Grayscale 公佈 2025 年第一季 20 種加密資產，迎來六種新山寨幣

Grayscale Investments 發布了季度回顧，公佈了 2025 年第一季度的 20 種加密資產。

Grayscale has unveiled its top 20 crypto assets for Q1 2025. Each quarter, the Grayscale Research team evaluates “hundreds of digital assets” to guide the rebalancing of the FTSE/Grayscale Crypto Sectors family of indexes.

Grayscale 公佈了 2025 年第一季的前 20 種加密資產。

The newest additions to the top 20 list are guided by three main market themes that Grayscale believes will shape the coming months: the US election and potential regulatory implications, rapid developments in decentralized AI, and the expanding Solana ecosystem.

前 20 名名單中的最新成員以 Grayscale 認為將塑造未來幾個月的三個主要市場主題為指導：美國大選和潛在的監管影響、去中心化 AI 的快速發展以及不斷擴大的 Solana 生態系統。

While Bitcoin, Ethereum, Solana, Chainlink, Uniswap, SushiSwap, Aave, Bittensor, Optimism, Lido DAO, Helium, Arweave, Aerodrome and Akash Network remain on the the list, six new altcoins were added compared to the previous quarter.

雖然比特幣、以太坊、Solana、Chainlink、Uniswap、SushiSwap、Aave、Bittensor、Optimism、Lido DAO、Helium、Arweave、Aerodrome 和Akash Network 仍在名單上，但與上一季相比，增加了六種新的山寨幣。

“We are adding the following six assets to our Top 20 list for Q1 2025,” the report states, emphasizing each project’s notable alignment with one or more of the aforementioned themes.

報告指出，“我們正在將以下六種資產添加到 2025 年第一季的前 20 名資產清單中”，並強調每個項目都與上述一個或多個主題顯著一致。

Best (New) Crypto Assets For Q1 2025

2025 年第一季最佳（新）加密資產

Hyperliquid (HYPE): A Layer 1 blockchain geared toward on-chain financial applications, Hyperliquid’s flagship product is a decentralized exchange (DEX) for perpetual futures. Built around a fully on-chain order book, HYPE seeks to capture the growing demand for advanced derivatives trading in a decentralized environment. Notably, HYPE has seen a meteoric rise over the past weeks, already claiming rank #19 on the list of the largest cryptocurrencies by market cap.

Hyperliquid (HYPE)：Hyperliquid 是面向鏈上金融應用的 Layer 1 區塊鏈，其旗艦產品是永續期貨的去中心化交易所 (DEX)。 HYPE 圍繞著完全鏈上訂單簿構建，旨在滿足去中心化環境中對高級衍生性商品交易不斷增長的需求。值得注意的是，HYPE 在過去幾週迅速崛起，已在市值最大的加密貨幣排行榜上排名第 19 位。

Ethena (ENA): Ethena protocol has introduced a novel stablecoin, USDe, backed by hedged positions in Bitcoin and Ether. As Grayscale explains, “Specifically, the protocol holds long positions in Bitcoin and Ether and short positions in perpetual futures contracts on the same assets.” A staked version of the token leverages the pricing differential between spot and futures markets, potentially offering a unique yield profile for participants.

Ethena (ENA)：Ethena 協議引入了一種新型穩定幣 USDe，以比特幣和以太幣的對沖頭寸為支援。正如灰度所解釋的那樣，“具體來說，該協議持有比特幣和以太幣的多頭頭寸，以及相同資產的永續期貨合約的空頭頭寸。”代幣的質押版本利用了現貨和期貨市場之間的定價差異，有可能為參與者提供獨特的收益概況。

Virtual Protocol (VIRTUAL): Operating on Base, an Ethereum Layer 2 network, Virtual Protocol enables the creation of AI agents designed to function autonomously. “These AI agents are designed to perform tasks autonomously, mimicking human decision-making,” Grayscale notes. The platform further allows for co-ownership of these agents via tokenization, bridging AI capabilities with blockchain infrastructure.

