Grayscale has added tokens from several artificial intelligence (AI) platforms and decentralized finance (DeFi) applications to its list of 20 most notable tokens in the first quarter of 2025, according to the asset manager’s Dec. 30 research report.
The Q1/2025 watchlist, which Grayscale updates quarterly, currently includes tokens such as Hyperliquid (HYPE), Ethena (ENA), Virtuals (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS).
Each new addition benefits from one of three major industry trends: a more favorable regulatory environment in the United States, breakthroughs in decentralized AI, or growth in the Solana ecosystem, according to Grayscale.
Specifically, Virtuals and Grass are AI platforms, Hyperliquid is a high-performance layer-1 (L1) network, while Ethena, Jupiter, and Jito are DeFi applications. Jupiter and Jito are native applications of Solana.
“In addition to new trends, […] we remain excited about trends from previous quarters such as Ethereum scaling solutions, tokenization, and decentralized physical infrastructure (DePIN),” Grayscale said.
These trends are represented by the continued presence of tokens such as Optimism, Chainlink, and Helium on Grayscale’s list.
Grayscale also noted that smart contract platforms – such as Ethereum, Solana, Avalanche, and Sui – “may be the most competitive market segment in the digital asset space.”
The explosion of alternative layer-1 blockchain networks is one of the reasons why ETH will underperform its competitors in 2024, Grayscale added.
