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Grayscale has updated its Top 20 crypto assets for Q3 2025, adding Avalanche (AVAX) and Morpho while dropping Optimism and Lido DAO. The selection prioritizes on-chain traction over market cap, reflecting a research-driven approach. Notably, XRP and Cardano remain excluded despite their market prominence.
- Avalanche (AVAX) added due to rising transaction volumes linked to gaming and stablecoin adoption.
- Morpho included after doubling its TVL to $4B and launching v2 to attract institutional DeFi users.
- XRP and Cardano excluded despite ecosystem growth, as price underperformance influenced Grayscale's decision.
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