Grayscale Investments has unveiled its updated Top 20 Crypto Assets List for Q3 2025, spotlighting Avalanche (AVAX) and Morpho as new additions while omitting major players like XRP and Cardano (ADA). This research-driven selection prioritizes on-chain traction and ecosystem growth over market capitalization alone.
Grayscale’s Updated Crypto Selection: Key Takeaways
New Entrants:
- Avalanche (AVAX): Recognized for surging transaction volumes linked to blockchain gaming and stablecoin adoption.
- Morpho: A DeFi lending protocol with $4B+ total value locked (TVL) and $100M annualized fees.
Notable Exclusions:
- XRP, Cardano, BNB, and TRON were left out despite their market cap dominance.
- Grayscale emphasized fundamentals and sustainable activity over popularity.
Top 20 Highlights:
- BTC, ETH, SOL, SUI, Chainlink (established assets).
- DeFi protocols: Aave, Uniswap, Hyperliquid, Bittensor, Ethena, and others.
Why Avalanche and Morpho Made the Cut
Avalanche (AVAX)
Grayscale highlighted Avalanche’s ecosystem expansion, driven by:
- Rising transaction volumes from gaming integrations.
- Stablecoin adoption fueling network utility.
“While long-term sustainability is unclear, Avalanche’s growth signals strong traction.”
Morpho
The DeFi lender earned its spot due to:
- TVL doubling to $4B in 12 months.
- V2 launch targeting institutional participation.
👉 Explore DeFi lending innovations
Why XRP and ADA Were Overlooked
Despite Ripple’s partnerships and Cardano’s scaling efforts, both assets lagged in:
Price Performance:
- XRP: -4% YTD, 45% below ATH.
- ADA: -35% YTD, 80% below ATH.
- Network Activity: Grayscale prioritizes sustained usage over hype.
FAQ: Grayscale’s Crypto Picks
Q: How does Grayscale select its Top 20?
A: Metrics include on-chain activity, development milestones, and fee revenue, not just market cap.
Q: Will XRP or ADA return to the list?
A: Possible if they demonstrate consistent growth and adoption catalysts.
Q: What’s next for Avalanche and Morpho?
A: AVAX aims to scale gaming/DeFi; Morpho eyes institutional DeFi via V2.
👉 Stay updated on crypto trends
Grayscale’s list reflects a shift toward utility-driven investments, underscoring the importance of real-world use cases in crypto’s evolution.
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