | Celestia, EigenCloud |
| 1-4 | Decentralised Sequencer | Sequencer networks that sell transaction ordering services to blockchains. Buyers are rollups seeking to outsource transaction ordering. | Espresso, Astria |
| 1-5 | Block Builders and Order Flow Auctions | Systems that provide block building and inclusion services to blockchains. Includes order flow auctions and builder markets. Buyers are participants in block production services such as validators, builders and searchers. | Jito, Flashbots |
| 1-6 | Proof Generation and Verification Networks | Providers of proof construction, aggregation or verification as a paid service to blockchains and other systems. Buyers are L2s and apps. | Risc Zero Bonsai, Succinct |
| 1-7 | Shared Security and Slot Markets | Markets where consumer chains buy economic security guarantees. Sold outcome: capacity or security rights leased by a consumer chain. Buyers are consumer chains and protocols leasing security or capacity. | Jito, EigenCloud |
| 1-8 | Validator Middleware and Orchestration | Middleware that sells fault tolerance and distributed validator operations to increase safety and liveness. Buyers are validators and staking operators. | SSV Network, Obol Network |
| 1-9 | Chains-as-a-Service (Rollups & Appchains) | Platforms that sell packaged rollup and/or appchain creation and ongoing operations. Buyers are teams launching their own execution environment. | Arbitrum (Orbit), Optimism (OP Stack) |
Interoperability and Messaging
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 2-1 | General Messaging Layers | Protocols that relay arbitrary calls or messages between L1s, L2s, app chains, rollups and approved off-chain execution environments. Buyers are applications, wallets and rollups that need reliable cross-domain function calls. | Wormhole, Cosmos |
| 2-2 | Asset Transfer Bridges | Systems that move assets between chains using lock and mint, burn and mint, or native issuance. Buyers are apps and wallets that must deliver assets to a destination domain. | Wormhole, Across |
| 2-3 | Cross-Chain Liquidity Networks | Liquidity pool networks that settle swaps across chains without user-managed bridging. Buyers are apps and end users seeking cross-chain liquidity. | THORChain |
| 2-4 | Intent Routers | Networks that accept intents for value movement or execution and route them to solvers or bridges. Buyers are wallets and applications. | LI.FI |
| 2-5 | Interchain Standards and Stacks | Messaging standards and relayer stacks that sell standardised messaging and secure cross-chain communication adopted by multiple chains with supported relayer infrastructure. Buyers are chains or app chains that implement the standard. | Cosmos (IBC), Polkadot (XCM) |
Trusted Data and Identity
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 3-1 | External Data Oracles | Networks that sell canonical external data and attestations to protocols and applications. Buyers are protocols, applications, and traders. | Chainlink, Pyth Network |
| 3-2 | Verifiable Randomness and Functions | Services that sell randomness and verifiable compute outputs with proofs. Buyers are apps needing unbiased draws or verifiable results. | Chainlink (VRF), drand |
| 3-3 | Off-Chain Compute | Networks that sell outputs from off-chain compute or data processing (e.g., GPU/video/ML) with verifiability or privacy guarantees where available. Buyers are apps that need trusted outputs. | Livepeer, Render |
| 3-4 | Sensor and Real-World Data Networks | Systems that sell real-world data capture or coverage, including sensor, device, vehicle, camera, or mapping networks. Buyers are apps needing real-world data capture or geographic coverage. | Hivemapper, Jasmy |
| 3-5 | Identity Verification | Providers of identity and entity claims and identifier or profile services. Buyers are apps needing verified claims and portable identity. | Jasmy, Civic |
| 3-6 | Naming and Address Resolution | Systems that sell names and resolution to on-chain addresses and resources. Buyers are users and apps. | Ethereum Name Service, Handshake |
| 3-7 | Data Marketplaces | Protocols that sell datasets or data access rights as a product, rather than canonical live feeds for application execution. Buyers are analysts, apps and models. | Ocean Protocol |
Storage and Indexing
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 4-1 | Persistent Storage Networks | Systems that sell durable storage of data objects with verifiable persistence. Buyers are applications and users paying for permanent or time-bound storage. | Filecoin, Arweave |
| 4-2 | Retrieval and Content Delivery | Networks that sell bandwidth and retrieval from distributed storage, including caching and delivery guarantees. Buyers are applications paying for availability and latency. | Filecoin (retrieval markets) |
| 4-3 | Indexing and Query | Services that sell structured access to on-chain and off-chain data through indexes, subgraphs, or APIs. Buyers are applications and analysts paying for queries. | The Graph, Covalent |
