灰度的加密貨幣轉移：avax和morpho成為中心舞台

Grayscale的Q3 2025更新聚焦於Avalanche（Avax）和Morpho（Morpho），這表明了朝著可擴展網絡和Defi貸款的戰略性行動。

The crypto landscape is ever-evolving, and Grayscale's latest portfolio update is proof. Their Q3 2025 reshuffling, featuring Avalanche (AVAX) and Morpho (MORPHO), signals a shift in focus. Out are Lido (LDO) and Optimism (OP), and in are two assets that Grayscale believes are poised for significant growth.

加密景觀正在不斷發展，Grayscale的最新投資組合更新得到了證明。他們的第三季度2025改組，以雪崩（Avax）和Morpho（Morpho）為特色，這標誌著焦點的轉變。 Lido（LDO）和樂觀（OP）是灰色刻板認為有望實現顯著增長的兩種資產。

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

Avax和Morpho：街區上的新孩子（鏈）

Why the change? Avalanche's inclusion stems from a surge in transaction volume and user activity. Its integration with games like MapleStory and increasing stablecoin usage are driving ecosystem growth. Morpho, on the other hand, is making waves as a decentralized lending protocol, boasting a Total Value Locked (TVL) exceeding $4 billion.

為什麼要更改？雪崩的包含源於交易量和用戶活動的激增。它與諸如Maplestory和不斷增長的穩定使用量之類的遊戲的集成正在推動生態系統的增長。另一方面，Morpho正在以分散的貸款協議的形式揮舞著波浪，其總價值鎖定（TVL）超過40億美元。

DeFi Lending: A Sector to Watch

Defi貸款：觀看的部門

Grayscale's report highlights the potential of on-chain lending, positioning Morpho alongside Aave and Maple Finance as key players in this space. The launch of Morpho V2, aimed at bridging DeFi with traditional finance, further solidifies its outlook.

Grayscale的報告突出了鏈貸款的潛力，將Morpho與Aave和Maple Finance一起定位為這一領域的關鍵參與者。 Morpho V2的推出旨在與傳統的財務橋接Fefi，進一步鞏固了其前景。

What About Lido and Optimism?

利多和樂觀呢？

Lido and Optimism, while important in staking and Layer 2 scaling, respectively, didn't make the cut. Regulatory uncertainty surrounding staking is a concern for Lido, while Optimism's token is struggling to capture economic value despite technological advancements.

Lido和樂觀情緒，雖然分別在Sticking和第2層縮放中很重要，但並沒有進行裁員。圍繞放入的監管不確定性是Lido的關注點，而樂觀的令牌仍在努力捕獲經濟價值，儘管有技術的進步。

The Broader Crypto Picture

更廣泛的加密圖片

Q2 2025 saw mixed performance across crypto sectors. Bitcoin led gains, while memecoin activity cooled, impacting fee revenues for Smart Contract Platforms. However, decentralized AI, DeFi lending, and smart contract platforms remain areas of interest.

Q2 2025跨加密扇區的表現不同。比特幣帶來了收益，而Memecoin活動則冷卻，從而影響了智能合約平台的費用收入。但是，分散的AI，DEFI貸款和智能合同平台仍然是感興趣的領域。

My Two Sats

我的兩個坐著

While memecoins had a moment in H1 2025, the long-term viability hinges on more than just hype. Grayscale's move suggests a more sustainable approach, focusing on projects with real-world use cases and revenue generation. It's a reminder that in the crypto world, fundamentals still matter.

儘管Memecoins在H1 2025中有片刻，但長期的生存能力不僅僅是炒作。 Grayscale的舉動暗示了一種更具可持續性的方法，重點是具有現實世界中用例和創收的項目。這提醒人們，在加密貨幣世界中，基本面仍然很重要。

Wrapping Up

總結

So, what does it all mean? Grayscale's bet on AVAX and MORPHO is a sign of the times. As the crypto market matures, investors are looking beyond the quick wins and focusing on projects with solid foundations and growth potential. Keep an eye on these two – they might just be the future of DeFi.

那麼，這意味著什麼？格雷斯卡（Grayscale）對avax和morpho的賭注是時代的標誌。隨著加密貨幣市場的成熟，投資者正在超越迅速的勝利，並專注於具有堅實基礎和增長潛力的項目。密切注意這兩個 - 它們可能只是Defi的未來。