Grayscale Updates Its Top 20 List, Adds Three New Crypto Projects, Maple, Geodnet, and Story Protocol.

Sui (SUI) emerges as a strong contender against Ethereum for its fast transactions and low fees.

Crypto asset management firm Grayscale has unveiled an update to its top 20 list of crypto projects for Q2 2025. The latest ranking introduces three new contenders—Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP)—while removing Akash, Arweave, and Jupiter from the lineup.

The first quarter of 2025 saw a downturn in the cryptocurrency market, mirroring the decline observed in tech stocks and other high-risk assets, according to Grayscale Research.

Despite this, Web3 applications in the DeFi, AI, and infrastructure sectors collectively generated over $2 billion in revenue.

Among the most promising smart contract platforms is Sui (SUI), which stands out for its rapid transactions and minimal fees without the need for extra scaling layers like Ethereum. However, Sui currently comprises only 3% of Grayscale’s Smart Contract Platforms index.

For Q2 2025, Grayscale is highlighting three key areas: Decentralized Physical Infrastructure (DePIN), Real World Assets (RWA), and Intellectual Property Tokenization (IP). Some new projects are joining the firm’s Top 20 list.

New Additions to Grayscale’s Top 20 for Q2 2025

The latest update brings three fresh names to Grayscale’s watchlist:

Maple (SYRUP): A lending platform catering to institutional clients and boasting over $600 million in total value locked (TVL). It has generated $20 million in fees over the past month and is aiming to cross $2 billion in TVL by 2025.

Geodnet (GEOD): A decentralized infrastructure project that provides real-time, highly accurate positioning data. It now operates in 130+ countries with over 14,000 devices and has crossed $3 million in monthly fee revenue.

Story Protocol (IP): Focused on tokenizing the $70 trillion intellectual property market, this project is making headlines by bringing top artists, including Justin Bieber and BTS, to the blockchain.

However, Grayscale cautions that these assets remain highly volatile and risky. GEOD, in particular, lacks major exchange listings, rendering it an even riskier investment.

Three Assets Removed From Grayscale’s Top 20 List

Grayscale has removed three assets—Arweave (AR), Akash (AKT), and Jupiter (JUP)—from its Top 20 list due to their performance. Despite this, the firm will continue monitoring their potential.

Moreover, Grayscale observed a decline in overall market capitalization and a weakening of the Consumer & Culture sector, driven by the decline of memecoins and Solana’s ecosystem.