Grayscale, the world’s largest crypto asset management company, has released its updated list of the Top 20 potential crypto projects for Q2 2025. The latest list introduces three rising stars—Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP)—while removing Akash, Arweave, and Jupiter.
With the crypto market facing turbulence, Grayscale is betting big on new trends that could reshape the industry.
Grayscale’s Market Insights for 2025
As per the Grayscale Research report, the first quarter of 2025 saw a decline in the cryptocurrency market, similar to the drop seen in tech stocks and other high-risk assets. While Bitcoin network activity remained steady, demand for meme coins, especially on Solana, has dropped.
Despite this, Web3 applications in DeFi, AI, and infrastructure sectors have generated over $2 billion in revenue.
The grayscale report even highlights that Sui (SUI) is one of the most promising smart contract platforms. It offers fast transactions and low fees without needing extra scaling layers like Ethereum. Currently, Sui holds just 3% of Grayscale’s Smart Contract Platforms index.
For Q2 2025, Grayscale is focusing on three key areas: Decentralized Physical Infrastructure (DePIN), Real World Assets (RWA), and Intellectual Property Tokenization (IP). Some new projects have been added to its Top 20 list.
Grayscale’s New Picks for Q2 2025
The latest update sees three fresh names added to Grayscale’s watchlist:
Maple (SYRUP): A lending platform for institutional clients with over $600 million in total value locked (TVL). It has generated $20 million in fees in the last month and aims to surpass $2 billion in TVL by 2025.
Geodnet (GEOD): A decentralized infrastructure project providing real-time, highly accurate positioning data. It now operates in 130+ countries with over 14,000 devices and has crossed $3 million in monthly fee revenue.
Story Protocol (IP): Aiming to tokenize the $70 trillion intellectual property market, this project is making waves by bringing top artists, including Justin Bieber and BTS, onto the blockchain.
Grayscale warns that these assets remain highly volatile and risky. GEOD, in particular, lacks major exchange listings, making it an even riskier bet.
Which Projects Were Removed?
Grayscale has removed three assets from its list, including Arweave (AR), Akash (AKT), and Jupiter (JUP), from its Top 20 list due to their poor performance. However, the firm will continue monitoring its potential.
Additionally, Grayscale noted a decline in overall market capitalization and a weakening of the Consumer & Culture sector, driven by the decline of memecoins and Solana’s ecosystem.
