What happened?
Digital asset management company Grayscale recently released a “Q1 2025 Cryptocurrency Report”, and in the “Top 20” list for this quarter, Grayscale added 6 new tokens.
These tokens cover areas such as decentralized AI, Layer 1 blockchain, and the Solana ecosystem.
The report also explains that the competition in the Layer 1 blockchain network in 2024 was intense. In addition to well-known platforms such as Ethereum and Solana, the development of high-performance blockchains Sui and TON also attracted a lot of developer attention.
Decentralized AI and Solana ecosystem tokens are worth paying attention to
Digital asset management company Grayscale recently released a “Q1 2025 Cryptocurrency Report”, and in the “Top 20” list for this quarter, Grayscale added 6 tokens: Hyperliquid (HYPE), Virtuals (VIRTUAL), Ethena (ENA), Jupiter, Jito, and Grass.
These tokens cover areas such as decentralized AI, Layer 1 blockchain, and the Solana ecosystem. Hyperliquid is an efficient Layer 1 blockchain, while Grass and Virtuals belong to decentralized AI platforms. As for Ethena, Jupiter, and Jito, they focus on decentralized finance (DeFi) applications, with Jupiter and Jito being native projects of Solana.
Grayscale stated that the selection of these “Top 20” tokens was influenced by major industry trends, including a friendly regulatory environment in the United States, decentralized AI technology, and the rapid development of the Solana ecosystem. The total value locked (TVL) of Solana’s DeFi grew from $1.5 billion at the beginning of 2024 to $8.5 billion at the end of the year.
Decentralized AI: Transferring the operation and management of AI systems from traditional centralized institutions to decentralized networks, using blockchain technology to achieve transparent, secure, and open AI applications.
Grayscale’s Top 20 tokens of Q1 2025.
Intense competition in Layer 1 blockchain
In addition to the noteworthy tokens, Grayscale also pointed out that certain areas remained attractive in the past few quarters, including Ethereum scaling solutions (such as Optimism), tokenization (such as Chainlink), and decentralized physical infrastructure (DePIN, such as Helium).
Furthermore, the report states that the competition in the Layer 1 blockchain in 2024 was intense. In addition to well-known platforms like Ethereum and Solana, the development of high-performance blockchains Sui and TON also attracted a lot of developer attention and provided users with other options. As a result, the dominant smart contract platform Ethereum also faced threats.
However, the ecosystem still maintains its position in the smart contract market with a stable technical foundation and widespread adoption.
Grayscale’s report highlights the development potential of DeFi and decentralized AI technology in the future, as well as the improvement in the regulatory environment in the United States, which is crucial for driving the market. With relaxed regulations in the United States, the expansion of the Solana ecosystem, and the emergence of diverse Layer 1 networks, market participants will continuously find new opportunities in an ever-changing market.
Source: Cointelegraph, The Block, Grayscale