Change in Grayscale's 2025 Q3 'Top 20' List: AVAX and MORPHO Entered the List

Grayscale Research has published its 'Top 20' altcoin list for the third quarter of 2025. A significant change has been made to the list compared to the previous quarter: Lido DAO (LDO) and Optimism (OP) were removed from the list, and Avalanche (AVAX) and MORPHO were added.

The Rise of AVAX, the Decline of OP

While AVAX stands out with its strong partnerships and organic growth, the main reason for OP’s removal from the list was the 54% drop in Ethereum reserves. Grayscale states that the steps taken by Ethereum in the interoperability field could pose a threat to Layer-2 solutions like OP.

Avalanche increased its on-chain activity with new collaborations in the second quarter. These developments solidified AVAX's position on the list.

MORPHO: A Bridge Between DeFi and Traditional Finance

Another name that caught Grayscale's radar is MORPHO. The firm evaluated Lido DAO in the 'Services and Offerings' category, but due to the low performance of this segment, it replaced it with MORPHO from the 'Financial Services' category. MORPHO's V2 version aims to integrate decentralized finance (DeFi) into traditional financial institutions. Grayscale believes that MORPHO has serious growth potential in this area.

Risks and Warnings

Grayscale states that it evaluates altcoins based on their sector performance when creating this list and closely monitors market dynamics. However, it also warns investors: all assets on the list are highly volatile, so caution should be exercised.

Grayscale emphasized that it is not an organization that directly influences market movements and stressed that this list is not investment advice, but for informational purposes. Indeed, a decline in value was observed in some tokens after the list was published — including projects that Grayscale rated positively.

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