Due to its increasing diffusion and adoption, we include "Decentralized Finance" (DeFi) as a protocol category. DeFi protocols are often times use-case specific and end-user facing. For DeFi protocols, we offer services such as running oracle nodes or providing liquidity.
Web 3.0 is built upon a layered stack of interoperable networks. It is difficult to draw clear lines between each layer of the stack as boundaries tend to blur between each layer. However, the model helps to better conceptualize Web 3.0. It also provides points of reference for investment decisions in a highly heterogeneous, fragmented Web 3.0 ecosystem. We borrow heavily from the work of Multicoin Capital and highly recommend reading their comprehensive, in-depth article about 'the Web3 stack'.
