灰度将 Sui、Bittensor 纳入投资名单

Grayscale Research 发布了第四季度排名前 20 的加密货币排行榜，其中包括 6 个新进入者。最新的集成包括 Sui、Bittensor、Optimism、Celo、Helium 和 UMA Protocol。

Grayscale has updated its list of the top 20 cryptocurrencies for Q4, adding six new entrants and removing six tokens from the previous list. The new additions are Sui, Bittensor, Optimism, Celo, Helium, and UMA Protocol.

Grayscale 更新了第四季度前 20 名加密货币的列表，增加了 6 个新进入者，并从之前的列表中删除了 6 个代币。新添加的协议包括 Sui、Bittensor、Optimism、Celo、Helium 和 UMA Protocol。

The latest integrations are based on several criteria, including their potential to grow and their alignment with essential trends in the crypto space. Here are the new themes in Grayscale’s updated list.

最新的集成基于几个标准，包括它们的增长潜力以及它们与加密货币领域基本趋势的一致性。以下是灰度更新列表中的新主题。

Decentralized AI and High-Performance Computing Infrastructure

去中心化人工智能和高性能计算基础设施

Grayscale’s analysis highlights two emerging themes in Q4’s top cryptocurrencies list: decentralized AI and high-performance computing infrastructure. The research team identifies these assets as capable of generating the much-required growth and high risk-adjusted returns.

Grayscale 的分析强调了第四季度顶级加密货币列表中的两个新兴主题：去中心化人工智能和高性能计算基础设施。研究团队认为这些资产能够产生急需的增长和高风险调整回报。

Grayscale Adds Sui, Bittensor to Investment List

灰度将 Sui、Bittensor 纳入投资名单

Of the six new entries, two are recognized primarily for their technical advancements — Sui and Bittensor. Sui has also seen its transaction speed rise by 80% after a network upgrade.

在这六个新条目中，有两个主要因其技术进步而受到认可——Sui 和 Bittensor。网络升级后，Sui 的交易速度也提高了 80%。

At the same time, Bittensor is working to integrate AI and blockchain technology. Grayscale has launched trust products for both Sui and Bittensor, highlighting the firm’s belief in their future development.

与此同时，Bittensor正致力于将人工智能与区块链技术相结合。 Grayscale为Sui和Bittensor推出了信托产品，凸显了该公司对其未来发展的信心。

Helium and Optimism also deserve special attention as they have also contributed to decentralized networks.

Helium 和 Optimism 也值得特别关注，因为它们也为去中心化网络做出了贡献。

Helium is well-known for its decentralized physical infrastructure, while Optimism improves Ethereum layer 2 scaling. These are important elements of the future of decentralized infrastructure.

Helium 以其去中心化的物理基础设施而闻名，而 Optimism 则改善了以太坊第 2 层的扩展性。这些是去中心化基础设施未来的重要元素。

The last two new entries are Celo and UMA Protocol. Celo recently shifted to the Ethereum L2 layer and is being noticed for its increasing usage.

最后两个新条目是 Celo 和 UMA Protocol。 Celo 最近转向了以太坊 L2 层，并因其使用量的增加而受到关注。

The UMA Protocol is especially important in blockchain predictive markets, mainly due to its backing to the Polymarket platform. These assets correspond with Grayscale’s approach based on specific adoption patterns and DAOs for AI.

UMA 协议在区块链预测市场中尤其重要，主要是因为它支持 Polymarket 平台。这些资产与灰度基于特定采用模式和人工智能 DAO 的方法相对应。

Grayscale still focuses on traditional assets such as Bitcoin, Ethereum, and Solana, which still dominate its portfolio.

Grayscale 仍然专注于比特币、以太坊和 Solana 等传统资产，这些资产仍然在其投资组合中占据主导地位。

Bitcoin has done well this year due to the introduction of US spot Bitcoin ETFs and a favorable macro environment.

由于美国现货比特币ETF的推出以及有利的宏观环境，比特币今年表现良好。

Despite the competition from other blockchains, such as Solana, Ethereum continues to rule the market because of the developers’ support and network effects. Given its robust legal framework and reputation as one of the most reliable platforms in the innovative contract platform niche,

尽管存在来自 Solana 等其他区块链的竞争，但由于开发者的支持和网络效应，以太坊继续统治着市场。鉴于其健全的法律框架和作为创新合约平台领域最可靠平台之一的声誉，

Ethereum is a crucial player in the industry. Even as Bitcoin underperforms, Ethereum remains ahead of most other cryptocurrencies, driven partly by strong developer interest. Grayscale has explained that Ethereum’s security model, the network’s decentralization, and the fees received will be key to its growth.

以太坊是该行业的重要参与者。尽管比特币表现不佳，但以太坊仍然领先于大多数其他加密货币，部分原因是开发商的浓厚兴趣。 Grayscale 解释说，以太坊的安全模型、网络的去中心化以及收取的费用将是其增长的关键。

In contrast, the research team removed six tokens from the top 20 list: Render, Mantle, THORChain, Pendle, Illuvium, Raydium, and other projects. These assets are valuable within the broader ecosystem, but the modified list presents even better value concerning risk in Q4. Grayscale believes the newly added assets will be well-positioned to seize key market opportunities.

相比之下，研究团队从前 20 名列表中删除了 6 个代币：Render、Mantle、THORChain、Pendle、Illuvium、Raydium 等项目。这些资产在更广泛的生态系统中很有价值，但修改后的列表在第四季度的风险方面呈现出更好的价值。灰度相信，新增加的资产将处于有利地位，能够抓住关键的市场机会。

The revised list also emphasizes decentralized AI and conventional asset tokenization. Grayscale identifies these sectors as the key frontiers that will drive the next cycle of innovation in the crypto ecosystem. According to the team, the included assets will benefit from these trends, especially the growing adoption of blockchain.

修订后的清单还强调去中心化人工智能和传统资产代币化。灰度将这些领域视为将推动加密生态系统下一个创新周期的关键前沿。该团队表示，所包含的资产将受益于这些趋势，尤其是区块链的日益普及。

Grayscale’s current approach incorporates several factors, the most important of which are network growth, token supply, and upcoming market events. The research team, however, insists that though cryptocurrencies are risky investments, they present a high potential for gain. Adding these new altcoins is consistent with Grayscale’s view on further developing decentralized networks.

灰度当前的方法综合了几个因素，其中最重要的是网络增长、代币供应和即将发生的市场事件。然而，研究团队坚持认为，尽管加密货币是有风险的投资，但它们具有很高的收益潜力。添加这些新的山寨币与灰度进一步发展去中心化网络的观点是一致的。