Grayscales Top 20 Watchlist Favoring Six Coins Including SUI TAO OP and HNT

Grayscales Top 20 Watchlist Favoring Six Coins Including SUI TAO OP and HNT

Grayscales Top 20 Watchlist Favoring Six Coins Including SUI TAO OP and HNT

Table of Contents
Toggle
Ethereum’s Performance
Grayscale’s TOP 20 List
Grayscale’s report indicates that although Ethereum’s performance this year has lagged behind Bitcoin, with an increase of 13%, it has still outperformed most cryptocurrency assets.
“Our ‘Cryptocurrency Sector Market Index’ (CSMI)—which measures the returns of the entire asset class—has declined by approximately 1% this year. In fact, excluding Ethereum, the ‘Smart Contract Platform Sector Index’ has seen a decline of around 11%, which means Ethereum has also outperformed other assets within its market sector.”



Despite this, Ethereum faces increasing competition, as multiple new public chains for smart contracts, including Solana, Toncoin, Tron, and Near, have made progress, and new assets like Sui have also joined the cryptocurrency sector. These networks are competing for transaction fee revenue, and the excellent user experiences offered by some of these networks may lead to a decrease in Ethereum Layer 1’s market share in fees. However, Grayscale emphasizes that Ethereum still has its advantages compared to its competitors:
“It remains the leader in the field with the most applications, the most developers, the highest 30-day fee revenue, and the most value locked in smart contracts.”

On the other hand, Grayscale has also updated its research department’s top 20 watchlist in the report.

This season, Render, Mantle, ThorChain, Pendle, Illuvium, and Raydium have been removed. However, Grayscale stresses that the removal of these projects does not indicate a lack of optimism regarding their future value; they still represent important components of the cryptocurrency ecosystem. The company believes that the revised top 20 list may provide better risk-adjusted returns for the next season.
The newly added cryptocurrencies include SUI, TAO, OP, HNT, CELO, and UMA. The company explains that Sui and Optimism can be seen as exemplars of high-performance infrastructure, Celo and UMA benefit from unique application trends in stablecoins and prediction markets, Helium is a leader in the DePIN (Decentralized Physical Infrastructure Networks) space, while Bittensor stands out as a prominent player in the intersection of cryptocurrency and AI.