Grayscale Report: Top 20 list adds IP, SYRUP and GEOD, optimistic about the development of blockchain + AI and other fields

According to the latest research report by Grayscale, in the first quarter of 2025, the cryptocurrency market overall adjusted, consistent with tech stocks and other high-risk assets. The Bitcoin network activity indicators were generally healthy, with the number of addresses holding balances over $1 reaching a new high of 48 million, showing that its "store of value" attribute attracted more demand. However, the number of active users on smart contract platforms remained stable and due to a slowdown in Memecoin trading on Solana's chain, its monthly active users dropped from 140 million in last year's fourth quarter to an average of 90 million this quarter.

The report pointed out that blockchain application layer assets (such as finance, consumer culture, service class assets) generated over $2 billion in revenue this quarter alone. Of which Solana platform contributed about $390 million accounting for nearly half of total revenues from smart contract platforms. Meanwhile Grayscale has reshuffled their top 20 crypto asset list adding Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP). Grayscale believes that growth in these emerging non-speculative use cases reflects signs of maturity within the crypto industry while being optimistic about future developments involving Ethereum scaling solutions; integration between blockchain & AI; DeFi and staking related protocols.