Grayscale Research: AVAX and MORPHO were added to the Top 20 list in Q3, while LDO and OP were removed.

On June 27, Grayscale Research updated the Top 20 assets list for the third quarter of 2025, with the addition of Avalanche (AVAX) and Morpho (MORPHO) this quarter, due to the rise in on-chain trading activity and strong growth in Decentralization lending; Lido DAO (LDO) and Optimism (OP) were removed due to competitive pressure from centralized stake services and uncertainty in Token revenue distribution.