Navigating Crypto:

Industry Map

September 2023 Cryptocurrency trading is subject to high market risk. Please make your trades cautiously.
There may be no recourse for any losses. See risk warnings here: https://www.binance.com/en/terms.
Contents
About the Industry Map
Crypto’s Core Ecosystems
I. Infrastructure
II. DeFi
III. NFT
IV. Gaming
Topical Sectors
V. Payment and Merchant Services
VI. Decentralized Social
VII. Real-World Assets
About Binance Research

2
About the Industry Map
The Industry Map provides an overview of the crypto ecosystem. In this report, we break down different verticals
into subcategories and lay out a few projects in each of them. Additional details in terms of project descriptions
and relevant metrics can be found in the following slides.

This map is compiled based on publicly available data, research, and qualitative analysis. It is not intended to be
an exhaustive list of projects in the industry. Certain verticals, subcategories, or projects may or may not have
been included, as we aim to share a variety of key leaders as well as emerging players. The projects showcased
are mapped according to their primary use cases. For suggestions, please provide your feedback here.

The mention of specific projects does not constitute an endorsement or recommendation by Binance.

3
I. Infrastructure
Infrastructure
Vertical Spotlights
We identified 5 key areas of innovation.

Scalability Data Usability Security Cloud Networks Connectivity

and Fairness and Tooling and Privacy Layer-1 blockchains are
We see more projects
As L1s see increasing Data generated on The rising demand for focusing on providing far from being fully
adoption, more projects blockchain networks is network security and users with access to connected and
aim to make far from being fully privacy has resulted in web-based services interoperable.
blockchains more usable by developers. the emergence of that may entail storage, Numerous cross-chain
scalable by batching Data querying and projects aiming to computing, and content solutions are being
transactions off-chain indexing services are prevent malicious data delivery through developed to improve
and more fair by key innovation areas to tracking, smart contract decentralized the current on-chain
implementing efficient improve the current hacks, etc. infrastructure. user experience.
distribution of Maximal developer experience.
Extractable Value.

5
 Infrastructure
Vertical Overview
Zero-Knowledge (“ZK”) Solution Optimistic Rollup Solution Maximal Extractable Value (“MEV”) Solution
Scalability
and Fairness

Remote Procedure Call (“RPC”) Provider Data Indexing Smart Contract Automation
Data Usability
and Tooling

Security Solution Privacy Solution Multisig Wallet

Security
and Privacy

Cloud Computing Content Delivery Network (“CDN”) Storage

Cloud Networks

Cross-Chain Bridge Oracle Wireless Networks

Connectivity

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
6
Infrastructure
Subcategory Description
Zero-Knowledge (“ZK”) Solution: Optimistic Rollup Solution:
ZK rollups or Validium protocols execute bundled transactions Protocols that assume the validity of transactions and then combine
off-chain and verify it on-chain using zero-knowledge proofs. them to execute off-chain.

zkSync is a ZK rollup solution addressing Ethereum scalability issues Optimism is a low-cost L2 optimistic rollup network.
with minimized security compromises.

Aztec Network is the first ZK rollup on Ethereum supporting public Arbitrum is the largest optimistic rollup network on Ethereum based on
and private smart contract execution. total value locked.

StarkNet is a decentralised, permissionless ZK rollup. Boba Network is an L2 scaling solution and a hybrid compute platform.

Loopring is a ZK rollup solution primarily for trading and payment.

Metis will be an L2 scaling protocol that uses optimistic rollup technology.

Polygon zkEVM is an Ethereum L2 scaling solution that uses

zero-knowledge proofs to offer validity and quick transaction finality. Base is an L2 network launched by Coinbase and built using OP Stack.

Scroll is a native zkEVM solution for Ethereum.

Linea is a zkEVM rollup developed by Consensys, which is also the

developer of Metamask.

Source: Binance Research, company websites.

7
Infrastructure
Subcategory Description (cont.)
Maximal Extractable Value (“MEV”) Solution:
Solutions that prevent validators from unfairly profiting by including,
excluding, or reordering transactions in a block.

Flashbots works on mitigating the negative externalities of current MEV

techniques and avoiding the risks that MEV causes to state-rich blockchains.

Jito Labs builds high-performance systems to scale Solana and maximize

validator rewards.

Eden Network is an optional, non-consensus-breaking transaction ordering

protocol for Ethereum blocks.

Manifold is a block builder for users and validators on the Ethereum

blockchain, aiding in the creation of MEV for all stakeholders.

Skip Protocol is a MEV infrastructure for blockchains and protocols, currently

serving Juno, Evmos, Injective, Terra 2, Berachain, Neutron, dYdX, and
Osmosis.

Source: Binance Research, company websites.

8
Infrastructure
Subcategory Description (cont.)
Remote Procedure Call (“RPC”) Provider: Smart Contract Automation:
RPC is the most direct interface through which developers can Platforms that enable users to automatically execute smart contracts.
communicate with the blockchain system.
Gelato Network enables users to automate smart contract functions on
Ethereum.
0x is a protocol that enables the creation of decentralized exchange on
Ethereum.
OpenZeppelin Relay sends transactions via HTTP API, automating smart
contract operations securely.
Alchemy is a platform that enables developers to interact with the
blockchain, mainly through API calls.
Data Indexing:
Infura provides Ethereum API, IPFS API and Gateway, and ETH Platforms that provide network data indexing and querying services.
nodes-as-a-service.

Moralis provides a suite of APIs for developers to seamlessly integrate The Graph is an indexing protocol for querying networks like Ethereum.
blockchain into their dApps.
Covalent is a unified API that brings data from different chains and other
QuickNode is a platform for developers to scale blockchain applications. searchable endpoints.

