Grayscale updates the Top 20 list for the third quarter, adding AVAX and MORPHO while removing LDO and OP.

According to a report by Golden Finance, Grayscale Research has updated its Top 20 asset list for the third quarter of 2025. This quarter, Avalanche (AVAX) and Morpho (MORPHO) were added due to the rise in on-chain trading activity and strong growth in Decentralization lending, respectively. The removed assets, Lido DAO (LDO) and Optimism (OP), face competitive pressure from centralized staking services and uncertainties in Token revenue distribution.