Grayscale Research has added six new altcoins to its top 20 list for Q1 2025, focusing on tokens related to US elections, decentralized AI, and the Solana ecosystem.
Grayscale Research has updated its top 20 altcoin list for the first quarter of 2025, adding six new digital assets. this update emphasizes tokens linked to three primary market themes: the U.S. election and its potential regulatory implications for decentralized finance (DeFi) and staking, breakthroughs in decentralized AI technologies and blockchain adoption by AI agents, and the growth of the Solana ecosystem.
Based on these factors, Grayscale has added Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS) to its Top 20 list. Hyperliquid, a Layer 1 blockchain, powers financial applications and operates a decentralized exchange for perpetual futures with a fully on-chain order book. On the other hand, Ethena introduced USDe, a stablecoin backed by hedged positions in Bitcoin (BTC) and Ethereum (ETH), offering staking opportunities tied to price differences between spot and futures markets. Virtual Protocol enables the creation of tokenized AI agents on Base, an Ethereum Layer 2 network. This functionality allows agents to interact autonomously with their surroundings and users. Jupiter, the leading decentralized exchange aggregator on Solana, has the highest total value locked (TVL) of any application on the network. Another Solana project, Jito, is a liquid staking protocol that generated over $550 million in fee revenue in 2024. The last of the six, Grass, operates as a decentralized data-sharing platform. It compensates users for sharing unused internet bandwidth via a Chrome extension. This bandwidth is then sold to AI developers for training machine learning models, offering a unique approach to monetizing data. In addition to these new entries, Grayscale rotated out some tokens, including Celo (CELO), from the Top 2
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