PANews reported on March 26 that according to Grayscale's latest research report, in the first quarter of 2025, the overall cryptocurrency market pulled back, in line with the performance of technology stocks and other high-risk assets. Bitcoin network activity indicators are generally healthy, and the number of addresses holding balances of more than $1 hit a new high of 48 million, indicating that its "value storage" attribute has attracted more demand. However, the number of active users of smart contract platforms remained stable, and due to the slowdown in the Memecoin trading boom on the Solana chain, its ecosystem's monthly active users fell from 140 million in the fourth quarter of last year to an average of 90 million this quarter.

The report pointed out that blockchain application layer assets (such as finance, consumer culture, and service assets) generated more than $2 billion in revenue this quarter, of which the Solana platform contributed about $390 million, accounting for nearly half of the total revenue of the smart contract platform. At the same time, Grayscale readjusted the Top 20 list of crypto assets, adding Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP). Grayscale believes that the growth of these emerging non-speculative use cases reflects the maturity of the crypto industry, and is optimistic about the future development of Ethereum expansion solutions, the combination of blockchain and AI, and DeFi and staking-related protocols.