Ankr enables developers to build upon a distributed network of nodes. 0xScope is a protocol that aims to standardize Web2 and Web3 data by
building a knowledge graph.

Pocket Network provides RPC access to Ethereum, Polygon, etc.

SubQuery offers data indexing on Polkadot, Cosmos, Avalanche, Algorand,
NEAR, Ethereum, and more.
NodeReal is a one-stop blockchain infrastructure and services provider.

Source: Binance Research, company websites.

9
Infrastructure
Subcategory Description (cont.)
Security Solution: Multisig Wallet:
Protocols that contribute to the security of blockchains. Cryptocurrency wallets that require two or more private keys to sign and
send a transaction.
SharkTeam is a leading Web3 security service provider that offers smart Safe is a platform to manage digital assets on Ethereum.
contract audits, chain analytics, and emergency response services.

Apollo Safe is a multisig asset manager for the Cosmos ecosystem.

Forta is a real-time detection network for security and operational
monitoring of blockchain activities.
Squads is a multisig management protocol for Web3-native teams.

OpenZeppelin provides security products to build and operate dApps.

Privacy Solution:
ImmuneFi is a leading bug bounty platform. Projects that contribute to the protection of user privacy.

Nym is a decentralized and tokenized infrastructure that provides privacy from

QuantStamp provides security for hire, protecting over $200B in digital the network to the application layer.
asset risk from hackers.
Anoma is an intent-centric, privacy-preserving protocol for decentralized
counterparty discovery, solving, and multi-chain atomic settlement.
Harpie is the first on-chain firewall that protects users from scams, hacks,
and theft.
Automata provides a blockchain-based authentication solution that secures
access to accounts and protects users with an active defense.

Hopr is a data-centric privacy tool that prevents bots from accessing the
metadata of wallets when users run transactions against a blockchain.
Source: Binance Research, company websites.
10
Infrastructure
Subcategory Description (cont.)
Content Delivery Network (“CDN”):
CDNs are decentralized, distributed networks that provide fast
delivery of internet content.

Meson Network is a bandwidth marketplace using blockchain to replace

traditional sales models.

Media Network is a privacy-first and community-governed CDN.

Theta Network is a blockchain infrastructure for video and media.

Livepeer Network is a protocol for developers who want to add live or

on-demand video to their project.

Source: Binance Research, company websites.

11
Infrastructure
Subcategory Description (cont.)
Computing: Storage:
Projects that provide users with access to computing services based Projects that provide users with access to storage services based on a
on a decentralized infrastructure. decentralized infrastructure.

4EVERLAND is a cloud computing platform that integrates storage, Filecoin is an open-source cloud storage marketplace, protocol, and incentive
computing, and network core capabilities. layer.

Flux is a scalable, decentralized cloud infrastructure. Ethereum Swarm is a decentralized storage and communication system.

Latitude helps developers deploy dedicated servers globally through Sia is a decentralized cloud storage marketplace that allows direct transactions
the bare metal cloud platform. without third parties.

Akash is a decentralized computing marketplace built for public

utility. Storj offers low-cost cloud storage with zero-trust security.

Render Network provides decentralized GPU-based rendering

Arweave offers permanent and decentralized storage in an open ledger.
solutions.

Source: Binance Research, company websites.

12
Infrastructure
Subcategory Description (cont.)
Cross-Chain Bridge:
Protocols that bridge tokens from one blockchain to another.

Project Total Value Locked Supported Blockchains

US$373.69M Polygon, Ethereum, BNB Chain, 8 other chains

US$293.85M Ethereum, Solana, BNB Chain, 21 other chains

US$108.51M Ethereum, BNB, Polygon, 15 other chains

US$85.83M Ethereum, Arbitrum, BNB, 22 other chains

US$58.88M Ethereum, Polygon, Arbitrum, 4 other chains

US$52.47M Ethereum, Optimism, Arbitrum, 3 other chains

US$3.61M Ethereum, BNB, Polygon, 15 other chains

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

13
Infrastructure
Subcategory Description
Oracle: Decentralized Wireless Networks:
Protocols that connect off-chain with on-chain data. Protocols that leverage blockchain technology to offer seamless internet
connection.

Chainlink decentralized oracle networks provide tamper-proof Helium is a decentralized global network of Hotspots that provides
inputs, outputs, and computations to support smart contracts. accessible, wireless coverage for Internet of Things devices.

UMA's Optimistic Oracle allows contracts to request and receive Pollen is a decentralized, privacy-focused mobile network.
data.

Karrier One is a provider of a decentralized mobile network on a

API3 is a first-party oracle network. telecom-compliant blockchain built using Polygon Supernets.

Nest Oracle is an open, free of charge, decentralized oracle that

uses non-cooperative game mechanism.

Binance Oracle provides secure, timely, and accurate blockchain

data using a robust set of off-chain APIs.

Pyth delivers real-time, high-fidelity, high-frequency market

data for DeFi applications.

Source: Binance Research, company websites.

14
II. Decentralized Finance
(“DeFi”)
DeFi
Vertical Spotlights
We identified 4 key areas of innovation.

Issuance Liquidity Trading Risk Management

We see the emergence Liquidity staking and More diverse financial There are more projects
of a more diverse suite collateralized debt products are being focusing on providing
of financial products in positions (“CDPs”) are traded on decentralized users with monetary
the DeFi space, such as becoming more exchanges (“DEXs”). protection and other
synthetic assets, prominent, exposing security measures
options, and structured users to a variety of against hacks, scams,
products. on-chain liquidity and technical loopholes.
opportunities.

