Every quarter, Grayscale Research updates its Top 20 tokens list based on a variety of factors such as network growth, adoption rates, upcoming catalysts, fundamental sustainability, token valuation, and more. In the first quarter of 2025, Grayscale added six new assets to its Top 20 list, representing a diverse and high-potential selection of assets in the cryptocurrency industry:
Hyperliquid (HYPE): A Layer 1 blockchain designed to support on-chain financial applications, primarily used as a decentralized perpetual futures exchange.
Ethena (ENA): An emerging stablecoin protocol primarily collateralized by hedged positions in Bitcoin and Ethereum, offering staking yields through the price differences between spot and futures.
Virtual Protocol (VIRTUAL): A platform for creating AI agents on the Ethereum L2 network Base, where these AI agents can mimic human decision-making and autonomously perform tasks.
Jupiter (JUP): The top DEX aggregator on Solana, boasting the highest total value locked (TVL) on the network.
Jito (JTO): A liquidity protocol on Solana with fee revenues exceeding $550 million in 2024.
Grass (GRASS): A decentralized data network that rewards users for sharing unused internet bandwidth through a Chrome extension, used for training machine learning models.
These newly added assets reflect Grayscale's ongoing focus on themes such as the impact of the U.S. elections, breakthroughs in decentralized AI technology, and the growth of the Solana ecosystem.
