Grayscale Releases Updated List of Top 20 Crypto Projects for Q2 2025, Introducing Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP)

Grayscale, the world's largest crypto asset management company, has released its updated list of the Top 20 potential crypto projects for Q2 2025.

Crypto asset management company Grayscale has updated its list of the Top 20 crypto projects for Q2 2025. The latest list brings in three new contenders—Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP)—while dropping Akash, Arweave, and Jupiter from its ranks.

As the crypto market navigates turbulent times, Grayscale is making interesting bets on emerging trends that could rewrite the industry's narrative.

The first quarter of 2025 saw a downturn in the cryptocurrency market, mirroring the decline observed in tech stocks and other high-risk assets, according to Grayscale Research. Despite this, Web3 applications in DeFi, AI, and infrastructure sectors collectively generated over $2 billion in revenue.

One highlight from the report is the promise of Sui (SUI) as a smart contract platform. It provides rapid transactions with minimal fees without needing extra scaling layers like Ethereum. However, at present, Sui comprises only 3% of Grayscale’s Smart Contract Platforms index.

For Q2 2025, Grayscale is setting its sights on three key areas: Decentralized Physical Infrastructure (DePIN), Real World Assets (RWA), and Intellectual Property Tokenization (IP). Some new projects are stepping into the spotlight.

Among the new additions to Grayscale’s watchlist are:

Maple (SYRUP): A lending platform catering to institutional clients with over $600 million in total value locked (TVL). It has generated $20 million in fees over the past month and is aiming for $2 billion in TVL by 2025.

Geodnet (GEOD): A decentralized infrastructure project providing real-time, highly accurate positioning data. It now operates in 130+ countries with over 14,000 devices and has crossed $3 million in monthly fee revenue.

Story Protocol (IP): Focused on tokenizing the $70 trillion intellectual property market, this project is making headlines by bringing top artists, including Justin Bieber and BTS, to the blockchain.

However, Grayscale cautions that these assets remain highly volatile and risky. GEOD, in particular, lacks major exchange listings, making it an even riskier investment.

Three assets—Arweave (AR), Akash (AKT), and Jupiter (JUP)—have been removed from Grayscale’s Top 20 list due to their performance. Despite this, the firm will continue monitoring their potential.

Moreover, Grayscale observed a decline in overall market capitalization and a weakening of the Consumer & Culture sector, driven by the decline of memecoins and Solana’s ecosystem.