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Grayscale Investments has updated its list of top 20 tokens to watch for the first quarter of 2025, adding projects from the AI and Solana DeFi sectors. This quarterly update features tokens such as Hyperliquid (HYPE), Virtuals (VIRTUAL), Ethena (ENA), Jupiter (JUP), Jito (JTO), and Grass (GRASS).
According to Grayscale, these additions reflect three emerging trends: a more favorable regulatory climate in the U.S., significant breakthroughs in decentralized AI, and robust growth within Solana’s ecosystem. Virtuals and Grass represent AI platforms, while Jupiter and Jito are DeFi applications native to Solana. Hyperliquid stands out as a high-performance layer-1 blockchain network, and Ethena focuses on innovative DeFi solutions.
The asset manager remains bullish on previously highlighted themes such as Ethereum scaling solutions, tokenization, and decentralized physical infrastructure. Tokens like Optimism (OP), Chainlink (LINK), and Helium (HNT) continue to dominate in these areas.
Grayscale also addressed the competition among smart contract platforms, noting that Ethereum, Solana, Avalanche (AVAX), and Sui (SUI) are expected to remain leaders despite the growing number of alternative blockchain networks.
Donald Trump’s recent election victory has further buoyed optimism in the crypto space. With promises to appoint crypto-friendly regulators and position the U.S. as the “world’s crypto capital,” the market outlook for 2025 appears strong. Industry executives, including Raj Brahmbhatt of Web3 firm Zeebu, are predicting significant growth in the U.S. crypto sector.
Solana’s ecosystem, in particular, is showing remarkable growth, with Total Value Locked (TVL) increasing from $1.5 billion in January to $8.5 billion in December 2024. Jito, a Solana-based staking pool, generated over $100 million in monthly revenue through priority fees and tips during November and December, reinforcing the blockchain’s DeFi potential.
Grayscale’s report underscores the growing role of AI and decentralized technologies in reshaping the digital asset landscape, with 2025 poised to be a pivotal year for these sectors.