Grayscale has unveiled its Q1 2025 watch list, spotlighting new tokens like Hyperliquid, Ethena, Virtuals, Jupiter, Jito, and Grass. These additions reflect trends such as a favorable U.S. regulatory climate, advances in decentralized AI, and Solana ecosystem growth. Virtuals and Grass focus on AI, while Hyperliquid is a high-performance L1 network. Ethena, Jupiter, and Jito are DeFi apps, with the latter two native to Solana. Grayscale continues to emphasize Ethereum scaling, tokenization, and decentralized infrastructure, noting the competitive nature of smart contract platforms like Ethereum and Solana.