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Gray level updates the Top 20 list for the third quarter, adding AVAX and MORPHO and removing LDO and OP

According to online reports, according to an official announcement, Grayscale Research has updated its Top 20 asset list for the third quarter of 2025. This quarter, Avalanche (AVAX) and Morpho (MORPHO) were added due to increased online trading activity and strong growth in decentralized lending respectively; the removed Lido DAO (LDO) and Optimism (OP) are facing competitive pressure from centralized pledge services and uncertainty in token revenue distribution.

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