虛擬協定（VIRTUAL）：虛擬協定在以太坊第 2 層網路 Base 上運行，可以建立旨在自主運行的 AI 代理程式。 「這些人工智慧代理旨在模仿人類決策，自主執行任務，」灰度指出。該平台還允許透過代幣化實現這些代理的共同所有權，從而將人工智慧功能與區塊鏈基礎設施聯繫起來。

Jupiter (JUP): Jupiter has emerged as a leading DEX aggregator on Solana, recording the highest total value locked (TVL) among all Solana applications. With Solana’s user base broadening and speculation intensifying around memecoins and AI agent tokens, “we believe Jupiter is well positioned to capitalize on this growing market activity,” states the report.

Jupiter (JUP)：Jupiter 已成為 Solana 上領先的 DEX 聚合器，在所有 Solana 應用程式中記錄了最高的總鎖定價值 (TVL)。報告指出，隨著 Solana 的用戶群擴大以及圍繞 memecoin 和 AI 代理代幣的猜測加劇，「我們相信 Jupiter 處於有利位置，可以利用這一不斷增長的市場活動」。

Jito (JTO): Jito is a liquid staking protocol on Solana that has demonstrated strong adoption over the past year. Notably, Grayscale highlights the project’s substantial earnings: “Jito has experienced substantial growth in adoption over the past year and offers one of the best financial profiles in all of crypto, generating over $550mn in 2024 fee revenue.”

Jito (JTO)：Jito 是 Solana 上的一種流動質押協議，在過去一年中得到了廣泛採用。值得注意的是，Grayscale 強調了該項目的可觀收益：「Jito 在過去一年中的採用率大幅增長，並提供了所有加密貨幣中最好的財務狀況之一，在2024 年產生了超過5.5 億美元的費用收入。

Grass (GRASS): Grass rewards users for sharing unused internet bandwidth via a Chrome extension. “This bandwidth is used to scrape online data, which is then sold to AI companies and developers for training machine learning models,” according to Grayscale. The project monetizes web scraping by redistributing rewards to users who contribute their idle bandwidth.

Grass (GRASS)：Grass 獎勵透過 Chrome 擴充功能分享未使用的網路頻寬的用戶。 Grayscale 表示：“這些頻寬用於抓取線上數據，然後將其出售給人工智慧公司和開發人員，用於訓練機器學習模型。”該專案透過向貢獻閒置頻寬的用戶重新分配獎勵來實現網路抓取貨幣化。

Furthermore, Grayscale notes that it continues to be “excited about themes from previous quarters such as Ethereum scaling solutions, tokenization, and decentralized physical infrastructure (DePIN).” Examples of these established themes include Optimism, Chainlink, and Helium, which remain in the Top 20 due to their alignment with scaling, tokenization, and DePIN use cases, respectively.

此外，Grayscale 指出，它仍然「對前幾季的主題感到興奮，例如以太坊擴展解決方案、代幣化和去中心化實體基礎設施 (DePIN)」。這些既定主題的例子包括 Optimism、Chainlink 和 Helium，由於它們分別與擴展、代幣化和 DePIN 用例保持一致，因此仍保持在前 20 名。

Notably, six assets—NEAR, Stacks, Maker CELO, UMA, and TON—have been rotated out of the Top 20 list this quarter. “Grayscale Research continues to see value in each of these projects, and they remain important elements of the crypto ecosystem. However, we believe the revised Top 20 list may offer more compelling risk-adjusted returns for the coming quarter,” Grayscale notes.

值得注意的是，NEAR、Stacks、Maker CELO、UMA 和 TON 六種資產已從本季的前 20 名名單中退出。 「灰階研究繼續看到這些項目的價值，它們仍然是加密生態系統的重要組成部分。然而，我們相信修訂後的前 20 名名單可能會為下一季度提供更引人注目的風險調整回報，」Grayscale 指出。

At press time, HYPE traded at $29.38.

截至發稿時，HYPE 交易價格為 29.38 美元。