| 4-4 | Node and RPC Access | Providers that sell reliable read and write access to chain state and transaction broadcast through managed nodes or gateways. Buyers are applications and teams needing throughput, reliability and latency guarantees. | Infura, Alchemy |
Communications and Privacy Infrastructure
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 5-1 | Secure Messaging Networks | Protocols that sell delivery of messages between users or applications with durable inboxes and verifiable delivery. Buyers are applications and wallets integrating messaging for prompts, alerts, governance communications, and app-to-app messaging. | Session, XMTP |
| 5-2 | Private Routing and Mixnets | Networks that sell metadata privacy for traffic, hiding sender, receiver, and path. Buyers are users and apps seeking network-level privacy. | Nym, HOPR |
| 5-3 | Transaction Privacy Overlays | Systems that sell shielding or obfuscation for transactions or account flows on public chains. Buyers are users and apps that need confidential transfers or state updates. | Railgun, Aztec |
| 5-4 | Access Control and Encryption Services | Protocols that sell key management, threshold encryption, and policy-based access for data and content. Buyers are apps and creators needing controlled access and encryption. | Lit Protocol |
| 5-5 | Connectivity and Access Networks | Networks that sell last-mile connectivity (wireless or local access) and/or bandwidth as the purchased outcome, typically via decentralised operators providing coverage hotspots, radios, or access points. Buyers are device operators, mobile subscribers, IoT fleet operators, and service providers that require connectivity coverage and data transfer. | Helium, World Mobile |
Money and Payments
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 6-1 | Payment and Settlement Networks | Networks that sell peer-to-peer or business payments and final settlement using a native instrument. Buyers are users, merchants and remittance providers. | Bitcoin, Ripple |
| 6-2 | Stable Value Issuers | Issuers that sell price-stable instruments with issuance, acceptance and redemption rails (on-chain or off-chain). Buyers are users and enterprises that need stable settlement. | Circle, Tether |
| 6-3 | Merchant and Enterprise Payment Processors | Services that sell acceptance, invoicing and settlement rails for businesses using crypto instruments. Buyers are merchants and enterprises. | Coinbase Commerce, BitPay |
Trading and Exchange
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 7-1 | Decentralised Spot Exchange | AMMs and order book DEXs that sell trade execution and liquidity access for spot assets. Buyers are traders and treasuries. | Hyperliquid, Uniswap |
| 7-2 | Decentralised Financial Derivatives Exchange | Venues that sell leveraged exposure or optionality, including perpetuals and options. Buyers are traders and treasuries. | Hyperliquid, Injective |
| 7-3 | Aggregators and Routers | Services that sell the best trading execution by routing across venues and pools. Buyers are wallets and traders. | CoW Protocol, 1inch |
| 7-4 | Centralised Exchange | Custodial trading venues selling execution, listing and custody as a bundle. Buyers are traders and issuers. | Binance, Bitget |
| 7-5 | Token Launchpads and Primary Distribution | Platforms that sell primary distribution and price discovery for new tradable tokens. Buyers are issuers and traders. | Binance (Launchpad), Kaito (Launchpad) |
| 7-6 | Order Flow Protection and Batch Auctions | Systems that sell protection and improved execution quality through intents, batch auctions or protected mempools. Buyers are wallets and traders. | CoW Protocol, MEV Blocker |
Credit and Asset Management
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 8-1 | Collateralised & Underwritten Lending | Protocols and platforms that lend against posted collateral, typically over-collateralised at the account level. Buyers are borrowers and treasuries seeking working capital or leverage. | Aave, Morpho |
| 8-2 | Credit-Based Lending | Pools or marketplaces where a manager underwrites borrower risk with covenants or off-chain checks. Buyers are institutions and programmes needing credit. | TrueFi, Goldfinch |
| 8-3 | On-Chain Asset Management Platforms | Platforms that sell vault creation, execution, policy and fee infrastructure to strategy managers, who in turn serve depositors. Buyers are strategy managers and organisations launching and operating vaults and strategies. | Enzyme, Set Protocol |
| 8-4 | Liquid Staking Providers | Services that stake assets and issue liquid receipts that track staking claims. Buyers are token holders seeking staking yield and liquidity. | Jito, Lido |
| 8-5 | Restaking Strategies and LRTs | Managers who take staking receipts and restake them into shared security markets, issuing liquid restaked tokens. Buyers are token holders seeking boosted yield and points. | Renzo, Kelp DAO |
| 8-6 | Yield Aggregation and Vault Strategies | Pooled strategies that automate farming, lending or liquidity provision with a management or performance fee. Buyers are holders seeking passive yield. | Morpho, Yearn |
