Grayscale’s latest Research Insight report, published on March 26, highlights key projects driving growth in DeFi, data monetization, and on-chain intellectual property management.
Despite a broad decline in crypto valuations during Q1 2025 mirroring trends in tech stocks and other high-risk assets, specific sectors continued to see strong development and adoption.
Among the standout projects, Hyperliquid, valued at $5.1 billion, focuses on on-chain perpetual trading and has a high speculative interest, evidenced by its 90-day price volatility of 121.7%. Story Protocol, with a valuation of $1.5 billion, is innovating in blockchain-based IP rights and AI applications, achieving a remarkable 417.3% volatility rate. Grass (GRASS), an AI-enabled project that allows users to monetize their browsing data, has reached a market cap of $300 million and features a volatility rate of 156%. These projects highlight significant developments in decentralized finance, intellectual property, and the data economy.
The report highlights key trends in the crypto market, emphasizing the ongoing dominance of DeFi projects like Uniswap (UNI), Aave (AAVE), Ethena (ENA), and Lido DAO (LDO). Meanwhile, decentralized physical infrastructure networks such as Helium (HNT) and Geodnet, along with AI-focused projects like BitTensor (TAO) and Virtuals Protocol (VIRTUAL), are gaining traction. Some projects, including Arweave (AR), Akash Network (AKT), and Jupiter (JUP), have fallen out of the top 20 rankings; however, Grayscale insists they still hold significance in the crypto ecosystem. Activity on smart contract platforms has decreased, primarily due to a drop in memecoin trading on Solana, which remains a leader by generating $390 million in fees, accounting for nearly half of the sector’s revenues in Q1.
Notably, Grayscale Investments launched the Grayscale Dogecoin Trust on January 31. This new trust allows accredited investors to gain direct exposure to Dogecoin, which is known for its speed and affordability. It operates similarly to Grayscale’s other single-asset products and is backed exclusively by DOGE, indicating increasing institutional interest in the cryptocurrency.
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