Grayscale的加密货币排名重新改组：Avax＆Morpho Suger，XRP和ADA局部

Grayscale的第三季度2025加密货币排名表明，向现实世界采用的转变，在不包括XRP和ADA的同时，聚焦Avax和Morpho。发现这种改动背后的驱动力。

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！资产管理巨头正在震惊，优先考虑明显的采用而不是市值。这对您的投资组合意味着什么？让我们潜水。

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报告显示了一个重大转变：Avalanche（Avax）和Morpho（Morpho）在前20名中赢得了景点，而XRP和Cardano（ADA）等成熟的球员也出局了。为什么要更改？

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!

雪崩的区块链生态系统正在蓬勃发展，这是由Web3游戏（想想Maplestory！）和稳定的稳定使用的推动力。 Grayscale指出，雪崩加速加密网络活动是长期有机增长潜力的标志。贝莱德（Blackrock）已经在雪崩中，灰刻层也想要一个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的表现更加令人印象深刻。该分散的贷款协议的年收入超过了40亿美元和近1亿美元。灰度甚至表明，Morpho可以与Aave和Maple Finance一起捕获大量的链上贷款。随着Morpho V2的推出，以机构采用为目标，其未来看起来很光明。

XRP and ADA: Left Out in the Cold?

XRP和ADA：寒冷吗？

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。这些令牌仍然高度大写，但灰度引用了当前的牵引力。尽管Ripple建立了合作伙伴关系，XRP仍在努力重新获得其历史最高水平。分析师报告了网络活动的显着下降。同样，尽管ADA在Defi空间中具有野心，但ADA的表现也令人难以置信。

Grayscale's Evolving Strategy: Real Adoption Matters

灰度的不断发展的策略：真正的采用事项

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的新方法强调了链的基本面和现实世界的采用。这种轮班标志着更具竞争力的加密景观，其中区块链上的性能至关重要。他们专注于网络采用，收入指标，估值和协议基本面。

LunarCrush's Galaxy Score: A Broader Perspective

Lunarcrush的星系分数：更广泛的视角

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.

尽管灰刻级专注于机构级资产，但卢纳克鲁什（Lunarcrush）的银河分数提供了不同的视角，根据社会和市场活动对加密货币进行排名。陶，体素和西洛（Sylo）领导了比赛，反映了山寨币领域的社区参与和势头。它对AI，模块化链和分散计算的兴趣更大。

My Take: A Sign of Maturing Markets

我的看法：成熟市场的迹象

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.

我认为Grayscale的举动反映了一个成熟的加密市场。它不再足够了。项目需要展示现实世界的公用事业并产生收入。包括avax和morpho的包含强调了Defi和可扩展区块链解决方案的重要性。尽管XRP和ADA可能仍然有未来，但他们需要加强游戏以恢复机构的青睐。仅仅因为您很受欢迎，并不意味着您的表现都很好，我认为Grayscale以数据驱动的决策向我们展示了这一点。 Grayscale的AI加密货币领域指数的推出表明，他们正在寻找未来。

The Bottom Line

底线

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的加密货币排名重新升级是一个警钟。市场正在发展，投资者的要求不仅仅是炒作。因此，请密切关注Avax和Morpho，并且不要算出XRP和ADA。毕竟，在加密世界的野生世界中，任何事情都可能发生！谁知道Q4会带来什么？请继续关注，加密爱好者！