16
DeFi
Vertical Overview
Synthetic Assets Structured Products
Issuance

Lending ETH Liquid Staking Providers Collateralized Debt Position (“CDP”)

Liquidity

Spot Decentralized Exchange (“DEX”) Prediction Market

Trading

Insurance Security Analytics

Risk
Management

Stream Pay Launchpad

Other

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
DeFi
Subcategory Description
Synthetics: Protocols that incorporate cryptocurrencies and traditional derivative assets, essentially tokenized derivatives.

Project Total Value Locked Description

US$389.35M Synthetix is the largest derivatives liquidity protocol, allowing users to trade a wide array of derivatives in DeFi.

US$53.05M Alchemix is a DeFi protocol that allows the creation of synthetic tokens that represent the future yield of the deposit.

US$25.14M Youves is a decentralized DeFi platform that facilitates the creation and management of synthetic assets.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

18
DeFi
Subcategory Description (cont.)
Structured Products: Yield optimizers, yield tranching, automated LP managers, etc.

Project Total Value Locked Description

US$60.73M Tranchess offers a yield enhancing asset tracker with varied risk-return solutions.

US$18M Aevo provides a suite of DeFi products for users to trade options and perps on-chain.

US$8.06M Thetanuts Finance offers automated strategies through structured products for users to earn and optimize their yields.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

19
DeFi
Subcategory Description (cont.)
Lending: Protocols that allow users to lend and borrow assets.

Project Total Value Locked Description

US$4.499B Aave is the largest lending protocol in terms of TVL that allows users to earn interest, borrow assets, and build applications.

US$3.699B JustLend is a decentralized lending protocol that allows users to supply, borrow, and earn.

US$1.885B Compound is an algorithmic, autonomous interest rate protocol built for developers to unlock open financial applications.

US$631.75M Venus is a DeFi algorithmic money market protocol on BNB Chain. It is also the largest lending platform on BNB Chain.

US$121.18M Tectonic, a fork from Compound, is a cronos-based money market platform for earning passive yield and accessing instant backed loans.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

20
DeFi
Subcategory Description (cont.)
ETH Liquid Staking Providers: Protocols that allow users to unlock liquidity through LSDs while keeping networks secure.

Project Total Value Locked Description

US$13.893B Lido is a decentralized liquid staking platform for proof-of-stake cryptocurrencies (e.g., ETH, SOL, MATIC).

US$2.123B Coinbase allows users to deposit ETH to get cbETH through their wallet.

$1.706B Rocketpool is a decentralized staking protocol that allows users to deposit ETH in exchange for rETH.

US$471.17M Binance provides users who staked ETH with LSD, WBETH, which is reward-bearing in nature.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

21
DeFi
Subcategory Description (cont.)
Collateralized Debt Position (“CDP”): Protocols that use collaterals to mint stablecoins.

Project Total Value Locked Description

US$4.892B MakerDAO enables the generation of the stablecoin DAI, which is the largest decentralized stablecoin.

US$638.57M Liquity enables the generation of the stablecoin LUSD against ETH as a collateral.

US$149.35M CrvUSD is a CDP stablecoin that is minted after users deposit collateral such as stETH on Curve.

US$130.06M Lybra Finance is a decentralized finance protocol that allows users to mint its overcollateralized, interest-bearing stablecoin, eUSD.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

22
DeFi
Subcategory Description (cont.)
Spot Decentralized Exchange (“DEX”): A peer-to-peer marketplace for trading various assets in a non-custodial manner.

Project Total Value Locked Description

US$3.199B Uniswap is a leading decentralized exchange that allows users to swap, earn, and build on its platform.

Curve is a multi-chain automated market maker-based decentralized exchange that allows users to trade at the lowest slippage.
US$2.012B

US$1.346B PancakeSwap is the leading decentralized exchange on BNB Chain.

US$689.63M Balancer is an automated portfolio manager and trading platform on Ethereum.

US$561.53M SUN is a platform for stablecoin swap, stake-mining, and self-governance on TRON.

US$285.69M SushiSwap is a platform for users to swap, earn, stack yields, lend, borrow, and leverage.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

23
DeFi
Subcategory Description (cont.)
Prediction Market: Protocols that enable users to wager, bet, and buy in future outcomes.

Project Total Value Locked Description

US$6.98M Polymarket allows users to build portfolios based on their forecasts and earn a return if they get it right.

US$3.84M Azuro is an infrastructure and liquidity layer for on-chain betting.

US$3.35M Winr is a fully autonomous liquidity and incentive infrastructure for on-chain games.

Stream Pay: Payment modules that allow continuous settlement via token streaming.

US$4.75M Sablier is a token streaming protocol used by DAOs and businesses for token vesting, payroll, airdrops, and more.

US$1.43M Superfluid handles token payment streaming for subscriptions, salaries, and others for extreme capital efficiency.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

24
DeFi
Subcategory Description (cont.)
Insurance: Protocols that aim to provide users with insurance coverage to hedge risks..

Project Total Value Locked Description

US$222.84M Nexus Mutual is the largest decentralized insurance protocol that covers against smart contract failures.

US$6.01M Helmet Insure is a crypto-assets insurance trading platform on Polygon and BNB, protecting cryptocurrency traders.

US$3.54M InsurAce is a leading multi-chain DeFi insurance protocol that is the first to issue cross-chain portfolio-based covers.

Launchpad: Composable modules for token issuance, liquidity, etc.

US$154.55M PinkSale allows users to launch tokens and create their initial token sale.

US$83.87M Team Finance is a toolkit that helps founders create tokens to raise funds from investors.

US$38.32M DxSale is an initial DEX offering (“IDO”) launchpad.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

25
DeFi
Subcategory Description
Security and Stress Testing: Modules that stress test or offer other security measures to protocols.

