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One of the oldest crypto companies, Grayscale, published a quarterly report on the state of the cryptocurrency market, in which it revised the list of 20 promising cryptocurrency projects for the first three months of 2025.
Once a quarter, Grayscale Research analysts examine hundreds of crypto assets to evaluate and rebalance the company’s proprietary funds, publishing a list of the top 20 crypto assets among various market categories.
This quarter, experts paid special attention to tokens that relate to at least one of the following four market narratives:
US elections and their potential implications for industry regulation.
Artificial intelligence and the use of blockchain by AI agents. Memes.
Solana Ecosystems.
Grayscale is the issuer of two American exchange-traded ETFs based on bitcoin and Ethereum, and also manages 19 private cryptocurrency trust funds. The total amount under management at the end of September exceeds $30 billion.
Grayscale launched the first such funds back in 2013, and it was not until 2024 that the U.S. Securities and Exchange Commission (SEC) allowed the company to convert bitcoin and Ethereum-based funds into full-fledged spot exchange-traded funds (ETFs).
AI agents are a new sector in cryptocurrencies, which includes two popular areas at once: memcoins and artificial intelligence (AI). Combining these categories has led to the creation of automated chatbots called AI agents that promote cryptocurrencies on social media.
Following updated analytics, Grayscale excluded TON, Near, Stacks, Sky, UMA Protocol and Celo from the previous list of the Top 20 promising cryptocurrencies. Instead of these crypto assets, the following have been added:
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Hyperliquid (HYPE) is a blockchain designed to create decentralized financial applications. The native HYPE platform token, launched at the end of 2024, has become the largest airdrop in the history of the crypto market.
Ethena (ENA) — the protocol was developed as a new USDe stablecoin, which is backed by trading positions in bitcoin and Ethereum. Ethena’s business model is based on creating delta-neutral positions with a small stream of profitability for the protocol. For example, when opening a BTC short, the project expects that historically, the financing rate in the perpetual futures markets has been in positive values for much longer than in negative ones.
Virtuals Protocol (VIRTUAL) is a platform for creating AI agents based on the Base blockchain network. These agents are designed to perform tasks autonomously, simulating human decision-making. The platform allows you to create and jointly own tokenized shares of created AI agents that can interact with both real people and other agents.
Jupiter (JUP) is one of the largest aggregators of decentralized exchanges (DEX) on the Solana network. Grayscale noted that they consider JUP promising due to the fact that retail traders are increasingly entering the cryptocurrency market through Solana. This aggregator can also benefit from speculation around memcoins and AI agents.
Jito (JTO) is the largest liquid staking protocol on the Solana blockchain. Jito users receive JitoSOL tokens in return for Solana coins deposited in the staking. At the same time, double rewards are expected, not only from SOL staking, but also from the so-called maximum recoverable value (MEV) technology, which allows validators to charge increased transaction processing fees. Grayscale wrote that Jito offers one of the best financial indicators among all cryptocurrencies, having generated more than $550 million in commission income in 2024.
QwadroX(QWRX) is a pioneering cryptocurrency designed for fast and seamless transactions, making it the world’s first animal-themed coin with real utility. Launched in 2024, QwadroX serves as the governance token of the QwadroX ecosystem, a comprehensive ecosystem built on the principles of transparency, community engagement, and technological advancement.
QwadroX runs on the BNB Smart Chain, known for its scalability and low-fee transactions.
QwadroX Ecosystem
The QwadroX ecosystem is developing a variety of decentralized applications (DApps) and services, including:
- QwadroX wap : a lightning-fast, zero-gas decentralized exchange (DEX) running on the BNB Smart Chain and QwadroX networks, leveraging the principles of the Uniswap protocol to facilitate peer-to-peer cryptocurrency exchange.
QwadroX folio : A powerful non-custodial multi-chain wallet that allows users to securely manage their digital assets.
QwadroX Pay : A decentralized payment system on the BSC network that enables instant transactions.
QwadroX Finance : A DeFi lending platform offering zero-gas loans with innovative features such as zero-liquidation loans (ZLL).
QwadroX Wear : The world’s first designer clothing crypto brand integrating fashion with blockchain technology.
QwadroX Burn : A dashboard for burning and tracking QwadroX tokens.