Recently, Grayscale Research, the research arm of the globally leading digital asset management company Grayscale Investments, officially released its "Top 20 Potential Tokens" list for the second quarter of 2025 (Q2). This highly anticipated list aims to select the 20 projects with the most development potential from hundreds of crypto assets, providing investors with forward-looking insights. This update introduces three eye-catching assets: Story Protocol (IP), Maple Finance (SYRUP), and Geodnet (GEOD), marking Grayscale's continued optimism about the non-speculative applications of blockchain technology in the real world.

The List Focuses on Three Major Themes: RWA, DePIN, and IP Tokenization

Grayscale Research clearly stated in the announcement that the Q2 list focuses on tokens that reflect the actual applications of blockchain technology in the real world, discarding purely speculative assets and instead concentrating on three core categories: Real-World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN), and Intellectual Property (IP) tokenization. This strategic adjustment not only reflects the maturation trend of the crypto market but also resonates with the growing emphasis on the practicality of blockchain in the global finance and technology sectors.

Real-World Assets (RWA) combine traditional assets (such as real estate, bonds, and commodities) with blockchain technology to provide greater liquidity, transparency, and global accessibility; Decentralized Physical Infrastructure (DePIN) utilizes blockchain incentive mechanisms to build decentralized hardware networks, challenging the monopoly of traditional centralized infrastructure; while Intellectual Property tokenization (IP tokenization) opens up new value capture and trading models for creators and investors. These three areas are seen as the foothold for blockchain technology to move from concept to large-scale application.

New Token Analysis: The Potential of Story, Maple, and Geodnet

The three newly added assets—Story (IP), Maple (SYRUP), and Geodnet (GEOD)—represent the leaders in the aforementioned three categories. Here is an in-depth analysis of these three projects, based on publicly available information and industry dynamics:

Story Protocol (IP): A pioneer in IP tokenization, Story Protocol is a blockchain project focused on intellectual property management, aiming to bring intangible assets like music and art into the on-chain ecosystem through tokenization. According to reports from bitcoinethereumnews.com and other media, Story Protocol has collaborated with several top artists, including Justin Bieber, BTS, Maroon 5, and Katy Perry, and launched a dedicated IP blockchain and token in February 2025. This innovation not only provides creators with a fairer revenue distribution mechanism but also offers investors opportunities to trade and earn royalties. In the context of copyright disputes arising from AI-generated content, the emergence of Story Protocol is timely. Its decentralized platform ensures the transparency and traceability of IP rights through smart contracts, addressing the inefficiencies and centralization issues in traditional copyright systems. Grayscale's inclusion of it in the list clearly reflects confidence in the emerging market of IP tokenization.

Maple Finance (SYRUP): A leader in decentralized lending, Maple Finance is a DeFi protocol focused on institutional credit and on-chain capital markets, with its token SYRUP making its debut in Grayscale's Top 20 this quarter. According to reports from cryptoadventure.com and crypto-economy.com, Maple Finance has achieved significant growth over the past year, with a total locked value (TVL) reaching $600 million and annual network fee revenue of $20 million. The project plans to expand Syrup.fi's TVL to $2 billion through integration with DeFi protocols like Pendle (PENDLE). What sets Maple Finance apart is its tokenization of corporate debt from traditional finance, providing unsecured loans to creditworthy institutions while offering high-yield opportunities for investors. Its smart contract technology enables loan agreement management and automated credit assessment, perfectly blending decentralized technology with traditional financial needs. Grayscale's listing highlights optimism for institutional-level DeFi applications in the RWA space.

Geodnet (GEOD): A disruptor in the DePIN space, Geodnet is a decentralized real-time kinematic (RTK) network dedicated to providing centimeter-level precision geospatial data, challenging the centralized model of traditional GPS. According to the latest news from markets.businessinsider.com and tradingview.com, Geodnet completed a strategic financing round led by Multicoin Capital in February 2025, raising $8 million, with its annual revenue growing by 400% to $3 million. Currently, its global network covers 14,000 base stations, serving over 130 countries. Geodnet significantly reduces deployment costs by incentivizing ordinary users to host base station equipment worth $700, while providing participants with GEOD token rewards. This DePIN model shows great potential in fields such as agriculture, transportation, and autonomous driving. Grayscale's inclusion of it in the Top 20 indicates strong confidence in the application prospects of decentralized infrastructure in the real world.

Industry Background and Market Trends

The release of Grayscale's list comes as the crypto market enters a new growth cycle. According to analyses from cointelegraph.com and ccn.com, the total value in the RWA space has doubled in the past 12 months, exceeding $18 billion, with private credit dominating. The DePIN sector is also performing strongly, with DePIN.Ninja data showing its total protocol market cap has surpassed $50 billion. Messari Research further predicts that the DePIN market will grow 100 to 1,000 times over the next decade, gradually capturing market share from traditional centralized enterprises.

At the same time, IP tokenization, as an emerging field, is attracting increasing attention. The success of Story Protocol demonstrates that blockchain can not only optimize finance and infrastructure but also play a significant role in the cultural and creative industries. Industry experts generally believe that these three trends will drive blockchain technology from the margins to the mainstream by 2025.

Grayscale's Strategic Vision and Investment Insights

Grayscale Research's Top 20 list has always been regarded as a barometer for crypto investment, with its quarterly updates receiving high market attention. The adjustments in this list reflect Grayscale's profound insights into the practical applications of blockchain technology. Compared to the previous quarter (Q1 2025), which focused on AI platforms and the Solana ecosystem, the Q2 list emphasizes non-speculative, real-world use cases, reflecting the market's pursuit of sustainable growth.

For investors, the inclusion of Story (IP), Maple (SYRUP), and Geodnet (GEOD) provides clear signals. These projects not only represent the forefront of technological innovation but are also closely linked to global economic trends. For instance, Maple Finance's institutional credit model aligns with the demand for the migration of traditional finance to blockchain; Geodnet's DePIN network corresponds with the rise of decentralized infrastructure; while Story Protocol seizes new opportunities in IP management within the digital economy.

Conclusion

The Q2 2025 Potential Tokens Top 20 list released by Grayscale Research once again demonstrates the transformative potential of blockchain technology in the real world. The newly added Story (IP), Maple (SYRUP), and Geodnet (GEOD) not only represent the leaders in the three fields of RWA, DePIN, and IP tokenization but also provide investors with a clear focus for the upcoming quarter. As these projects continue to develop, the second quarter of 2025 may become a critical juncture for blockchain technology to transition from proof of concept to large-scale application.

Whether for institutional investors or individual users, closely monitoring these emerging assets in Grayscale's list may offer a competitive edge in the rapidly changing crypto market. For the entire industry, Grayscale's selections will undoubtedly further promote the deep integration of blockchain technology with the real world, ushering in a more decentralized, efficient, and transparent future.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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