Project Description

Certik is a security-focused audit and ranking platform.

Chainalysis provides blockchain analysis for government agencies, projects, and financial institutions.

Zokyo builds, secures, and funds crypto and DeFi projects.

Gauntlet is a financial modeling platform that optimizes capital efficiency, ensures the systemic health of protocols, and mitigates platform risks.

Source: DeFi Llama, Binance Research, company websites.

26
III. Non-Fungible Token
(“NFT”)
NFT
Vertical Spotlights
We identified 3 key areas of innovation.

Marketplace Financialization Services

We see the emergence There are more diverse An increasing number of
of NFT marketplaces NFT-based financial projects are helping
targeting a variety of products and services, users improve their
use cases, such as such as staking, experiences purchasing
chain-specific listings, lending, derivatives, NFTs and managing
aggregators, and fractionalization, etc. portfolios. Other
thematic curations. Users are exposed to projects provide
Users gain access to a liquidity opportunities services to help
wider range of buyer for their previously creators launch, secure,
experiences. illiquid NFT assets. and store their NFTs
more seamlessly.

28
 NFT
Vertical Overview
Open Marketplace Curated Marketplace Aggregator
Marketplace

Lending Fractionalization Buy Now, Pay Later

Financialization

Derivatives Options

Portfolio Analytics and Appraisal Rental Membership and Content Gating

Services

Storage Launchpad Safety

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
29
NFT
Subcategory Description
Open Marketplace: Platforms that allow for any NFTs from any brands to be sold.

Project Traders (30D) Volume (30D) Description

29.84K US$137.39M Blur is an NFT marketplace designed for pro traders.

115.63K US$90.88M OpenSea is the largest NFT marketplace by the number of unique Ethereum NFT traders.

1.44K US$79.35M LooksRare is a decentralized NFT marketplace offering community rewards for participating.

1.97K US$48.60M X2Y2 is an NFT marketplace on Ethereum with 100% revenue shared with token stakers.

27.05K US$19.65M Immutable X is an NFT marketplace built on the Immutable X blockchain.

5.51K US$2.82M Magic Eden is a NFT marketplace on Solana with 0% listing fees.

11.29K US$470.87K Objkt is the largest NFT marketplace on Tezos.

180 US$242.52K Sudoswap is a decentralized, on-chain NFT exchange based on an AMM model.

Source: DappRadar, NFTGO, Binance Research, company websites. Data as of 13 September 2023.

30
NFT
Subcategory Description (cont.)
Aggregator: Platforms that allow users to easily trade NFT collections from different marketplaces in one central destination.

Project Traders (30D) Volume (30D) Description

31.81K US$41.61M Blur is an NFT marketplace aggregator for pro traders.

Opensea Pro, formerly known as Gem, is a low-fee NFT marketplace aggregator. Gem was acquired by
23.57K US$13.78M
OpenSea.

837 US$39.82K Element is a community-driven, aggregated marketplace for NFTs.

Curated Marketplace: Selective platforms that focus on a certain type of NFT, aesthetic, or set of values.

900 US$415.35K Foundation is a curated, decentralized NFT marketplace.

3.08K $8.71K tofuNFT is a NFT marketplace focused on GameFi.

11 $1.41K KnownOrigin is a NFT marketplace for rare digital arts and NFT.

Source: Dapp Radar, NFTGO, Binance Research, company websites. Data as of 13 September 2023.

31
NFT
Subcategory Description (cont.)
Lending: Protocols that allow users to collateralize NFTs for loans.

Project Total Value Locked Description

US$44.85M BendDAO is a decentralized peer-to-pool-based NFT liquidity protocol.

Blend enables NFT owners to borrow ETH against their assets with a buy now, pay later feature for NFT
US$21.13M
purchases.

US$12.15M NFTfi is a peer-to-peer lending protocol.

US$939.64K Based on Solana, FRAKT allows users to buy, sell, earn yield, and get instant liquidity out of NFTs.

Source: DeFi Llama, Binance Research, company websites. Data as of 13 September 2023.

32
NFT
Subcategory Description (cont.)
Fractionalization: Derivatives:
Protocols that allow users to create and trade fractionalized NFTs. Protocols that allow users to trade NFT derivatives.

NFTFY offers tools for NFT fractionalization and a marketplace of Tribe3 is a DEX for social and gamified NFT futures.
fractionalized NFTs.

Nftperp is a perpetual futures DEX for NFTs.

Options: Buy Now, Pay Later (“BNPL”):

Protocols that allow NFT holders to earn yields on their NFTs and Protocols that allow users to buy NFTs and pay for them later.
engage in options trading.

Hook is an NFT-native options protocol. Teller is an oracle-less lending protocol that has a buy now, pay later system with
as little as a 25% down payment.

Wasabi Protocol is an Ethereum-based, decentralized, NFT option trading

protocol. Cyan offers buy now, pay later for NFT purchases with a 25% down payment.

Pine is a decentralized NFT-backed borrowing and lending protocol with a buy

now, pay later system.

Source: Binance Research, company websites.

33
NFT
Subcategory Description (cont.)
Portfolio Analytics and Appraisal: Rental:
Tools that analyze or appraise NFTs. Protocols that allow users to rent NFTs.

NFT Bank is a NFT portfolio management service. Double Protocol is an NFT rental protocol.

Upshot builds a scalable NFT pricing infrastructure. reNFT is a multi-chain NFT rental protocol that enables uncollateralized
renting, lending, and reward sharing.

NFT Valuations is a provider of AI-powered valuations and market insights.

Taker Protocol is a platform that allows users to rent NFTs based on their risk
profiles.

