Grayscale Research has updated its list of the top 20 cryptocurrencies, adding six tokens - Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS) - in the first quarter of the target quarter of 2025. This update focuses on three main themes, namely the potential regulatory impact of the new US government on Decentralized Finance and stake, Decentralization AI model Token, and Solana ecological concept coin.
First of all, Hyperliquid is a Layer 1 blockchain focused on financial applications, providing on-chain perpetual futures trading; Ethena introduces the stablecoin USDe based on Bitcoin and Ethereum hedging, and provides staking opportunities; Virtual Protocol supports the development of AI Token agents based on Ethereum Layer 2; In addition, Jupiter is the highest-volume decentralized exchange aggregator on Solana; and Jito, as a mobile staking protocol, generated over $550 million in revenue in 2024; Grass is a data sharing platform that allows users to share idle computing power by selling it to AI developers to earn rewards.
This update removes tokens such as Celo. Grayscale points out that competition in the smart contract platform has intensified. Although Ethereum has made progress in 2024, it faces challenges from Solana and The Open Network (TON). The emerging challengers are catching up rapidly.
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<MICA Daily | Grayscale updates the top 20 list of small and medium-sized cryptocurrencies, focusing on 3 main thematic concepts> This article was first published in “Block Temporarily”.
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