Grayscale Analysis simply printed its new “High 20” record for promising altcoins in Q3 2025. The record principally stays the identical from Q2, eradicating Lido DAO (LDAO) and Optimism (OP) so as to add Avalanche (AVAX) and MORPHO.
The agency assessed these altcoins on their market sector efficiency and individually. AVAX and OP are each good contract protocols, however it swapped the 2 out because of company-specific circumstances.
Grayscale’s Latest High 20 Record
Grayscale Analysis periodically makes lists like this, updating its “High 20” alongside “Property Beneath Consideration” and different sector-specific assessments.
The agency makes use of a various set of standards to evaluate its most well-liked altcoins, monitoring which market sectors carry out higher than others. At present, Grayscale launched its new suggestions for Q3 2025:
Grayscale used a sophisticated metric to compile this record; for instance, it added and eliminated altcoins from the identical market class.
It categorized LDAO underneath “Utilities & Providers,” which was the bottom performer, and changed it with MORPHO, from the second-highest “Financials.”
Nevertheless, AVAX and OP are each good contract protocols, and Grayscale assessed that this sector didn’t develop or shrink a lot. In different phrases, Avalanche’s enterprise developments should account for its place in Grayscale’s record.
In Q2 alone, new partnerships gave the blockchain a surge in on-chain exercise, whereas Optimism suffered a 54% drop in ETH reserves.
Grayscale additional clarified that Ethereum’s new give attention to interoperability may make an L-2 like Optimism redundant. AVAX’s natural development stands out in distinction, making it a transparent selection for Grayscale’s record.
The agency expressed comparable issues for LDAO, because the SEC may approve ETF staking quickly, eradicating the blockchain’s foremost market enchantment.
MORPHO grew considerably within the final yr, however that isn’t why Grayscale put it on the High 20 record. As a substitute, the analysis agency was extremely optimistic about its potential to outperform rivals in its personal market sector:
“This previous month, Morpho introduced Morpho V2, designed to convey DeFi to conventional monetary establishments. Grayscale Analysis is optimistic about the way forward for on-chain lending exercise, and Morpho appears effectively positioned to probably seize a significant share of that development,” Grayscale claimed.
Grayscale’s findings and commentary are insightful, however it’s vital to do not forget that it’s a analysis agency, not a market mover. It cautioned potential buyers that every one 20 of those tokens are very risky.
In truth, all 4 of those belongings barely decreased in worth since Grayscale launched this record, even those it was optimistic about.
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