The investment firm Grayscale Investments updated its list of the 20 cryptocurrencies that are in its «radar» for the third quarter of 2025, incorporating Avalanche (Avax) and Morpho (Morpho) after an exhaustive analysis of hundreds of digital assets.
The report highlights the potential of these projects in a context of growing adoption and specific developments in their ecosystems, according to the firm’s research team.
Avalanche, the 17th largest digital asset for market capitalization, joins the list due to a Increase in its volume of transactions, users and ratesGrayscale stands out.
This growth, which seems driven by the integration of the MaplesTory video game and an increase in transactions with stablcoins, reflects an organic adoption that strengthens its competitive position against other networks, highlights the company.
Although the sustainability of this trend is not guaranteed, Grayscale considers that These indicators are positive signs for Token Avax in the short term.
The Grayscale report coincides with the analysis of the firm Coin Metrics published on June 18, in which they pointed out that the Avalanche network activity shot, with at least 1.2 million daily transactions running in that protocol, as cryptootics reported.
Morpho, meanwhile, is a decentralized loan protocol that operates mainly in Ethereum and Base. Its inclusion is due to significant growth during the last year, with income from annualized rates close to 100 million dollars and a total locked value (TVL) that exceeds 4,000 million, positioning it as the second largest decentralized loan protocol.
This network uses isolated loan pools, combining a collateral asset with a loan asset, and allows users to customize vaults for their needs.
The recent announcement of Morpho V2, focused on connecting decentralized financing with traditional financial institutions, reinforces its potential to capture a relevant portion of the chain loan market, along with other protocols such as Aave and Maple Finance.
This is the top 20 of cryptocurrencies chosen by Grayscale for the third quarter of 2025:
To include Avalanche and Morpho, Grayscale eliminated Lido Dao (LDO) and Optimism (op) from the list. They argue that LDO, leader in liquid staking services, faces possible competitive tariff pressures due to regulatory changes in the US. UU. They could favor centralized suppliers.
For its part, OP, a key project in layer 2 scalability solutions for Ethereum, has not generated significant income for its token, and its vision of a “super chain” faces uncertainty in the face of the efforts of the Ethereum Foundation for improving the interoperability of rollupsGrayscale points out.
In general, although both projects maintain solid fundamentals in the long term, Grayscale chose to exclude them due to less clear perspectives in the short term.
The report also contextualizes the market environment, highlighting that the last quarter was marked by macroeconomic concerns such as stagflation, benefiting Bitcoin (BTC), and regulatory advances in the US. UU. About Stablecoins and market structures, promoting Ethher (ETH) and assets related to Defi.
The Grayscale selection process evaluates factors such as network growth, adoption, foundations, tokens assessment, supply inflation and potential risks, ensuring a diversified list that covers several cryptographic sectors. This approach seeks to identify assets with high potential for the next quartermaintaining a balance between technological innovation and market trends.