Grayscale includes Avalanche and Morpho in top 20 and excludes XRP and ADA
2025/06/27 16:56- Grayscale prioritizes Avalanche for increased on-chain activity
- Morpho enters top 20 with $4 billion in TVL
- XRP and Cardano left out of Grayscale’s selection
Grayscale has updated its top 20 crypto portfolio for Q2025 XNUMX, highlighting Avalanche (AVAX) and Morpho as new additions. The update also removed Optimism and Lido DAO from the selection. clarified that the choice is based on on-chain traction, not just popularity or market cap.
Avalanche has gained prominence following a significant increase in activity on its network, driven by the use of stablecoins and blockchain gaming applications. While Grayscale acknowledges that the sustainability of this growth is still uncertain, the move has been interpreted as indicative of engagement and maturation of the network.
Meanwhile, the Morpho protocol, which focuses on decentralized lending, was included due to its rapidly growing user base and financial metrics. The protocol’s total value locked (TVL) has surpassed $4 billion, with an annualized revenue of approximately $100 million in fees.
🚨 UPDATE: @Grayscale Research has refreshed its Top 20 Crypto Assets for the upcoming quarter.
New additions:
• Avalanche $AVAX
• Morpho $MORPHO pic.twitter.com/0ZHfU75W1p— Cointel Global Research Center (@Cointel_GRC) June 27, 2025
Furthermore, Morpho’s latest release is designed to attract institutions, reinforcing its relevance in the decentralized finance (DeFi) ecosystem. “Grayscale Research is bullish on the future of on-chain lending activity, and Morpho appears well-positioned to potentially capture a significant share of this growth (along with other lending-related protocols in the top 20 list, Aave and Maple Finance),” the firm wrote.
On the other hand, large-cap crypto assets such as XRP, Cardano (ADA), BNB, and TRON were excluded from the new composition. Although these assets maintain a relevant presence in the market, Grayscale highlighted that its analysis favors solid fundamentals, consistent network activity, and growth prospects.
Despite recent advances, such as the integration of Bitcoin into the Cardano ecosystem and the expansion of the XRP Ledger, both assets are performing below the market average in 2025. XRP has accumulated a 4% drop this year and remains 45% below its all-time high, while ADA has fallen more than 35% in the same period. These factors may have contributed to the exclusion of the assets from the manager's new list.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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