Grayscale added 20 new Altcoins to the "Assets Under Consideration" list in Q3.

Grayscale Research has just released the list of the "Top 20" potential altcoins for Q3 2025, with some notable adjustments compared to the previous quarter. Specifically, Lido DAO (LDO) and Optimism (OP) have been removed from the list, making way for Avalanche (AVAX) and MORPHO.

The list is built based on the performance of each altcoin in the corresponding market sector, as well as the internal factors of each project. AVAX and OP are both smart contract protocols; however, Grayscale decided to replace them due to differences in business development situations. In Q2, AVAX recorded a strong increase in on-chain activity thanks to strategic partnerships, while OP witnessed a decrease in ETH reserves by up to 54%.

Additionally, Grayscale believes that Ethereum's shift in focus towards interoperability may diminish the role of Layer 2 solutions such as OP. In contrast, the natural and sustainable growth rate of Avalanche makes this project stand out and be more highly regarded.

For Lido DAO, Grayscale expressed concerns that if the U.S. Securities and Exchange Commission (SEC) approves staking ETFs, the main competitive advantage of this project may be eliminated. Instead, MORPHO – a decentralized finance protocol – has been listed due to its outstanding potential in the on-chain lending space. Although MORPHO has grown significantly over the past year, Grayscale chose this project not only for its past performance but also because of its clear development strategy, especially with the recently announced Morpho V2 version, which aims to integrate DeFi into the traditional financial system.

However, Grayscale emphasizes that they are merely a research unit and do not play a role in coordinating the market. They also warn that all assets on the list have a high degree of volatility. In fact, all four altcoins mentioned have recorded a slight decline since the list was published, including those projects that have been positively rated.

Mr. Teacher