Membership and Content Gating: Storage:

Tools that gate access to membership or content using NFTs. Solutions for storing NFT data.

Audius is a music streaming and sharing platform that puts power back into Nft.storage is a long-term storage service designed for off-chain NFT data.
the hands of content creators.

Moongate is a no-code toolkit to create and adopt NFT-gated memberships Pinata is an IPFS solution for creators and developers.
for brands and events.

Collab.land is an NFT token gating bot for Telegram and Discord with over Filebase is a storage platform that allows on-ramp to IPFS and decentralized
6.5M verified wallets. file storage networks.

Source: Binance Research, company websites.

34
NFT
Subcategory Description
Launchpad:
Platforms for projects to launch their own NFTs.

NFT Launch is a launchpad for upcoming NFT projects.

Mintbase enables users to build their own minters, markets, and NFT redeeming systems.

Dropspace is a full-service minting platform that provides the technology to help founders
launch their NFTs.

Safety:
Modules that offer security measures to protocols.

Doppel is an IP protection platform for NFTs.

Optic monitors blockchains to reveal the origins of NFTs and how they have been
reimagined, remixed, or copied.

Yakoa is an NFT fraud detection network.

Source: Binance Research, company websites.

35
IV. Gaming
Gaming
Vertical Spotlights
We identified 4 key areas of innovation.

Games Game Player Analytics

The question remains: Development Experience Developments in
what is the best way to We see the emergence There are more diverse analytics tools continue
most seamlessly of projects in the form products and services to remain pivotal for
implement of game studios, initial that aim to improve the game developers to
crypto-based in-game game offerings (“IGOs”) player experience by make informed
economies without launchpads, and lowering the barriers to decisions.
impacting gamer developer kits that aim exploring and
incentives in an to help creators onboarding in
unsustainable way? smoothly develop and crypto-based games.
launch their games with
crypto-based in-game
economies.

37
Gaming
Vertical Overview
Metaverse Play-to-Earn

Games

Game Studio Toolkit Launchpad

Game
Development

Gaming Guild Game NFT Marketplace

Player
Experience

Analytics
Analytics

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
38
Gaming
Subcategory Description
Metaverse:
Virtual worlds where users can engage in a variety of immersive virtual experiences.

Project Market Cap Description

The Sandbox is currently the largest metaverse project where players can build, own, and monetize their gaming experiences on the
US$583.95M
Ethereum blockchain.

US$511.35M Decentraland is a 3D virtual world where users can create and monetize content.

N/A StarryNift is an immersive VR-supported metaverse.

Source: CoinMarketCap, Binance Research, company websites. Data as of 13 September 2023.

39
Gaming
Subcategory Description (cont.)
Play-to-Earn:
Games where users can monetize their gaming experiences in the form of cryptocurrencies.

Project Market Cap Description

US$587.19M Players of Axie Infinity collect and mint NFTs that represent digital pets and engage in the crypto-based in-game economy.

US$332.01M Players can earn GALA and limited-edition NFTs by playing games on the Gala platform.

US$142.68M Illuvium is a blockchain-based AAA game that includes open-world exploration games, autobattlers, etc.

US$38.62M Aavegotchi is an open-source, community-owned NFT gaming protocol.

US$38.12M Hooked Protocol aims to provide a streamlined and fun gamified learning mechanism and experience for new users.

US$37.20M My Neighbor Alice is a multiplayer builder game where players can buy virtual islands, collect and build items, and meet new friends.

US$35.12M Players can earn Trilium, which gives them power in the Planet DAOs.

US$16.87M Splinterlands is an NFT card game that enables players to play, trade, and earn.

Source: CoinMarketCap, Binance Research, company websites. Data as of 13 September 2023.

40
Gaming
Subcategory Description (cont.)
Game Studio: Launchpad:
Studios that specialize in developing crypto-based games. The games Platforms that provide services to creators to launch games with
listed are not meant to be exhaustive. crypto-based in-game economies.

NBA Top Shot, NFL All Day, UFC Strike, CryptoKitties, etc. Combo Network provides a launchpad that aims to bridge more creators
into crypto via GameFi incubation, investment, distribution, IGO, etc.
Gods Unchained (Strategy Cards), Guild of Guardians (Action RPG).
Seedify is a launchpad and incubator for crypto games.

Vulcan Verse (MMORPG), Tartarus (Action Survival), etc.

Web3Games is an integrated blockchain gaming ecosystem offering a
suite of solutions for users and developers.
Battle Showdown, Ethlas, My Pizza Story etc.

Enjinstarter is a leading launchpad focused on

Night Warrior, Naka Strike, Cycle Stunts, etc. Gamefi/Metaverse/NFT/Music and Gamified utility projects.

Source: Binance Research, company websites.

41
Gaming
Subcategory Description (cont.)
Toolkit:
Tools for incorporating crypto-based economies into games.

Forte is a game platform that enables game companies to create blockchain games and scale
in-game economies.

Enjin offers a suite of products that make NFTs easy for individuals, businesses, and developers.

Ultra is a platform that brings games, digital assets, tournaments, and live streams to one place
through a single login.

Source: Binance Research, company websites.

42
Gaming
Subcategory Description (cont.)
Game NFT Marketplace: Gaming Guild:
Platforms for gamers to trade in-game items in the form of NFTs. Gamer communities that collectively monetize the play-to-earn
model and lower its entry barrier.

AirNFTs is a cross chain, gaming NFT marketplace on BNB Chain, Fantom, YGG is a play-to-earn gaming guild. Within YGG DAO, members are able
and Polygon. to rent NFTs to play popular games.

dMarket enables secure buying, selling, and trading of in-game NFTs. Merit Circle is a guild that also allows players to rent NFTs to engage in
these games.

