Solana News Today: Grayscale's Altcoin Pivot: DeFi's Shift to Yield, Cross-Chain, and Institutional Adoption

Grayscale Investment Management, a leading digital asset manager, has updated its Q2 2025 "Assets Under Consideration" list, expanding to 40 altcoins and signaling a strategic pivot in its portfolio focus. Among the additions, three projects-Ethena (ENA), Jupiter (JUP), and Plume Network (PLUME)-stand out as potential breakout candidates, reflecting Grayscale's emphasis on yield-bearing protocols, cross-chain interoperability, and emerging financial infrastructure. The firm removed 10 assets, including Kaspa, Starknet, and Injective, while highlighting projects with strong technical fundamentals and institutional adoption.

Ethena, a yield-bearing stablecoin protocol, has emerged as a key player in decentralized finance (DeFi). Its flagship product, USDe, has grown to a $10 billion market cap, making it the third-largest stablecoin after USDT and USDC. Ethena's delta-neutral hedging strategy-balancing crypto collateral with derivatives-generates yields for stakers, with sUSDe holders earning up to 37% APY in early 2024. Grayscale's inclusion of ENA underscores the protocol's role in reshaping stablecoin economics, offering passive income without reliance on traditional banking infrastructure. Institutional partnerships, including integrations with Aave and Pendle, further validate its market positiontitle7^[7].

Jupiter, a Solana-based decentralized exchange (DEX) aggregator, has gained traction as a critical infrastructure provider for cross-chain liquidity. The platform recently partnered with Ethena to launch JupUSD, a Solana-native stablecoin, signaling growing institutional interest in the chain. Jupiter's integration with Solana's high-throughput network has positioned it as a bridge between DeFi and traditional finance, with TVL surging as users seek efficient trading tools. Grayscale's addition of JUP aligns with its focus on projects driving transaction velocity and composability in the Solana ecosystemtitle1^[1].

Plume Network, a decentralized data layer, has been added to Grayscale's Financials category, reflecting its potential to address scalability challenges in DeFi. The protocol's modular architecture enables high-performance data indexing and storage, supporting applications like yield farming and automated market makers (AMMs). With DeFi protocols increasingly prioritizing low-latency data solutions, Plume's integration with projects like Aave and Uniswap positions it to capture a share of the $13 billion yield-bearing stablecoin markettitle8^[8].

Grayscale's Q2 2025 update highlights a broader trend toward projects with sustainable revenue models and cross-chain utility. The firm's removal of algorithmic stablecoins like THORChain and Injective suggests a risk-averse approach, favoring protocols with proven track records. Ethena's $1.2 billion annualized revenue in 2024 and Jupiter's $160 million TVL at launch demonstrate tangible value accrual, metrics that align with Grayscale's institutional-grade criteriatitle3^[3].

The inclusion of ENA, JUP, and PLUME also reflects Grayscale's strategic alignment with Solana's ecosystem. Solana's low fees and high throughput have attracted developers and users, with projects like JupUSD and Solstice Finance's USX stablecoin expanding the chain's utility. By targeting these assets, Grayscale aims to capitalize on Solana's growing dominance in DeFi, where cross-chain interoperability is a key differentiatortitle1^[1].

Analysts note that Grayscale's portfolio adjustments mirror market dynamics, with yield-bearing stablecoins and cross-chain infrastructure gaining traction. Ethena's 44% share of DeFi yield distribution and Jupiter's DEX aggregation model exemplify this shift, offering users returns while reducing reliance on centralized platforms. However, risks such as funding rate volatility and regulatory uncertainty remain, particularly for protocols like Ethena that rely on derivatives marketstitle5^[5].

As the crypto landscape evolves, Grayscale's Q2 2025 list underscores its commitment to diversification and innovation. By prioritizing projects with robust economic models and institutional partnerships, the firm aims to provide investors with exposure to high-growth sectors while mitigating exposure to speculative assets. The performance of ENA, JUP, and PLUME will likely shape the next phase of DeFi's development, with their success dependent on continued adoption and regulatory claritytitle9^[9].