Grayscale Updates Top 20 Crypto Projects for Q2 2025

The total value locked (TVL) in various cryptocurrency projects has seen remarkable growth, as highlighted in a recent research document by Phoenix Group, which utilizes data from DeFiLlama. TrueFi (TRU) has emerged as the leading project, boasting a TVL increase of $260.2k, equating to an impressive 424% surge. This growth positions TrueFi ahead of its competitors in terms of locked value, showcasing the increasing investor confidence in decentralized finance (DeFi) markets. Following TrueFi, three DeFi projects—Mint ($MINT), Maple ($MPL), and Zircuit ($ZRC)—have also experienced notable TVL growth. Mint currently holds a TVL of $1.5 million, while Maple and Zircuit report $454.4 million and $890.8 million respectively. This upward trend in TVL indicates a growing trust among investors and heightened activity within the DeFi sector, reflecting a broader acceptance of decentralized financial applications. Additionally, other protocols such as Note ($NOTE), Euler ($EUL), and Velodrome ($VELO) have shown substantial TVL increases, with values rising to $13.5 million, $377.1 million, and $66.7 million respectively. The overall growth in TVL across multiple platforms signifies a diverse and expanding DeFi landscape, driven by enhanced liquidity and user engagement. As protocols like $IDLE, $PUFFER, $BLUE, and $CPOOL report successive growth, the ongoing trends are reshaping the DeFi ecosystem, attracting more capital inflows and reinforcing the foundation of decentralized finance networks.

As technology continues to evolve, the Decentralized Physical Infrastructure Network (DePIN) is emerging as a transformative force in the realm of cloud computing. Built on blockchain technology, DePIN utilizes individual hardware devices, known as nodes, which can range from personal computers to IoT devices. This decentralized network eliminates the need for a centralized authority, enhancing security and transparency while outperforming traditional systems in efficiency and scalability. With the rise of AI applications, decentralized networks are becoming essential for managing data collection and processing, as highlighted by a recent CoinDesk report indicating that the market capitalization of DePIN tokens has exceeded $25 billion, driven by advancements in computing and AI sectors. Several projects exemplify the potential of DePIN technology. Akash, often referred to as the "Airbnb of cloud computing," connects sellers of excess computing resources with buyers, creating an open-source platform for cloud services. Meanwhile, io.net focuses on providing a decentralized GPU network for machine learning applications, boasting 83,000 GPUs and significant cost savings compared to traditional providers. Grass, another DePIN initiative, allows users to share their internet bandwidth in exchange for rewards, while Koii aims to democratize access to decentralized computing by enabling any device to participate in the network, thus broadening the scope of user involvement and reward opportunities. Despite the promising advancements, the DePIN market faces challenges in establishing a sustainable revenue model. Many projects rely on a dual-token system to balance supply and demand, akin to the Goldilocks problem of finding the right equilibrium. To foster growth, initiatives like Koii's EZSandbox are simplifying the onboarding process for developers, providing tools and resources to create and test decentralized applications. Collaborations, such as Koii's partnership with the Web3 search engine Adot, further enhance network efficiency and accessibility. As the reliance on cloud computing grows, DePIN platforms like Koii, Akash, and Grass are poised to reshape the landscape of decentralized computing, making it more accessible and cost-effective for users worldwide.

Bangalore, India’s tech hub, recently hosted the first-ever Solana DePIN Summit on March 25, 2025, marking a pivotal moment for the country’s digital landscape. This event gathered both Indian and international startups focused on Decentralized Physical Infrastructure Networks (DePIN), providing a unique platform for innovators to present their ideas to a global audience of investors. The summit highlights the growing trend of blockchain startups in India, particularly in the DePIN sector, which integrates IoT, energy networks, and wireless communications with blockchain technology to create more efficient and decentralized infrastructure solutions. One of the key players at the summit was Wifi Dabba, a Y Combinator-backed startup based in Bangalore, which served as the title sponsor. Wifi Dabba utilizes Solana's blockchain to enhance broadband access in Tier 2 and Tier 3 cities through a DePIN model, collaborating with local operators under India's PM-WANI initiative. Co-founder Shubhendu Sharma emphasized that Solana's choice of India for its inaugural DePIN Summit underscores the country's growing presence in the Web3 space, as Indian startups leverage blockchain technology to tackle real-world challenges, particularly in bridging the digital divide. Despite having only 41 million fixed broadband connections compared to China's 600 million, India is poised to make significant strides in its digital infrastructure. The DePIN model proposed by Wifi Dabba aims to lower the barriers to entry for broadband access, aligning with the Telecom Regulatory Authority of India's goal of achieving 100 million broadband users by 2030. Events like the Solana DePIN Summit are crucial for amplifying India's role in the global DePIN landscape, showcasing local talent and fostering international collaboration, ultimately positioning India as a key player in Web3 innovations and decentralized infrastructure development.

