Grayscale Research釋放了Q2 2025的前20個令牌列表，並添加RWA，DEPIN和IP令牌化

在每個季度開始時，Grayscale選擇了數百個數字資產中具有最大增長潛力的前20個令牌。

Tokens are becoming an increasingly integral part of the cryptocurrency landscape. As blockchain technology continues to evolve, tokens are emerging as a versatile tool for diverse use cases. From fractionalized real-world assets (RWA) to decentralized physical infrastructure (DePIN) and the burgeoning realm of intellectual property (IP) tokenization, the possibilities seem endless.

令牌正在成為加密貨幣景觀中越來越不可或缺的一部分。隨著區塊鏈技術的不斷發展，代幣正在成為多種用例的多功能工具。從分數化的現實世界資產（RWA）到分散的物理基礎設施（DEPIN）和知識產權（IP）代幣化的新興領域，可能性似乎無盡。

In the first quarter of 2025, cryptocurrency valuations adjusted broadly, in tandem with tech stocks and other risk assets. The market-cap-weighted cryptocurrency industry price index declined 18% over the quarter (figures are as of Friday, March 21), but Bitcoin and some other cryptocurrencies saw less decline or even price increases (e.g., XRP). The weakest segments this quarter were Consumer & Cultural, largely due to declines in DOGE and other meme coins.

在2025年第一季度，加密貨幣估值與技術股票和其他風險資產進行了廣泛調整。市場帽加權行業的價格指數在本季度下降了18％（截至3月21日星期五），但比特幣和其他一些加密貨幣的下降甚至價格上漲較小甚至上漲（例如，XRP）。本季度最弱的細分市場是消費者和文化，這主要是由於Doge和其他模因硬幣的下降。

Among the broadest indicators of Bitcoin network activity, those related to user activity generally performed well in Q1. For example, the number of addresses with a balance greater than or equal to $1 reached a new high of 48 million. In contrast, monthly active on-chain users remained relatively flat quarter-over-quarter at 11 million. This widening difference between the two metrics suggests that recent demand for Bitcoin may be coming from users more interested in its function as a “store of value” rather than a “medium of exchange.” Bitcoin’s hash rate rose to nearly 800 exahash (EH/s) in Q1, which translates to a network of 5-6 million Bitcoin mining machines around the world attempting to solve the PoW algorithm at a computing power of about 800 trillion times per second.

在比特幣網絡活動的最廣泛指標中，與用戶活動相關的指標通常在Q1中表現良好。例如，餘額大於或等於1美元的地址數量達到了4800萬美元的新高點。相比之下，每月活躍的鍊鍊用戶以1100萬的範圍保持相對平坦的四分之一。這兩個指標之間的這種擴大差異表明，最近對比特幣的需求可能來自用戶對其作為“價值存儲”的功能更感興趣，而不是“交換媒介”。在Q1中，比特幣的哈希速率上升到了近800張Exahash（EH/s），該網絡轉化為世界各地5-600萬個比特幣挖掘機的網絡，試圖以每秒約800萬億次的計算能力來解決POW算法。

Fundamental indicators for the smart contract platforms space generally declined in early 2025, largely due to a pullback in meme coin trading activity on the Solana blockchain. Although meme coins offer no real-world utility and can carry a particularly high risk for investors, interest in meme coin trading may have brought many new users to the Solana ecosystem. According to Token Terminal, Solana’s monthly active users reached 140 million at the end of 2024Q4 and averaged nearly 90 million in Q1 2025. Even with the slowdown in meme coin transactions, Solana still generated about $390 million in fees in Q1, roughly half of the smart contract platform’s estimated total fee-generating capacity.

智能合同平台空間的基本指標通常在2025年初下降，這主要是由於Solana區塊鏈上的Meme硬幣交易活動的回調。儘管Meme硬幣不提供現實世界的實用性，並且可以為投資者帶來特別高的風險，但對Meme Coin交易的興趣可能會將許多新用戶帶到Solana生態系統。根據Token Terminal的說法，索拉納（Solana）的每月活躍用戶在2024q4年底達到1.4億，在2025年第1季度平均近9000萬。即使模因硬幣交易的放緩，Solana仍然產生了約3.9億美元的Q1，大約一半的智能合同平台估計的總費用總額。

Grayscale’s Crypto Sectors framework includes three application-related crypto asset classes: Financial, Consumer & Cultural, and Utilities & Services. These segments include all components of on-chain economic activity, including user-facing applications, related application infrastructure (e.g., oracles and cross-chain bridges), and specialized blockchains. As such, the category is highly diverse, and we believe it is best to evaluate them based on similar assets that are focused on specific areas. That being said, for assets in these three application-related crypto categories, we estimate the total cost to be approximately $2.6 billion, up 99% from Q1 2024.