Fractal is an open marketplace for gaming NFTs.

Avocado DAO community focuses on investing in NFT assets within
games and emergent metaverses, NFT platforms, and P2E games.

Good Games Guild is a leading gaming hub for blockchain-based games.

Source: Binance Research, company websites.

43
Gaming
Subcategory Description
Gaming Analytics:
Platforms that provide data insights on the Web3 gaming landscape.

DappRadar is an analytics platform that offers the latest data on various Dapps.

Chainplay.GG is a one-stop hub for all things blockchain gaming.

P2E Analytics is an NFT gaming research hub that provides on-chain and off-chain data on Web3
games.

Source: Binance Research, company websites.

44
V. Payment and Merchant
Services
Payment and Merchant Services
Vertical Spotlights
We identified 3 key areas of innovation.

Stablecoin Issuers Cross-Border Wallets

Transfers
Centralized and Web3 wallets that
decentralized Projects that facilitate facilitate payments and
institutions are issuing cross-border transfers interactions with the
their own stablecoins in efficiently by removing Web3 ecosystem.
an increasingly high the need for
interest rate intermediaries.
environment.

46
Payment and Merchant Services
Vertical Overview
Centralized Decentralized
Stablecoin
Issuers

Cross-Border Transfers Payment Processing

Cross-Border
Transfers

Wallets
Wallets

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
47
Payment and Merchant Services
Subcategory Description
Centralized Stablecoin Issuers:
Stablecoins that are issued and backed by centralized entities.

Name Market Cap Description

US$82.98B Tether is the largest centralized stablecoin issuer, with its native stablecoin, USDT, having the largest market share.

US$25.69B Circle is a centralized entity that issues the second-most dominant stablecoin, USDC.

US$3.12B Archblock is a centralized entity that issues the stablecoin TUSD.

US$393.78M First Digital is the issuer of the stablecoin FDUSD.

US$6.49M Paypal recently launched its own stablecoin, PYUSD, on Ethereum that can be transacted on its app or website.

Source: DeFi Llama, Binance Research, company websites as of 13 September 2023.

48
Payment and Merchant Services
Subcategory Description (cont.)
Decentralized Stablecoin Issuers:
Stablecoins that are issued by decentralized protocols.

Name Market Cap Description

US$4.90B MakerDAO is the largest decentralized stablecoin issuer, issuing the native stablecoin DAI.

US$724.22M The TRON DAO Reserve is the issuer of the stablecoin USDD, which is an over-collateralized stablecoin.

US$668.21M FRAX is a collateralized stablecoin issued by FRAX Finance.

US$282.39M Liquity is a decentralized borrowing protocol that issues the crypto-backed, over-collateralized stablecoin, LUSD.

US$103.23M Curve Finance, a decentralized exchange for stablecoin trading, is also the issuer of its native over-collateralized stablecoin, crvUSD.

US$22.1M AAVE, the largest decentralized lending protocol, is the issuer of the over-collateralized stablecoin GHO.

Source:DeFi Llama, Binance Research, company websites as of 13 September 2023.

49
Payment and Merchant Services
Subcategory Description (cont.)
Cross-Border Transfer: Payment Processing:
Blockchain protocols that enable seamless cross-border transfers. Payment processing networks that facilitate payments between
consumers, organizations, and businesses.

Stellar Lumen is a blockchain protocol that is open-sourced and Mastercard is a payment processing network that facilitates electronic
decentralized, aimed at promoting greater ease in cross-border payments. transactions. Its Mastercard Engage program helps bring more crypto card
programs to market.

R3’s Corda is a distributed ledger technology that enables fast and Paypal is an online payment system that facilitates payments between parties
cost-effective cross-border payments. through online money transfers. It has recently issued its own stablecoin,
PYUSD.

Ripple is a decentralized payment network used by banks to settle Stripe is a payment service provider that lets merchants accept debit and
cross-border and remittance payments. credit cards or other payment methods. Stripe currently offers a fiat-to-crypto
onramp for businesses.

Partior network is a platform that promotes faster, more secure, interbank

cross-border transfers. Visa is the world’s largest payment network, processing the most transactions
in 2022. Visa has partnerships with various institutions to process
cross-border payments across the Ethereum and Solana blockchains.

JPM Coin, developed by Onyx, has already been used by institutional clients
for cross-border settlements.

Source: Binance Research, company websites.

50
Payment and Merchant Services
Subcategory Description
Wallets:
Wallets are pivotal as they enable transactions and interactions with various Web3 applications.

Metamask is a leading self-custodial Web3 wallet developed by Consensys.

Ledger wallets, developed by Ledger, are hardware cryptocurrency wallets that store
the private keys for cryptocurrencies offline.

Trust Wallet, acquired by Binance, is a self-custody wallet.

Safe is a decentralized, self-custodial, and multisig crypto wallet.

Argent is an Ethereum-focused wallet for DeFi and NFTs.

Source: Binance Research, company websites.

51
VI. Decentralized Social
Decentralized Social
Vertical Spotlights
We identified 4 key areas of innovation.

Infrastructure Middleware Application Tooling

Blockchain layers Protocols that are built Decentralized social Applications that help
tailored for social on existing applications that offer decentralized social networks
applications given that infrastructure and act as users more security, scale and manage their
social apps require intermediaries between privacy, and control communities.
faster transaction blockchains and over their data.
speeds, larger applications.
bandwidth, and cheaper
media storage.

