1、Fundamental Value in CryptoFundamental Value in Crypto Part III:On the dApps of AngelsGrayscale Insights|February 2Fundamental Value in Crypto|2023 Grayscale Investments,LLCPlease review important disclosures&other information at the end of this paperThe crypto application layer is a hotbed of innov

2、ation,where cutting-edge financial ideas,sophisticated coordination mechanisms,and evolving business models are coming to life.Decentralized applications(dApps)have fundamentally changed the way we can trade,lend,and vote.For our final installment of our three-part Tokenomics series,we hope the read

3、er will gain a clear understanding of the dApp ecosystem and how the more success-ful dApp models operate under the hood.1234Source:District0 x3Fundamental Value in Crypto|2023 Grayscale Investments,LLCPlease review important disclosures&other information at the end of this paperINTRODUCTION TO DECE

4、NTRALIZED APPLICATIONSAs we venture deeper into the crypto ecosystem,protocols and decentralized applications(dApps)represent the areas where the dreams of decentralized alternatives to everyday apps intersect with reality.From decentralized financial tools like exchanges and lending applications,to

5、 metaverse gaming with interconnected game economies,protocols built on top of smart contract platformsdiscussed in part two of our seriesrepresent the cutting edge of the decentralized revolution.What are dApps and how do they differ from traditional applications?Traditional web applications like F

6、acebook and Twitter run on servers owned and oper-ated by a centralized organization.This gives the controlling entity certain freedoms to control the web application.On the other hand,dApps are run on decentralized,transpar-ent computer networks that are resistant to control by any particular autho