TLDR
- Grayscale launched two trusts for DeepBook and Walrus tokens in the Sui ecosystem.
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The Sui ecosystem has seen a surge in DeFi activity, reaching a TVL of $2.3 billion.
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DeepBook has processed over $10 billion in transaction volume on-chain.
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The launch follows strong institutional interest, with Mill City Ventures raising $441 million for Sui.
Grayscale has announced the launch of two new single-asset trusts on Tuesday. These trusts are linked to two prominent protocols in the Sui ecosystem: DeepBook and Walrus. The move follows a surge in activity within the network and comes nearly a year after Grayscale introduced its first Sui-related product.
The new trusts aim to provide accredited investors with exposure to the native tokens of DeepBook and Walrus. Both protocols play significant roles in the Sui ecosystem. DeepBook is an on-chain order book that has processed over $10 billion in transaction volume. Walrus, on the other hand, offers programmable data storage and recently raised $140 million in funding from investors like Standard Crypto.
DeepBook and Walrus: Key Components of Sui Ecosystem
DeepBook and Walrus are integral parts of the Sui ecosystem, which is gaining traction for its scalability and high-throughput capabilities. DeepBook functions as a key on-chain order book, enabling decentralized exchanges and providing liquidity for various applications. With over $10 billion in volume, it is a crucial component for developers building on Sui.
Walrus is another foundational protocol, offering programmable data storage solutions to support decentralized applications. Its recent funding round, which raised $140 million, highlights the growing investor confidence in the platform. The Walrus Foundation’s success further emphasizes the importance of decentralized data management within the Sui ecosystem.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, explained that “DeepBook and Walrus are the financial and active data management backbones of the the token’s ecosystem, enabling developers to build fast, secure, and decentralized applications.”
Sui Ecosystem Experiences Growth and Institutional Interest
The ecosystem has experienced significant growth in recent months, particularly in decentralized finance (DeFi). As of July 28, 2025, the total value locked (TVL) in Sui’s DeFi ecosystem reached an all-time high of $2.3 billion, demonstrating the increasing interest and activity in the network. While TVL has since dropped to $2.2 billion, this still represents a notable achievement for the ecosystem.
Sui’s blockchain is designed to handle high transaction volumes with minimal delay, a feature known as high-throughput and low latency. The network uses parallel transaction processing, allowing for faster and more efficient transactions compared to other blockchains. This unique architecture has made Sui an attractive option for developers and investors alike.
In addition to the surge in DeFi activity, institutional interest in the Sui ecosystem has grown significantly. Mill City Ventures, a publicly traded company, recently created a Sui treasury, raising $441 million to purchase Sui tokens. This was followed by a $500 million raise on August 1, 2025, further fueling the network’s expansion. Mill City Ventures’ shares rose 274% in a month, underscoring the growing institutional confidence in Sui’s potential.
Grayscale’s Role in Expanding Institutional Access to Sui
Grayscale’s move to launch trusts for the DeepBook and Walrus protocols as a result is part of a broader strategy to provide institutional and accredited investors with more accessible investment vehicles tied to promising blockchain ecosystems.
According to Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs (the team behind Sui), the trusts, along with other investment vehicles like Mill City Ventures, are opening new doors for institutions and retail investors to gain exposure to Sui’s growing ecosystem.
The launch of these trusts is expected to enhance the accessibility of Sui’s ecosystem for institutional players, paving the way for more widespread adoption and investment. Grayscale’s continued support for Sui further establishes the ecosystem as a promising platform in the rapidly evolving blockchain space.
