Hyperliquid, Grass, and Story Protocol have made it onto the Q2 top 20 global crypto assets list published by a leading research firm, signifying their expanding influence within the sector.
These projects are situated within the rapidly evolving domains of decentralized finance, data monetization, and on-chain intellectual property management, according to a recent research insight report released on March 26.
Hyperliquid (HYPE), which boasts a valuation of $5.1 billion, is centered on on-chain perpetual trading, catering to the increasing demand for decentralized derivatives. Its 90-day price volatility stands at an impressive 121.7%, reflecting strong speculative interest.
With a market capitalization of $1.5 billion, Story Protocol specializes in blockchain-based intellectual property rights and AI applications. It has experienced the highest volatility among the 20 assets featured, hitting 417.3% due to rapid adoption and price swings.
Grass (GRASS), another AI-driven initiative, allows users to profit from the data they generate while browsing. With a market cap of $300 million and a volatility rate of 156%, Grass is gaining traction within the burgeoning data economy.
The report also highlights broader market trends. Notable projects such as Uniswap (UNI), Aave (AAVE), Ethena (ENA), and Lido DAO (LDO) have secured spots on the list, underscoring the dominance of DeFi. Additionally, decentralized physical infrastructure networks like Helium (HNT) and Geodnet, along with AI-centric projects like BitTensor (TAO) and Virtuals Protocol (VIRTUAL), were also acknowledged.
In this quarter’s reshuffle, Arweave (AR), Akash Network (AKT), and Jupiter (JUP) have been dropped from the top 20 list. However, it has been noted that these projects remain valuable contributors to the crypto ecosystem despite their exclusion.
According to the report, crypto valuations saw a general decline across the board in Q1 2025. However, Bitcoin network activity remained steady, with record figures showing 48 million wallets containing at least $1. Monthly active on-chain participants held firm at 11 million, highlighting Bitcoin’s growing role as a store of value rather than as a transactional currency.
On the other hand, smart contract platform activity has decreased, largely due to a dip in memecoin trading on Solana. Nonetheless, Solana generated $390 million in fees during Q1, representing nearly half of all revenues generated by smart contract platforms, despite this slowdown.