The Decentralized Physical Infrastructure Network (DePIN) sector is rapidly evolving, showcasing significant potential across various technological domains. According to a recent report by Messari, DePIN is currently in its nascent growth phase, holding less than 0.1% of the market share but boasting a market cap of $50 billion, supported by over 13 million devices contributing daily. By eliminating centralized intermediaries, DePIN facilitates a more efficient and inclusive sharing of physical assets, which is crucial for the development and operation of critical infrastructures in computing, AI, wireless technology, and energy services. Since its inception, DePIN has garnered attention from major tech companies, particularly in 2023, as global manufacturers began integrating blockchain into real-world infrastructures. The sector can be categorized into Physical Resource Networks, which focus on devices, and Digital Resource Networks, which emphasize computing resources like CDNs and AI. This duality allows individual device owners to share data and earn rewards while providing accessible computing resources. DePIN's applications extend to telecommunications, data management, and cloud storage, offering scalable alternatives to traditional centralized systems and enhancing AI functionalities. At the forefront of this innovation is Phoenix, a decentralized AI compute network that leverages DePIN infrastructure to deliver scalable solutions for AI applications. Phoenix's SkyNet platform utilizes a globally distributed network of high-performance GPUs, including both NVIDIA and alternative models, to optimize AI operations. Their collaborations with firms like TandemAI and Origin Quantum aim to democratize access to advanced computing resources, enabling research organizations to conduct complex analyses at minimal costs. As the DePIN-AI sector is projected to reach a market size of $3.5 trillion by 2028, Phoenix is poised to lead this transformative wave by merging decentralized infrastructure with cutting-edge AI technologies.

In the past week, the cryptocurrency market has witnessed remarkable price surges among several tokens, with the top five gainers being VIRTUAL, MOODENG, OLAS, GOAT, and NOS. VIRTUAL led the pack with an impressive increase of 181%, rising from $0.15 to nearly $0.50. This surge is attributed to the involvement of Arete Capital, which is advising Virtuals Protocol on integrating AI agents into the economy. Additionally, the introduction of Luna, the first autonomous agent to employ humans on-chain, has further fueled interest in the token. Following closely is MOODENG, which recorded a 165% price increase after the launch of the MOODENGUSDT Perpetual Contract on Binance Futures. The token's price surged from a stable range of $0.07 to $0.08, ultimately peaking at over $0.26. With a market cap exceeding $225 million, MOODENG has gained traction as a memecoin inspired by a viral baby hippo meme. Autonolas (OLAS) also saw significant gains of 92%, driven by the approval of its protocol deployment on ModeNetwork, which aims to scale DeFi through AI agents. Other notable gainers include GOAT and NOS, which surged by 70% and 69%, respectively. GOAT's price rally was supported by the launch of futures trading on Binance, while NOS benefited from the launch of Fortress Deepyne, a project led by Nosana AI that aims to democratize access to GPU hardware for AI inference. Overall, these developments reflect a vibrant and rapidly evolving landscape in the cryptocurrency market, with innovative projects driving significant investor interest.

In the ever-changing landscape of the cryptocurrency market, Cardano and Filecoin are demonstrating remarkable resilience and innovation. Cardano has experienced a significant price increase this year, reflecting strong market momentum, even as it recently dipped to $1.064. Analysts remain optimistic, predicting that the price could soar to $6 due to ongoing developments and heightened adoption. Meanwhile, Filecoin is making strides in the decentralized storage sector with its latest upgrades, including the "Waffle" upgrade, which enhances performance and compatibility with Ethereum. These advancements not only bolster Filecoin's interoperability but also broaden its appeal within the Web3 ecosystem, attracting developers and businesses alike. Amidst these developments, Web3Bay (3BAY) has made headlines by successfully raising $830,000 in its latest presale, solidifying its position as a top investment choice during the current bull run. The platform aims to revolutionize the $5 trillion e-commerce industry by leveraging blockchain technology to improve transaction efficiency and user privacy. Central to Web3Bay's strategy is the 3BAY token, which offers a 5% discount on purchases and governance rights. The presale has already sold 220 million coins at a starting price of $0.004562625, with expectations of substantial price increases as new features like NFT integration and cross-chain capabilities are introduced. As Web3Bay continues to evolve, it is set to launch innovative features that will further transform the e-commerce landscape. The project's commitment to transparency and user empowerment through blockchain technology is attracting a diverse range of supporters, reinforcing its status as a leader in the digital commerce revolution. With Cardano's inclusion in Robinhood enhancing its accessibility and Filecoin's strategic upgrades solidifying its market position, the future looks promising for these projects. Web3Bay, in particular, stands out as a compelling opportunity for investors seeking to engage with a robust, growth-oriented crypto initiative in the decentralized commerce space.