Grayscale, a leading digital asset management firm, has updated its quarterly watchlist of top tokens to watch for the first quarter of 2025. The new list includes several tokens tied to emerging trends in the crypto space, including decentralized AI platforms and fast-growing Solana-based DeFi applications.
The company’s research report, published on December 30, highlights Hyperliquid (HYPE), Ethena (ENA), Virtuals (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS) among the newly included digital assets. These tokens were selected based on their exposure to three major industry developments: a more favorable U.S. regulatory outlook, advances in decentralized artificial intelligence, and the continued expansion of the Solana ecosystem.
Overview of New Token Additions
Grayscale’s watchlist is updated quarterly and aims to identify tokens with strong thematic tailwinds. The latest refresh reflects a strategic focus on high-growth narrative sectors within the crypto market.
Among the newly added tokens, Virtuals and Grass represent platforms operating in the AI and content generation space. Hyperliquid is recognized as a high-performance Layer-1 blockchain focused on decentralized trading. Ethena, Jupiter, and Jito are all decentralized finance (DeFi) protocols, with the latter two being native to the Solana network.
Alongside these new entrants, Grayscale continues to monitor tokens tied to previously highlighted themes. These include Ethereum scaling solutions, tokenization, and decentralized physical infrastructure networks (DePIN). Tokens such as Optimism (OP), Chainlink (LINK), and Helium (HNT) remain on the list due to their alignment with these persistent trends.
Major Crypto Themes for Early 2025
Grayscale’s analysis points to several key factors influencing its token selection for the upcoming quarter.
Improved U.S. Regulatory Environment
The outcome of the 2024 U.S. elections is widely expected to bring a more supportive regulatory approach to the digital asset industry. The new administration has committed to appointing pro-crypto leaders to major regulatory agencies and fostering an environment where innovation can thrive.
Many industry executives believe this shift will significantly benefit the entire digital asset ecosystem, particularly areas like decentralized finance, staking, and real-world asset (RWA) tokenization.
Growth of Decentralized AI
Artificial intelligence is rapidly converging with blockchain technology. Decentralized AI platforms are gaining traction, with agents and AI-powered tools expected to play a bigger role in on-chain activities and community governance.
These platforms leverage blockchain for transparent, decentralized operations, creating new demand for their native tokens. This trend is seen as a major driver for AI-related crypto assets in 2025.
The Rise of Solana and Its DeFi Ecosystem
Solana has demonstrated remarkable growth throughout 2024, particularly within its DeFi sector. The total value locked (TVL) on Solana-based applications surged from approximately $1.5 billion in January to nearly $8.5 billion by December, according to data from DefiLlama.
Protocols like Jito have generated significant revenue through priority fees and MEV-based tips, highlighting the economic vitality of the ecosystem. This robust performance has drawn increased attention from investors and analysts alike.
Smart Contract Platforms Remain Highly Competitive
Grayscale also emphasized that the market for smart contract platforms remains one of the most competitive sectors in crypto. While Ethereum (ETH) continues to hold a leading position, alternative Layer-1 networks like Solana (SOL), Avalanche (AVAX), and Sui (SUI) have seen accelerated development and adoption.
The report noted that these alternatives have, in some cases, outperformed Ethereum in 2024, partly due to their higher throughput and lower transaction costs, which appeal to both developers and users.
For those looking to track the performance of these dynamic assets, staying informed with real-time data is crucial. You can 👉 explore real-time market tools to monitor these trends.
Frequently Asked Questions
What is Grayscale’s watchlist?
Grayscale’s watchlist is a quarterly report that highlights 20 digital assets the firm believes are well-positioned to benefit from emerging market trends. It includes established tokens like Ethereum and newer projects aligned with themes like AI and DeFi.
Why were AI tokens added to the list?
Tokens like VIRTUAL and GRASS were added due to the growing convergence of AI and blockchain. Decentralized AI platforms are seen as a major growth area, using crypto tokens to incentivize network participation and governance.
What makes Solana’s ecosystem stand out?
Solana has gained attention for its high speed, low costs, and expanding DeFi landscape. Its TVL growth and the success of protocols like Jito and Jupiter demonstrate strong developer activity and user adoption.
How does regulation affect crypto performance?
Positive regulatory developments, such as supportive leadership in key U.S. agencies, can reduce uncertainty and encourage institutional investment. This often benefits a wide range of digital assets, particularly those in DeFi and compliant tokenization projects.
What are the risks of investing based on thematic trends?
Thematic investing can be volatile. While trends like AI and DeFi offer growth potential, they are also subject to rapid changes in technology, competition, and market sentiment. Always conduct thorough research.
Where can I learn more about specific tokens?
For detailed analysis and token metrics, it's best to refer to official project documentation, reputable data aggregators, and research platforms. You can also 👉 get advanced market insights to deepen your understanding.