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- Grayscale has added Avalanche and Morpho to its Q3 2025 Top 20 list, dropping Lido and Optimism due to performance shifts.
- XRP and ADA remain excluded as Grayscale leans toward projects with stronger real-world network growth.
Grayscale’s Q3 2025 altcoin update brings noticeable changes, with Avalanche (AVAX) added to the Top 20 list, while Optimism (OP) and Lido DAO (LDO) are dropped.
The update indicates a shift in how the investment firm selects its assets, with a greater emphasis on projects featuring robust network activity and long-term potential.
AVAX and Morpho Added Amid Focus on Network Growth
According to recent reports, Avalanche has secured a spot in the latest Top 20 crypto list. This recognition resulted from its recent growth in network usage. Notably, activity on the Avalanche blockchain has been increasing, driven by more stablecoin transactions and a rise in gaming-related applications.
It is worth noting that one of the most significant boosts came from a partnership involving MapleStory, which brought more attention to its ecosystem. Grayscale’s inclusion of AVAX points to growing confidence in its ability to handle real-world applications, not just market hype.
Also, added to the list is Morpho, a protocol gaining traction in the DeFi lending space. With over $4 billion in value locked, Morpho has been performing well, especially after its upgrade to a newer version designed to enhance on-chain lending.
The protocol is positioning itself as a bridge between traditional finance and blockchain lending. This made it more appealing to Grayscale as it adjusts its investment direction.
Still, as highlighted in our previous news article, Filecoin now supports Avalanche enterprises in storing verified off-chain data, such as KYC records and logs. CNF reported recently that Grayscale launched the Space and Time Trust, offering accredited investors access to blockchain-verified data infrastructure.
LDO and OP Dropped, While XRP and ADA Still Left Out
On the other side of the list, Lido and Optimism have both been removed. Lido, known for its role in Ethereum staking, remains a large player in that area. Still, as mentioned in our previous report, June alone has seen over 500,000 ETH staked.
However, recent developments around possible regulatory changes in the U.S. have raised concerns about how it competes with more centralized options. This may have contributed to its exclusion.
Optimism, despite being widely used for Ethereum scaling, was also taken off the list. One possible reason is that the OP token itself has not shown strong growth in terms of revenue. Grayscale also appears uncertain about the long-term direction of Optimism’s broader network goals, particularly with Ethereum modifying its plans for rollups.
As mentioned in our previous news brief, it has partnered with Earned Network to deliver automated smart yield strategies across interconnected OP Stack networks. However, XRP and Cardano (ADA) are again missing from the list despite the latest developments.
Notably, their absence continues to raise questions about how Grayscale decides what to include. Following the news, both digital assets saw slight price drops. As of now, XRP is trading at $2.18, down 1.1%, and ADA is flat on the daily chart at $0.5604.
Grayscale also announced a new trust focused on data support for blockchain apps. This shows its growing interest in platforms that can serve more advanced uses beyond simple transfers or staking.
