灰度的加密货币转移：avax和morpho成为中心舞台

Grayscale的Q3 2025更新聚焦于Avalanche（Avax）和Morpho（Morpho），这表明了朝着可扩展网络和Defi贷款的战略性行动。

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.

加密景观正在不断发展，Grayscale的最新投资组合更新得到了证明。他们的第三季度2025改组，以雪崩（Avax）和Morpho（Morpho）为特色，这标志着焦点的转变。 Lido（LDO）和乐观（OP）是灰色刻板认为有望实现显着增长的两种资产。

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

Avax和Morpho：街区上的新孩子（链）

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.

为什么要更改？雪崩的包含源于交易量和用户活动的激增。它与诸如Maplestory和不断增长的稳定使用量之类的游戏的集成正在推动生态系统的增长。另一方面，Morpho正在以分散的贷款协议的形式挥舞着波浪，其总价值锁定（TVL）超过40亿美元。

DeFi Lending: A Sector to Watch

Defi贷款：观看的部门

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的报告突出了链贷款的潜力，将Morpho与Aave和Maple Finance一起定位为这一领域的关键参与者。 Morpho V2的推出旨在与传统的财务桥接Fefi，进一步巩固了其前景。

What About Lido and Optimism?

利多和乐观呢？

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和乐观情绪，虽然分别在Sticking和第2层缩放中很重要，但并没有进行裁员。围绕放入的监管不确定性是Lido的关注点，而乐观的令牌仍在努力捕获经济价值，尽管有技术的进步。

The Broader Crypto Picture

更广泛的加密图片

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跨加密扇区的表现不同。比特币带来了收益，而Memecoin活动则冷却，从而影响了智能合约平台的费用收入。但是，分散的AI，DEFI贷款和智能合同平台仍然是感兴趣的领域。

My Two Sats

我的两个坐着

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.

尽管Memecoins在H1 2025中有片刻，但长期的生存能力不仅仅是炒作。 Grayscale的举动暗示了一种更具可持续性的方法，重点是具有现实世界中用例和创收的项目。这提醒人们，在加密货币世界中，基本面仍然很重要。

Wrapping Up

总结

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.

那么，这意味着什么？格雷斯卡（Grayscale）对avax和morpho的赌注是时代的标志。随着加密货币市场的成熟，投资者正在超越迅速的胜利，并专注于具有坚实基础和增长潜力的项目。密切注意这两个 - 它们可能只是Defi的未来。