In Q1 2025, Grayscale will focus on tokens that involve at least one of the following three core market themes:

The U.S. elections and their potential impact on industry regulation, particularly in areas such as decentralized finance (DeFi) and staking;

The continued breakthroughs in decentralized AI technology and the use of AI agents in blockchain;

The growth of the Solana ecosystem.

Based on these themes, the following six assets have been added to the Top 20 list for Q1 2025:

Hyperliquid (HYPE): Hyperliquid is an L1 blockchain designed to support on-chain financial applications. Its main application is a decentralized exchange (DEX) for perpetual futures with a fully on-chain order book.

Ethena (ENA): The Ethena protocol has evolved into a new type of stablecoin USDe, primarily collateralized by hedge positions of Bitcoin and Ethereum. Specifically, the protocol holds long positions in Bitcoin and Ether as well as short positions in perpetual futures contracts of the same assets. The staking version of this token provides yield through the discrepancy between spot and futures prices.

Virtual Protocol (VIRTUAL): Virtual Protocol is a platform for creating AI agents on the Ethereum L2 network Base. These AI agents are designed to mimic human decision-making and autonomously execute tasks. The platform allows for the creation and co-ownership of tokenized AI agents that can interact with their environment and other users.

Jupiter (JUP): Jupiter is the leading DEX aggregator on Solana, holding the highest TVL in the network. As retail traders increasingly enter the cryptocurrency market through Solana and speculation around Solana-based memecoins and AI agent tokens intensifies, we believe Jupiter is fully capable of capitalizing on this growing market.

Jito (JTO): Jito is a liquidity protocol on Solana. Jito's adoption has surged significantly over the past year, and it has one of the best financial conditions in the cryptocurrency space, with fee revenue exceeding $550 million in 2024.

Grass (GRASS): Grass is a decentralized data network that rewards users for sharing unused internet bandwidth through a Chrome extension. This bandwidth is used to scrape online data, which is then sold to AI companies and developers to train machine learning models, effectively conducting web data scraping while compensating users.