Grayscale Research updated the list of the top 20 cryptocurrencies compiled by the research institution, adding 6 tokens: Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS) in the target quarter of Q1 2025. This update focuses on 3 main themes, emphasizing the potential regulatory impact of the new U.S. government on DeFi and staking, decentralized AI model tokens, and Solana ecosystem concept coins.
First, Hyperliquid is a Layer 1 blockchain focused on financial applications, providing on-chain perpetual futures trading. Ethena launched a stablecoin USDe based on hedging with Bitcoin and Ethereum, offering staking yield opportunities. Virtual Protocol supports the development of AI token proxies based on Ethereum Layer 2. Additionally, Jupiter is the highest trading volume decentralized exchange aggregator on Solana. Meanwhile, Jito, as a liquid staking protocol, generated over $550 million in fee revenue in 2024. Grass is a data-sharing platform that allows users to share idle computing power to earn rewards by selling it to AI developers.
This update removed tokens such as Celo, with Grayscale noting that competition among smart contract platforms is intensifying. Although Ethereum is making progress in 2024, it faces challenges from Solana and The Open Network (TON), with emerging challengers already closing the gap.
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"MICA Daily｜Grayscale Updates the List of Top 20 Small and Medium-Sized Cryptocurrencies, Focusing on 3 Major Themes" This article was first published on (Blockke).
