Grayscale 公布 2025 年第一季度 20 种加密资产，迎来六种新山寨币

Grayscale Investments 发布了季度回顾，公布了 2025 年第一季度的 20 种加密资产。每个季度，Grayscale 研究团队都会评估“数百种数字资产”，以指导 FTSE/Grayscale Crypto Sectors 系列指数的重新平衡。

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 公布了 2025 年第一季度的前 20 种加密资产。每个季度，Grayscale 研究团队都会评估“数百种数字资产”，以指导 FTSE/Grayscale 加密行业指数系列的重新平衡。

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 名名单中的最新成员以 Grayscale 认为将塑造未来几个月的三个主要市场主题为指导：美国大选和潜在的监管影响、去中心化 AI 的快速发展以及不断扩大的 Solana 生态系统。

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.

虽然比特币、以太坊、Solana、Chainlink、Uniswap、SushiSwap、Aave、Bittensor、Optimism、Lido DAO、Helium、Arweave、Aerodrome 和 Akash Network 仍在名单上，但与上一季度相比，增加了六种新的山寨币。

“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.

报告指出，“我们正在将以下六种资产添加到 2025 年第一季度的前 20 名资产列表中”，并强调每个项目都与上述一个或多个主题显着一致。

Best (New) Crypto Assets For Q1 2025

2025 年第一季度最佳（新）加密资产

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 是面向链上金融应用的 Layer 1 区块链，其旗舰产品是永续期货的去中心化交易所 (DEX)。 HYPE 围绕完全链上订单簿构建，旨在满足去中心化环境中对高级衍生品交易不断增长的需求。值得注意的是，HYPE 在过去几周迅速崛起，已在市值最大的加密货币排行榜上排名第 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 协议引入了一种新型稳定币 USDe，以比特币和以太币的对冲头寸为支持。正如灰度解释的那样，“具体来说，该协议持有比特币和以太币的多头头寸，以及相同资产的永续期货合约的空头头寸。”代币的质押版本利用了现货和期货市场之间的定价差异，有可能为参与者提供独特的收益概况。

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.

虚拟协议（VIRTUAL）：虚拟协议在以太坊第 2 层网络 Base 上运行，可以创建旨在自主运行的 AI 代理。 “这些人工智能代理旨在模仿人类决策，自主执行任务，”灰度指出。该平台还允许通过代币化实现这些代理的共同所有权，从而将人工智能功能与区块链基础设施联系起来。

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 已成为 Solana 上领先的 DEX 聚合器，在所有 Solana 应用程序中记录了最高的总锁定价值 (TVL)。报告指出，随着 Solana 的用户群扩大以及围绕 memecoin 和 AI 代理代币的猜测加剧，“我们相信 Jupiter 处于有利位置，可以利用这一不断增长的市场活动”。

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 上的一种流动质押协议，在过去一年中得到了广泛采用。值得注意的是，Grayscale 强调了该项目的可观收益：“Jito 在过去一年中的采用率大幅增长，并提供了所有加密货币中最好的财务状况之一，在 2024 年产生了超过 5.5 亿美元的费用收入。”

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 奖励通过 Chrome 扩展程序共享未使用的互联网带宽的用户。 Grayscale 表示：“这些带宽用于抓取在线数据，然后将其出售给人工智能公司和开发人员，用于训练机器学习模型。”该项目通过向贡献闲置带宽的用户重新分配奖励来实现网络抓取货币化。

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“对前几个季度的主题感到兴奋，例如以太坊扩展解决方案、代币化和去中心化物理基础设施 (DePIN)”。这些既定主题的例子包括 Optimism、Chainlink 和 Helium，由于它们分别与扩展、代币化和 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 六种资产已从本季度的前 20 名名单中退出。 “灰度研究继续看到这些项目的价值，它们仍然是加密生态系统的重要组成部分。然而，我们相信修订后的前 20 名名单可能会为下一季度提供更引人注目的风险调整回报，”Grayscale 指出。

At press time, HYPE traded at $29.38.

截至发稿时，HYPE 交易价格为 29.38 美元。