53
Decentralized Social
Vertical Overview
Social Networking Protocols Storage
Infrastructure

Decentralized Oracles Decentralized Social Graphs Decentralized Identities

Middleware

Social Media Creator Engagement Messaging

Applications

Community Management

Tooling

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.
Decentralized Social
Subcategory Description
Social Networking Protocols: Storage:
Blockchains that are tailored for decentralized social applications. Storage platforms for social media content.

Subsocial is a web3 social platform that allows users to build decentralized Livepeer is the world’s open video infrastructure that utilizes excess
social apps. computing power to more efficiently share videos from broadcasters with
consumers.

Crossbell is a social ownership platform that consists of an Ceramic is a decentralized data network for building Web3 applications
EVM-compatible blockchain that is built for social networks. with composable data.

IPFS is a distributed file storage protocol that allows the storage and
DeSo is an L1 blockchain built for social media platforms.
retrieval of data in a decentralized manner.

Storj is a blockchain platform powering a decentralized file storage system.

Filecoin is the largest peer-to-peer, decentralized cloud storage and

retrieval platform.

Arweave is a decentralized storage platform that allows anyone to store

their data permanently.

Source: Binance Research, company websites.

55
Decentralized Social
Subcategory Description (cont.)
Decentralized Oracles: Decentralized Social Graphs:
Protocols that enable smart contracts to reliably access off-chain identity and Protocols that offer users control over their identity, social
credential-related data feeds. connections, and content in social networks.

Lens Protocol is a decentralized smart contract protocol that

zkMe is a zk-credential layer for web3 applications to securely and reliably access allows users to manage and monetize their social graph.
off-chain identity and credential-related data feeds and web APIs.

Cyberconnect is a decentralized, smart contract protocol that

LensAPI Oracle offers an easy way to access verifiable Lens API data in smart contracts. empowers ownership of social identities, networks, and content
in a social network.

Farcaster is a decentralized social graph protocol that enables

the composability of one’s data.

Source: Binance Research, company websites.

56
Decentralized Social
Subcategory Description (cont.)
Decentralized Identities:
Protocols that provide credentials to facilitate digital relationships.

Formerly known as Project Galaxy, Galxe is a credential data network that provides both on-chain and off-chain credentials.

Otterspace is a DAO management and badge credentialing application.

Created by Polygon, Polygon ID uses a decentralized identity system to create interactions with Web3 services.

Source: Binance Research, company websites.

57
Decentralized Social
Subcategory Description (cont.)
Social Media:
Decentralized social media networks for users to interact with each other in a similar manner to traditional
Web2 platforms.

Showtime is a decentralized social network that facilitates bonding between communities by allowing creators to drop free
NFTs to their community.

Mastodon is an open-source social media platform that is regarded as a Web3 alternative to twitter.

Steemit, the pioneer of decentralized social networks, is the longest-running blockchain-based blogging and social media
platform.

Minds is an open-source social networking platform where users are rewarded with tokens for contributing to the community.

Torum is a social media platform that prides itself on being a SocialFi ecosystem with DeFi services and an NFT marketplace.

Myriad Social is a decentralized, censorship-resistant social network that enables users to host their own social network
without centralized control.

Source: Binance Research, company websites.

58
Decentralized Social
Subcategory Description (cont.)
Creator Engagement:
Protocols that built a tighter-knit community among their fans.

Friend.tech is a decentralized app that allows users and creators to create tokenized keys. The purchase of these keys gives access to token-gated chat
rooms with exclusive interaction with the creators.

Calaxy is a Web3 social application that allows creators to monetize and deliver exclusive content for their fans through tokenization and digital assets.

Mojito is an all-in-one Web3 platform that powers brands and creators.

Source: Binance Research, company websites.

59
Decentralized Social
Subcategory Description (cont.)
Messaging:
Web3-powered messaging tools.

Blockscan Chat is a messaging platform for users to message each other wallet-to-wallet, powered by Log-in With
Ethereum.

The vision of Nansen Connect is to become the go-to platform for the crypto community to discuss alphas and trading
opportunities while avoiding spam and noise on Discord channels.

WalletConnect Chat is a direct messaging protocol that enables wallets to message each other.

Gm allows users to create a community with chat, forums, and token gating.

Source: Binance Research, company websites.

60
Decentralized Social
Subcategory Description
Community Management:
Tools that help social platforms scale and manage communities.

Unlock is a no-code tool to create and manage memberships.

Intract is a Web3 CRM platform for Web3 projects to better engage with their communities.

Bello is a no-code analytics platform that offers actionable insights for the new generation of creators.

Source: Binance Research, company websites.

61
VII. Real-World Assets
(“RWAs”)
RWA
Vertical Spotlights
We identified 2 key areas of innovation.

RWA Rails Asset Providers

These projects provide
the regulatory, Asset providers are
technical, and focused on originating
operational rails upon and creating demand
which real-world assets for RWAs that maintain
are brought into crypto. a specific underlying
asset class.

63
 RWA
Vertical Overview
Blockchains Securitization / Tokenization Regulatory
RWA Rails

Real Estate Climate Private Fixed Income

Asset Providers

Public Fixed Income + Public Equities Emerging Market Trade Finance

Note: Map is not an exhaustive list of projects in the industry. Projects showcased are mapped according to their primary use cases.
The mention of specific projects does not constitute endorsement or recommendation by Binance.

64
RWA
Subcategory Description
Blockchains: Securitization / Tokenization:
Permissioned or permissionless blockchains tailored specifically for Converting real-world assets into legally compliant digital securities.
RWAs.
Intain is building blockchains for transparency and efficiency in capital Centrifuge offers a turnkey solution for the securitization and tokenization of
market transactions, with an initial focus on asset-backed investments. structured credit assets.

Securitize provides a suite of products dedicated to tokenization and issuer

Provenance blockchain enables institutions and fintechs to seamlessly and
compliance.
securely issue, transact, and service digitally native financial assets at scale.

