Grayscale Update Q1 2025 Cryptocurrency Industry Top 20 Assets List, New Additions: HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS
This quarter, the Grayscale Research team is particularly focused on the following market themes:
The U.S. elections and their potential impact on industry regulation, especially in areas such as DeFi and staking;
Breakthroughs in decentralized AI technology and the applications of AI agents;
The growth of the Solana ecosystem.
Based on these themes, Grayscale's top 20 assets have added Hyperliquid, Ethena, Virtual Protocol, Jupiter, Jito, and Grass, which are considered to have high potential in the coming quarters:
Hyperliquid (HYPE): A Layer 1 blockchain designed to support on-chain financial applications, primarily functioning as a decentralized exchange (DEX) for perpetual futures, featuring a fully on-chain order book.
Ethena (ENA): A new type of stablecoin USDe, mainly supported by hedged positions in Bitcoin and Ethereum, with the protocol holding long positions in Bitcoin and Ethereum while holding short positions in perpetual futures contracts on the same assets.
Virtual Protocol (VIRTUAL): A platform for creating AI agents on the Ethereum Layer 2 network Base, capable of autonomously executing tasks, simulating human decision-making, and supporting the creation and co-ownership of tokenized AI agents.
Jupiter (JUP): The leading DEX aggregator on Solana, boasting the highest total value locked (TVL) in the network, and with the increasing number of retail traders, Jupiter is expected to benefit from market activities involving Solana-based memecoins and AI agent tokens.
Jito (JTO): A liquidity protocol on Solana, with significantly increased adoption over the past year, generating over $550 million in fee revenue in 2024, and exhibiting strong financial performance.
Grass (GRASS): A decentralized data network that rewards users for sharing unused internet bandwidth through a Chrome extension, with the bandwidth used for online data scraping, which is then sold to AI companies and developers for training machine learning models.
