Grayscale Investments, a leading digital currency asset manager, recently published a report titled “Grayscale Utilities and Services Crypto Sector Summary.” The report highlights the significance of this sector within the cryptocurrency ecosystem, often referred to as the “picks and shovels” for developers building decentralized applications (dApps).
Notably, the report includes VeChain (VET) and other prominent players in the Utilities and Services sector. This inclusion suggests recognition of its contribution to the infrastructure development of blockchain technology.
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It also garnered an excited response from the official VeChain X account which celebrated the inclusion and declared that blockchain will change everything.
Nice to see #VeChain included @Grayscale’s ‘Utilities and Services’ report.#Blockchain will change everything – we’re proud to be a leader. $VET https://t.co/bdC1dxdpCs
— vechain (@vechainofficial) March 29, 2024
Sunny Lu VeChain CEO stated earlier that 2024 will be an important year for VeChain, and the inclusion on this list adds to major achievements so far. The Grayscale report emphasizes the crucial role Utilities and Services play in enhancing the capabilities of other dApps. These services can be broadly categorized into three functions:
Oracles: These services bridge the gap between dApps and real-world data by providing reliable data feeds. This allows dApps to incorporate external information such as stock prices, weather data, or even election results.
Liquid Staking Solutions: Staking is a process where token holders lock up their tokens to support the security of a blockchain network and earn rewards in return. Liquid Staking Derivatives (LSDs) address a key challenge in staking – the inability to use staked tokens for other purposes.
LSD protocols enable individuals to participate in staking while simultaneously retaining the usability of their assets through derivative instruments. This increases overall liquidity within the ecosystem and lowers the barrier to entry for smaller token holders.
Decentralized Alternatives: This sector offers blockchain-based alternatives to traditionally centralized services dominated by tech giants. Web services, data storage (Filecoin), Internet of Things (Helium), and even compute power (Render) are all examples of areas where blockchain technology is fostering a more decentralized and competitive landscape.
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The Grayscale report paints a comprehensive picture of the Utilities and Services sector. It highlights its diversity with seven subsectors and its fragmented nature, where the top seven assets account for less than half of the total market capitalization. This fragmentation shows ample room for growth in the crypto space.
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VeChain’s Inclusion
VeChain’s inclusion in this report acknowledges its position as a prominent player within the Utilities and Services sector. Its work in supply chain management aligns with the core functions outlined in the Grayscale report, and this inclusion comes off the heels of another major announcement, increasing the bullish sentiment around VET.
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