Grayscale Lists Hyperliquid, Grass, and Story Protocol Among Top 20 Global Cryptos

The Grayscale Research's Q2 list of the top 20 global crypto assets includes Hyperliquid, Grass, and Story Protocol, highlighting their growing prominence in the industry.

These projects are part of the rapidly expanding sectors of decentralized finance, data monetization, and on-chain intellectual property management, according to the Grayscale Research Insight report released on Mar. 26.

Hyperliquid (HYPE), with a valuation of $5.1 billion, focuses on providing on-chain perpetual trading to cater to the increasing demand for decentralized derivatives. Its 90-day price volatility of 121.7% reflects strong speculative interest.

Story Protocol, valued at $1.5 billion, focuses on blockchain-based IP rights and AI applications. Its rapid adoption and price fluctuations have resulted in the highest volatility among the top 20 featured assets at 417.3%.

Grass (GRASS), an AI-powered project with a market capitalization of $300 million, allows users to earn money from the data they browse. Its volatility rate of 156% indicates its growing popularity in the expanding data economy.

The report also reflects broader market trends. DeFi is one of the most dominant sectors, with Uniswap (UNI), Aave (AAVE), Ethena (ENA), and Lido DAO (LDO) securing positions on the list. Additionally, decentralized physical infrastructure networks like Helium (HNT) and Geodnet, and AI-focused initiatives like BitTensor (TAO) and Virtuals Protocol (VIRTUAL) were also featured.

The top 20 list saw the removal of Arweave (AR), Akash Network (AKT), and Jupiter (JUP) in this quarter's reshuffle. Despite their elimination, Grayscale Research noted that these projects still hold value in the crypto ecosystem.

According to the report, crypto valuations experienced a decline across the board in Q1 2025, alongside technology shares and risky assets. However, Bitcoin network activity remained steady, with a record 48 million wallets holding at least $1. Monthly active on-chain remained stable at 11 million, suggesting Bitcoin is being used more as a store of value rather than for transactions.

Meanwhile, smart contract platforms saw a decrease in activity, mainly due to reduced trading of memecoins on Solana. Despite this, Solana generated $390 million in fees in Q1, accounting for nearly half of all smart contract platform revenues.