| 8-7 | Indexes and Structured Baskets | Tokenised baskets and index products offering diversified or thematic exposure with transparent methodology and fees. Buyers are investors seeking packaged exposure. | Index Coop, Phuture |
| 8-8 | Structured Products (Options & Rate Strategies) | Packaged strategies that target defined payoff or rate profiles (e.g., covered-call vaults, fixed-rate via PT/YT splits), managed on behalf of depositors for a fee. Buyers are holders seeking yield with guardrails. | Aevo, Pendle |
Tokenised Assets
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 9-1 | Fixed Income | Issuers offer tokenised fixed income instruments, including cash management, treasury bill funds, notes, receivables, and asset-backed instruments, with defined risk and on-chain issuance, redemption, transfer, and servicing. Buyers are investors and treasuries seeking on-chain cash-like or credit yield. | Ondo Finance, BlackRock BUIDL |
| 9-2 | Commodities | Issuers of claim redeemable or custodied commodity exposure (for example, gold) on chain. Buyers are investors seeking commodities exposure with on-chain settlement. | Tether (Tether Gold), PAX Gold |
| 9-3 | Equity and Fund Shares | Issuers that bring traditional funds or equity interests on-chain as transferable claims. Buyers are investors seeking regulated fund exposure in token form. | Ondo Finance, Franklin on chain fund tokens |
| 9-4 | Real Estate | Issuers of property-backed tokens that pass through rent or sale proceeds, including fractional property vehicles. Buyers are income investors. | RealT, Tangible |
| 9-5 | Issuance and Servicing Platforms | Platforms that sell the tooling and compliance rails for RWA issuance, transfer agency and investor servicing. Buyers are asset managers and issuers. | Wormhole, Raydium |
Consumer Platforms and Media
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 10-1 | Advertising | Platforms that sell user attention to advertisers and share value with users or publishers. Buyers are advertisers and brands purchasing targeted reach. | Brave |
| 10-2 | Fan Engagement Platforms | Systems that sell fan membership, rewards or access experiences for sports, music or creators. Buyers are clubs, leagues and creators seeking engagement and monetisation. | Chiliz, FANtium |
| 10-3 | Creator Monetisation and IP Rails | Platforms that sell issuance, licensing or revenue share primitives for creative works and IP. Buyers are creators and studios paying for monetisation, licensing, or revenue share rails. | Paragraph, Zora |
| 10-4 | Social Networks and Social Graphs | Consumer networks that sell distribution and relationship graph services to users and apps. Buyers are users and developers seeking discovery and social connections. | Lens, Farcaster |
| 10-5 | Digital Goods and NFT Marketplaces | Marketplaces that sell listing, discovery and transaction services for consumer digital goods. Buyers are creators and consumers. | OpenSea, Magic Eden |
| 10-6 | Gaming Platforms and Game Worlds | Platforms that sell distribution, asset ownership and economy tooling for games and virtual worlds. Buyers are studios and players. | Immutable, The Sandbox |
| 10-7 | Music and Media Platforms | Consumer platforms that sell distribution and monetisation for audio or video content using tokens or NFTs. Buyers are artists and fans paying for distribution, access, and monetisation. | Audius, Sound |
Coordination and Governance
| Code | Subsector | Description | Illustrative Examples |
|---|---|---|---|
| 11-1 | DAO Frameworks | Frameworks that sell launch and operations for token or member-governed organisations, including proposal lifecycles and on-chain execution modules. Buyers are organisations launching and operating DAOs, including protocol teams, communities, and foundations. | Aragon, DAOhaus |
| 11-2 | Voting and Delegation Platforms | Front ends and contracts that sell decision throughput, recording and accountability via off-chain or on-chain voting and delegation. Buyers are DAOs and protocol communities that need voting, delegation, and accountability surfaces. | Snapshot, Tally |
| 11-3 | Grants and Public Goods Platforms | Platforms that sell programme operations for grants and retro funding, including application intake, review, matching and disbursement. Buyers are ecosystem sponsors, foundations, and communities running grant or retro funding programmes. | Gitcoin (Grants Stack), Giveth |
| 11-4 | Dispute Resolution and Arbitration | Systems that sell adjudication for on-chain disputes, curation or claims, with enforceable outcomes. Buyers are protocols, DAOs, marketplaces, and communities that need enforceable dispute resolution. | Kleros |
| 11-5 | Treasury and Access Control | Tooling that sells multi-party control of assets and programme spend, including multisigs, policy modules and automation. Buyers are organisations that need shared custody, programmable treasury execution, and policy-controlled access. | Safe |
| 11-6 | Contributor Coordination and Compensation | Platforms that sell contributor discovery, allocation and rewards for organisations. Buyers are organisations and programme operators managing contributor allocation and payments. | Coordinape, Dework |