- Grayscale adds HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS tokens.
- Decentralized AI, Solana, and U.S. regulation drive Grayscale’s strategy.
- New tokens show strong growth, but volatility remains a key risk.
Grayscale Research reveals its latest additions to the Top 20 list for 2025. The new tokens, including Hyperliquid and Grass, are poised to capitalize on Solana’s rise and advancements in AI.
Grayscale adds top altcoins
Grayscale Research has added six new cryptocurrencies to its Top 20 list for Q1 2025. The new tokens include Hyperliquid ($HYPE), Ethena ($ENA), Virtual Protocol ($VIRTUAL), Jupiter ($JUP), Jito ($JTO) and Grass ($GRASS).
Grayscale’s revised list comes after a strong Q4 2024, where the market capitalization of crypto assets increased from $1 trillion to $3 trillion. The firm anticipates that the advancements in decentralized AI technologies and the growth of Solana will influence the market evolution in the first quarter of 2025. Grayscale highlights the increased positive sentiment across the digital assets market because major market indices have witnessed significant gains.
The new tokens highlight three key trends that influence the digital asset space including decentralized AI, the Solana ecosystem and the change in U.S. regulatory framework.
Hyperliquid ($HYPE) is a Layer 1 blockchain that powers decentralized exchanges for perpetual futures with an on-chain order book.
Ethena ($ENA) introduces a stablecoin protocol, USDe, that hedges Bitcoin and Ether positions as well as capitalize on trends in the market.
Virtual Protocol ($VIRTUAL) enables tokenized AI agents on Ethereum’s Base Layer 2 and facilitates autonomous decision-making.
Jupiter ($JUP) leads as Solana’s main decentralized exchange aggregator. According to Grayscale it is well positioned to benefit from Solana’s increased retail activity.
Jito ($JTO),is a liquid staking protocol on Solana that generated more than $550 million in total revenue in 2024 which shows its strong financial profile.
Grass ($GRASS) is a decentralized data network built on Solana’s layer 2 that monetizes unused internet bandwidth for AI training and web scraping.
However, Grayscale’s list saw the removal of six tokens including Toncoin (TON), Near (NEAR), Stacks (STX), Maker (MKR), Celo (CELO) and UMA Protocol (UMA). Although these projects remain relevant, Grayscale stated that the new list presents a more attractive risk-adjusted-return profile. This shift shows the dynamic nature of the cryptocurrency market and the need for constant changes.
Grayscale’s research emphasizes the increased competition among smart contract platforms. Ethereum maintains its leadership but faces increasing pressure from Solana, Sui and The Open Network (TON). Grayscale states that transaction throughput, fee revenue and network scalability are critical issues for the success of these platforms.
The research shows the importance of decentralized AI. The growth in the sector is illustrated by Virtual Protocol which has a market value of $3.4 billion after a surge. Grass has achieved a 160% increase in token value since its launch in October 2024 which shows the increased importance of decentralized networks in AI.
The new additions are positioned for strong performance. However, Grayscale cautions investors about the volatility and risks inherent in these emerging tokens.