Grayscale Research has revised its Top 20 digital assets ranking during the third quarter of 2025, introducing Avalanche (AVAX) and Morpho (MORPHO) into its lineup.
This addition reflects a colorful crypto scene, one that constantly shifts with evolving tech and investor attitudes. Meanwhile, Lido DAO (LDO) and Optimism (OP) have been removed following a comprehensive reconsideration of short-term fundamentals of projects.
Avalanche has registered enhanced activity within its blockchain platform, specifically through heightened transaction volumes as well as user activity. The fresh adoption of MapleStory and corresponding stablecoin flows can explain the sudden performance leap of this asset.
Now, Avalanche ranks as sixth-highest-ranked project of its Smart Contract Platform category based on a comparison of its market capitalization. Morpho also stands out with significant advancements in the decentralized finance (DeFi) space.
The Ethereum-based protocol now holds over $4 billion in Total Value Locked (TVL), making it the second-largest lending platform by this metric. Morpho’s annualized fee revenue has climbed to $100 million, while its newly launched Morpho V2 aims to bridge decentralized and traditional finance.
Grayscale launches AI crypto sector with growth
Grayscale recently launched the Artificial Intelligence Crypto Sector, encompassing 24 assets worth a combined $15 billion. Bittensor remains the largest token in this category, reflecting growing investor interest in decentralized AI networks.
The sector saw a 10% return in Q2, even as broader market trends remained uncertain. The broader crypto space experienced turbulence in Q2 2025 due to geopolitical tensions. Changes in U.S. policy also contributed to a nervous market environment during this period.
Bitcoin’s 30% rise was at the head of this quarter’s gainers within the Currencies sector even as Consumer & Culture and Utilities & Services declined.
Blockchain’s fundamentals within this quarter’s mixed bag saw transaction volumes rise even as fee revs slipped, particularly due to flagging interest within meme coins constructed on Solana.
Grayscale’s Crypto Sectors framework now covers 261 assets with a combined valuation of $3 trillion, providing a structured way to assess opportunities in this evolving digital economy.
