Grayscale Research释放了Q2 2025的前20个令牌列表，并添加RWA，DEPIN和IP令牌化

在每个季度开始时，Grayscale选择了数百个数字资产中具有最大增长潜力的前20个令牌。

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.

令牌正在成为加密货币景观中越来越不可或缺的一部分。随着区块链技术的不断发展，代币正在成为多种用例的多功能工具。从分数化的现实世界资产（RWA）到分散的物理基础设施（DEPIN）和知识产权（IP）代币化的新兴领域，可能性似乎无尽。

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，加密货币估值与技术股票和其他风险资产进行了广泛调整。市场帽加权行业的价格指数在本季度下降了18％（截至3月21日星期五），但比特币和其他一些加密货币的下降甚至价格上涨较小甚至上涨（例如，XRP）。本季度最弱的细分市场是消费者和文化，这主要是由于Doge和其他模因硬币的下降。

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.

在比特币网络活动的最广泛指标中，与用户活动相关的指标通常在Q1中表现良好。例如，余额大于或等于1美元的地址数量达到了4800万美元的新高点。相比之下，每月活跃的链链用户以1100万的范围保持相对平坦的四分之一。这两个指标之间的这种扩大差异表明，最近对比特币的需求可能来自用户对其作为“价值存储”的功能更感兴趣，而不是“交换媒介”。在Q1中，比特币的哈希速率上升到了近800张Exahash（EH/s），该网络转化为世界各地5-600万个比特币挖掘机的网络，试图以每秒约800万亿次的计算能力来解决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.

智能合同平台空间的基本指标通常在2025年初下降，这主要是由于Solana区块链上的Meme硬币交易活动的回调。尽管Meme硬币不提供现实世界的实用性，并且可以为投资者带来特别高的风险，但对Meme Coin交易的兴趣可能会将许多新用户带到Solana生态系统。根据Token Terminal的说法，索拉纳（Solana）的每月活跃用户在2024q4年底达到1.4亿，在2025年第1季度平均近9000万。即使模因硬币交易的放缓，Solana仍然产生了约3.9亿美元的Q1，大约一半的智能合同平台估计的总费用总额。

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的加密扇区框架包括三个与申请相关的加密资产类别：财务，消费者和文化以及公用事业和服务。这些细分市场包括链上经济活动的所有组成部分，包括面向用户的应用程序，相关的应用基础设施（例如，甲骨文和跨链桥）以及专门的区块链。因此，该类别是高度多样的，我们认为最好根据针对特定领域的类似资产进行评估。话虽如此，对于这三个与申请相关的加密类别中的资产，我们估计总成本约为26亿美元，比第1季度2024年增长了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.

下图为数字资产市场的各个部分提供了一些关键的基本统计数据。总体而言，与去年同期相比，这些指标的增长良好，但与上一季度相比，变化不同。

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.

每个季度，灰度研究团队都会分析数百个数字资产，以告知FTSE/灰度加密扇区指数的重估过程。在此过程之后，Grayscale Research生成了前20个加密保护局资产的列表。前20名代表了加密货币行业中各种各样的资产，我们认为在下一季度具有很高的潜力，包括一系列因素，包括网络增长/采用，即将到来的催化剂，基础知识的可持续性，估值，代币供应通货膨胀和潜在的尾巴风险。

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中表现最佳的令牌中有乐观（OP），Bittensor（Bixl）和Akash（AKT）。乐观是一种众所周知的以太量表缩放解决方案，Bittensor是一个针对区块链和AI开发的相交的新兴项目，而Akash是一个分散的云计算平台。这三个令牌的价格性能很高，预计在第二季度2025年将继续关注。

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中执行最差的令牌中，有链链接（Link），一个分散的Oracle网络和渲染（RNDR），这是一个侧重于渲染和3D图形处理的项目。这两个令牌的价格从2024年达到的高价下降。

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.

总体而言，第1季度2025年的加密货币市场表现不同。一些令牌和细分市场的性能要比其他代币更好，并鼓励投资者了解快速变化的加密货币景观中的最新发展。

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

随着对加密货币的兴趣不断增长，对代币的兴趣也是如此，从而为全球数以百万计的应用程序提供了利用。从扩展解决方案到元项目，