Grayscale的加密扇區框架包括三個與申請相關的加密資產類別：財務，消費者和文化以及公用事業和服務。這些細分市場包括鏈上經濟活動的所有組成部分，包括面向用戶的應用程序，相關的應用基礎設施（例如，甲骨文和跨鏈橋）以及專門的區塊鏈。因此，該類別是高度多樣的，我們認為最好根據針對特定領域的類似資產進行評估。話雖如此，對於這三個與申請相關的加密類別中的資產，我們估計總成本約為26億美元，比第1季度2024年增長了99％。

The chart below provides some key fundamental statistics for various parts of the digital asset market. Overall, these metrics have seen good growth compared to the same period last year, but mixed changes compared to the previous quarter.

下圖為數字資產市場的各個部分提供了一些關鍵的基本統計數據。總體而言，與去年同期相比，這些指標的增長良好，但與上一季度相比，變化不同。

Every quarter, the Grayscale Research team analyzes hundreds of digital assets to inform the revaluation process of the FTSE/Grayscale Crypto Sectors Index. After this process, Grayscale Research generates a list of the Top 20 Crypto Sectors assets. The Top 20 represents a diverse range of assets in the cryptocurrency industry that we believe have high potential in the coming quarter, combining a range of factors including network growth/adoption, upcoming catalysts, sustainability of fundamentals, token valuations, token supply inflation, and potential tail risks.

每個季度，灰度研究團隊都會分析數百個數字資產，以告知FTSE/灰度加密扇區指數的重估過程。在此過程之後，Grayscale Research生成了前20個加密保護局資產的列表。前20名代表了加密貨幣行業中各種各樣的資產，我們認為在下一季度具有很高的潛力，包括一系列因素，包括網絡增長/採用，即將到來的催化劑，基礎知識的可持續性，估值，代幣供應通貨膨脹和潛在的尾巴風險。

Among the tokens that performed best in Q1 2025 are Optimism (OP), Bittensor (BIXL), and Akash (AKT). Optimism is a well-known Ethereum scaling solution, Bittensor is an emerging project focused on the intersection of blockchain and AI development, and Akash is a decentralized cloud computing platform. These three tokens have seen strong price performance and are expected to continue to be closely watched in Q2 2025.

在Q1 2025中表現最佳的令牌中有樂觀（OP），Bittensor（Bixl）和Akash（AKT）。樂觀是一種眾所周知的以太量表縮放解決方案，Bittensor是一個針對區塊鍊和AI開發的相交的新興項目，而Akash是一個分散的雲計算平台。這三個令牌的價格性能很高，預計在第二季度2025年將繼續關注。

Among the tokens that performed worst in Q1 2025 are Chainlink (LINK), a decentralized oracle network, and Render (RNDR), a project focused on rendering and 3D graphics processing. Both tokens have seen significant price declines from their highs reached in 2024.

在第1季度2025中執行最差的令牌中，有鍊鍊接（Link），一個分散的Oracle網絡和渲染（RNDR），這是一個側重於渲染和3D圖形處理的項目。這兩個令牌的價格從2024年達到的高價下降。

Overall, Q1 2025 saw mixed performance from the cryptocurrency market. Some tokens and segments performed better than others, and investors are encouraged to stay informed about the latest developments in the rapidly changing crypto landscape.

總體而言，第1季度2025年的加密貨幣市場表現不同。一些令牌和細分市場的性能要比其他代幣更好，並鼓勵投資者了解快速變化的加密貨幣景觀中的最新發展。

As interest in crypto continues to grow, so too does interest in the tokens that power the applications used by millions around the world. From scaling solutions to metaverse projects, there is

隨著對加密貨幣的興趣不斷增長，對代幣的興趣也是如此，從而為全球數以百萬計的應用程序提供了利用。從擴展解決方案到元項目，