Grayscale的加密貨幣排名重新改組：Avax＆Morpho Suger，XRP和ADA局部

Grayscale的第三季度2025加密貨幣排名表明，向現實世界採用的轉變，在不包括XRP和ADA的同時，聚焦Avax和Morpho。發現這種改動背後的驅動力。

Grayscale's latest crypto rankings are making waves! The asset management giant is shaking things up, prioritizing tangible adoption over mere market cap. What does this mean for your portfolio? Let's dive in.

Grayscale的最新加密排名正在浪潮！資產管理巨頭正在震驚，優先考慮明顯的採用而不是市值。這對您的投資組合意味著什麼？讓我們潛水。

Avalanche (AVAX) and Morpho (MORPHO): The New Kids on the Block

雪崩（Avax）和Morpho（Morpho）：街上的新孩子

Grayscale's Q3 2025 report reveals a significant shift: Avalanche (AVAX) and Morpho (MORPHO) have earned spots in the Top 20, while established players like XRP and Cardano (ADA) are out. Why the change?

Grayscale的第三季度2025報告顯示了一個重大轉變：Avalanche（Avax）和Morpho（Morpho）在前20名中贏得了景點，而XRP和Cardano（ADA）等成熟的球員也出局了。為什麼要更改？

Avalanche's blockchain ecosystem is booming, fueled by Web3 gaming (think MapleStory!) and the growing use of stablecoins. Grayscale notes Avalanche's accelerated crypto network activity as a sign of long-term, organic growth potential. BlackRock is already on Avalanche, and Grayscale wants a spot AVAX ETF too!

雪崩的區塊鏈生態系統正在蓬勃發展，這是由Web3遊戲（想想Maplestory！）和穩定的穩定使用的推動力。 Grayscale指出，雪崩加速加密網絡活動是長期有機增長潛力的標誌。貝萊德（Blackrock）已經在雪崩中，灰刻層也想要一個avax ETF！

Morpho's performance is even more impressive. This decentralized lending protocol boasts a TVL exceeding $4 billion and nearly $100 million in annual revenue. Grayscale even suggests Morpho could capture a significant share of on-chain lending alongside Aave and Maple Finance. With the launch of Morpho V2, targeting institutional adoption, its future looks bright.

Morpho的表現更加令人印象深刻。該分散的貸款協議的年收入超過了40億美元和近1億美元。灰度甚至表明，Morpho可以與Aave和Maple Finance一起捕獲大量的鏈上貸款。隨著Morpho V2的推出，以機構採用為目標，其未來看起來很光明。

XRP and ADA: Left Out in the Cold?

XRP和ADA：寒冷嗎？

The exclusion of XRP, ADA, BNB, and TRON has raised eyebrows. These tokens remain highly capitalized, but Grayscale cites a lack of current traction. XRP, despite Ripple's partnerships, is struggling to regain its all-time high. Analysts report a significant drop in network activity. Similarly, ADA's performance has been underwhelming, despite its ambitions in the DeFi space.

XRP，ADA，BNB和TRON的排除已引起了眉毛。這些令牌仍然高度大寫，但灰度引用了當前的牽引力。儘管Ripple建立了合作夥伴關係，XRP仍在努力重新獲得其歷史最高水平。分析師報告了網絡活動的顯著下降。同樣，儘管ADA在Defi空間中具有野心，但ADA的表現也令人難以置信。

Grayscale's Evolving Strategy: Real Adoption Matters

灰度的不斷發展的策略：真正的採用事項

Grayscale's new approach emphasizes on-chain fundamentals and real-world adoption. This shift signals a more competitive crypto landscape where performance on the blockchain is paramount. They’re focusing on network adoption, revenue metrics, valuation, and protocol fundamentals.

Grayscale的新方法強調了鏈的基本面和現實世界的採用。這種輪班標誌著更具競爭力的加密景觀，其中區塊鏈上的性能至關重要。他們專注於網絡採用，收入指標，估值和協議基本面。

LunarCrush's Galaxy Score: A Broader Perspective

Lunarcrush的星系分數：更廣泛的視角

While Grayscale focuses on institutional-grade assets, LunarCrush's Galaxy Score offers a different perspective, ranking cryptos based on social and market activity. TAO, VOXEL, and SYLO lead the pack, reflecting community engagement and momentum in the altcoin space. It shows a larger interest in AI, modular chains, and decentralized computing.

儘管灰刻級專注於機構級資產，但盧納克魯什（Lunarcrush）的銀河分數提供了不同的視角，根據社會和市場活動對加密貨幣進行排名。陶，體素和西洛（Sylo）領導了比賽，反映了山寨幣領域的社區參與和勢頭。它對AI，模塊化鍊和分散計算的興趣更大。

My Take: A Sign of Maturing Markets

我的看法：成熟市場的跡象

I think Grayscale's move reflects a maturing crypto market. It's no longer enough to have a big name; projects need to demonstrate real-world utility and generate revenue. The inclusion of AVAX and Morpho highlights the growing importance of DeFi and scalable blockchain solutions. While XRP and ADA may still have a future, they need to step up their game to regain institutional favor. Just because you're popular, doesn't mean you are performing well, and I think Grayscale is showing us that with their data driven decision making. The launch of Grayscale’s AI Crypto Sector index shows they are looking towards the future.

我認為Grayscale的舉動反映了一個成熟的加密市場。它不再足夠了。項目需要展示現實世界的公用事業並產生收入。包括avax和morpho的包含強調了Defi和可擴展區塊鏈解決方案的重要性。儘管XRP和ADA可能仍然有未來，但他們需要加強遊戲以恢復機構的青睞。僅僅因為您很受歡迎，並不意味著您的表現都很好，我認為Grayscale以數據驅動的決策向我們展示了這一點。 Grayscale的AI加密貨幣領域指數的推出表明，他們正在尋找未來。

The Bottom Line

底線

Grayscale's crypto ranking shake-up is a wake-up call. The market is evolving, and investors are demanding more than just hype. So, keep an eye on AVAX and Morpho, and don't count out XRP and ADA just yet. After all, in the wild world of crypto, anything can happen! Who knows what Q4 will bring? Stay tuned, crypto enthusiasts!

Grayscale的加密貨幣排名重新升級是一個警鐘。市場正在發展，投資者的要求不僅僅是炒作。因此，請密切關注Avax和Morpho，並且不要算出XRP和ADA。畢竟，在加密世界的野生世界中，任何事情都可能發生！誰知道Q4會帶來什麼？請繼續關注，加密愛好者！