Grayscale Research has released its updated Top 20 Assets list for Q3 2025, highlighting significant shifts in the crypto landscape. Notably, Avalanche (AVAX) secured a position driven by a marked increase in on-chain transaction volumes, signaling robust network utilization. Additionally, Morpho (MORPHO) was incorporated following substantial expansion in the decentralized lending sector, reflecting evolving DeFi dynamics. Conversely, Lido DAO (LDO) and Optimism (OP) were excluded due to intensified competition from centralized staking platforms and ongoing ambiguities surrounding their token revenue models. This update underscores the growing importance of transaction throughput and lending growth in asset valuation, while also emphasizing the challenges faced by projects lacking clear monetization frameworks. Market participants should monitor these trends closely as they may influence portfolio strategies and risk assessments in the evolving crypto ecosystem.