Grayscale announced its 2024 Q4 cryptocurrency portfolio, adding 6 new tokens including Sui and Bittensor, indicating future development potential. Can we retail investors follow suit? What is the follow-up potential?
Grayscale’s portfolio in Q4 2024
As 2024 is about to enter the fourth quarter, Grayscale also announced the list of 20 cryptocurrencies in the FTSE Grayscale Crypto Sector Index, of which 6 cryptocurrencies have been updated. The following are the 6 assets added before the end of this quarter:
Sui ($SUI): A high-performance Layer 1 smart contract platform (public chain) that provides innovative applications.
Bittensor ($TAO): An open AI development platform (public chain) that allows developers to create subnets.
OP Mainnet ($OP): Ethereum’s second-layer scaling solution based on Optimistic Rollups.
Helium ($HNT): A decentralized wireless network (WiFi) running on Solana, the leader in the DePIN sector.
Celo ($CELO): Originally a Layer 1 EVM public chain, it focuses on developing stablecoins and mobile-friendly crypto payments, and is in the process of transitioning to Ethereum Layer 2.
UMA ($UMA): Optimistic oracle, supporting Polymarket, the largest prediction market in the DeFi sector.
High-performance public chain
The six new token combinations added this season reflect the blockchain track that Grayscale has recently focused on. Sui and OP Mainnet are both high-performance public chain tracks. Sui is a third-generation blockchain developed by a team of former Meta engineers. Two months ago, Sui upgraded its network, which increased its transaction speed by 80% (final acceleration), surpassing Solana, the leader in this track.
OP Mainnet belongs to Ethereum Layer2. Through its powerful developer suite OP Stack, the OP Mainnet development team has helped Ethereum build several highly scalable "superchain" ecosystems, including Coinbase's Base blockchain and Worldcoin developed by OpenAI founder Sam Altman.
Function-specific projects
The addition of Celo and UMA is based on their unique adoption trends, namely stablecoin applications and prediction markets. Celo focuses on stablecoin payments in developing countries. Through cooperation with Opera browser and its payment channel MiniPay, Celo has occupied the market penetration in Africa, which has further made Celo's recent stablecoin user number surpass Tron. Celo is using OP Stack to transition from Layer1 blockchain to Ethereum Layer2.
UMA is an oracle project used by Polymarket, responsible for recording the execution results of the Polymarket Event Contract. If the predicted results are controversial, UMA can encourage users to initiate voting to resolve them, thereby avoiding concerns about centralization or human intervention.
AI and DePIN Section
Helium is a leading project in the DePIN sector, using a decentralized model to provide efficient resource allocation for wireless network coverage and connectivity, and rewarding participants who maintain network construction. The Helium market has expanded to more than 1 million WiFi hotspots and 100,000 mobile device users, and network fee revenue has exceeded US$2 million so far this year. Bittensor is one of the strong competitors in the AI sector. The public chain allows developers to build subnets, create platforms for sharing and training AI models, and reward its node maintainers through the native token $TAO.
Which cryptocurrencies has Grayscale delisted?
In addition to the above cryptocurrencies, Grayscale also removed 6 tokens this quarter, namely Render ($RNDR), Mantle ($MNT), Pendle ($PENDLE), Illuvium ($ILV) and Raydium ($RAY). Grayscale believes that although these projects still have development potential, the updated top 20 list can provide better returns and risk management in the upcoming fourth quarter.
Friends who don’t know what to stock up can refer to Grayscale’s list. After all, institutions have a keen eye.
