Gray update 2025 Q1 top 20 assets list in the encryption industry, adding HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS

In the latest TechFlow news, on December 30th, Grayscale Research released an insight report on the encryption sector in the first quarter of 2025 and updated the top 20 list of assets in the encryption industry. The Grayscale Research team analyzes hundreds of digital assets every quarter to guide the rebalancing process of the FTSE/Grayscale encryption industry index series.

This quarter, the Grayscale research team is particularly focused on the following market themes: the U.S. election and its potential impact on industry regulation, breakthroughs in decentralized AI technology, and the growth of the Solana ecosystem. Based on these themes, Grayscale’s top 20 assets include Hyperliquid, Ethena, Virtual Protocol, Jupiter, Jito, and Grass, which are considered to have high potential in the coming quarters.

Hyperliquid (HYPE): A Layer 1 blockchain designed to support on-chain financial applications, with the main application being a decentralized exchange (DEX) for perpetual futures, featuring a fully on-chain order book.

Ethena (ENA): A new stablecoin USDe, mainly supported by hedged positions in Bitcoin and Ethereum. The protocol holds long positions in Bitcoin and Ethereum and short positions in perpetual futures contracts on the same assets.

Virtual Protocol (VIRTUAL): A platform built on the Ethereum Layer 2 network Base that creates AI agents capable of autonomously executing tasks, simulating human decision-making, and supporting the creation and co-ownership of tokenized AI agents.

Jupiter (JUP): The primary DEX aggregator on Solana, with the highest Total Value Locked (TVL) in the network. With the increasing number of retail traders, Jupiter is expected to benefit from market activities of Solana-based memecoins and AI proxy tokens.

Jito (JTO): Liquidity protocol on Solana, with significant growth in adoption over the past year, generating over $550 million in fee revenue in 2024, with excellent financial condition.

Grass (GRASS): A decentralized data network that rewards users for sharing unused internet bandwidth through a Chrome extension, which is used for online data crawling. The data is then sold to AI companies and developers for training machine learning models.