R3 is a leading provider of enterprise technology and services such as

Realio is an EVM-compatible, purpose-built layer 1 for RWAs. digitalization and tokenization. R3’s Corda is trusted by regulated institutions
and is the leading DLT platform for financial services.

Polymesh is an institutional-grade, permissioned blockchain built specifically CurioInvest helps firms unlock liquidity from real-world assets by tokenizing
for regulated assets. their assets and connecting them with investors.

MANTRA Chain is the protocol for regulated assets and RWA tokenization in
the Cosmos ecosystem.

Source: Binance Research, company websites.

65
RWA
Subcategory Description (cont.)
Regulatory:
Services to ensure investor and issuer compliance.

The Quadrata network provides blockchain-verified KYC so users can participate in RWAs in a legally compliant way.

Tokeny provides an enterprise-grade infrastructure to allow companies and financial actors to compliantly issue,
transfer, and manage assets on blockchain.

Verite is a collection of standardized protocols for decentralized identity that can help make it safer, easier, and more
efficient to do business in the transformative world of RWAs.

Spruce is a toolkit for digital identity and can be used to reference investor and issuer compliance when transacting
RWAs.

Source: Binance Research, company websites.

66
RWA
Subcategory Description (cont.)
Real Estate: Climate:
Originate and create demand for real estate-backed RWAs. Originate and create demand for climate asset-backed RWAs.

Mattereum renders real-world physical assets (especially real estate) to be Regen Marketplace creates a place to buy, trade, and retire ecological credits in the
compatible in an e-commerce world. digital carbon market.

KlimaDAO sells bonds and distributes rewards to KLIMA holders. Every bond the
RealT fractionalizes the value of real estate properties into RWAs and creates DAO sells adds to a treasury of real carbon assets.
a two-sided market between sellers and buyers.

Flowcarbon vertically integrates across the entire carbon credit lifecycle, offering
Citadao is a global marketplace for tokenized real estate built on the strategies and solutions ranging from RWA origination and financing to credit sales
Ethereum ecosystem. and corporate carbon portfolio management.

Toucan Protocol is an infrastructure provider built to bring environmental assets

Ekta Real Estate enables a marketplace around tokenized and fractionalized
on-chain, starting with carbon credits, and make them more easily accessible for
real estate properties.
markets and builders.

Parcl allows users to trade the US real estate housing market through
Frigg.eco works with a select group of project developers and helps them access
tokenized RWAs.
refinancing via crypto by issuing green bonds on-chain.

Propy uses blockchain technology to ensure faster and more secure real
estate transactions.

Source: Binance Research, company websites.

67
RWA
Subcategory Description (cont.)
Private Fixed Income: Public Fixed Income / Public Equities:
Originate and create demand for private fixed income-backed RWAs. Originate and create demand for public fixed income and
equity-backed RWAs.
On Maple, credit professionals manage fast-flowing lending businesses Swarm Markets is a regulatory-compliant platform offering a
where pooled capital is lent to a wide range of institutional borrowers unique tokenization and trading solution to the world of TradFi.
to fund business growth and operations.

Ondo brings institutional-grade financial products, such as US

TrueFi brings collateral-free lending on-chain, maximizing capital
Treasuries and corporate bonds, into DeFi.
efficiency for borrowers with proven real-world assets and earning
rates for lenders.
Backed creates ERC-20 tokens that represent ownership of
Clearpool is a marketplace that allows institutions to borrow unsecured structured product units. Each token is backed by different public
funds from a decentralized network of lenders, given their proven securities.
creditworthiness.
Benji Investments by Franklin Templeton is a mobile app that
allows investors to browse tokenized securities such as its
money market fund.

Bondblox is a fractionalized bond exchange that offers an

assortment of public corporate bond offerings.

Openeden is the first smart contract vault managed by a

regulated entity, providing 24/7 access to US Treasury Bills.

Source: Binance Research, company websites.

68
RWA
Subcategory Description
Emerging Market: Trade Finance:
Originate and create demand for RWAs coming from emerging Originate and create demand for trade finance-backed RWAs.
markets.

Goldfinch is a decentralized protocol that allows for crypto borrowing Defactor is providing a DeFi-based source of funding to help close the trade
without crypto collateral for primarily emerging market businesses. finance gap.

Jia provides blockchain-based loans, investments, and ownership to small Polytrade is a decentralized trade finance platform focused on receivables
businesses in every corner of the world. financing.

Credix connects institutional investors across the globe with

blockchain-based credit opportunities.

Bru Finance is a decentralized lending protocol focused on agricultural

commodities that is live across over 1400+ custodian warehouses in India,
with plans to expand to the Southeast Asian, African, and European markets.

Source: Binance Research, company websites.

69
About Binance Research
Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is
committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in
the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the
crypto ecosystem, blockchain technologies, and the latest market themes.

https://www.binance.com/en/research @BinanceResearch @BinanceResearch

Contributors
Jin Ming Neo

Jin Ming is currently an intern with Binance on the Macro Research team. Prior to joining
Binance, he had experience working in several family offices as an investment analyst intern.
He was also part of the Coinbase Community Analyst Program, working closely with the
crypto intelligence team. Jin Ming is currently an undergraduate at Singapore Management
University, studying Business with a major in Finance.

71
Disclaimers
This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a
recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology
and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as
definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may
change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary
sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty
of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by
reason of negligence) is accepted by Binance. This material may contain ’forward-looking’ information that is not purely historical in nature. Such
information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance
upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not
constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall
any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be
unlawful under the laws of such jurisdiction. Investment involves risks.

72