Key Takeaways: Chainlink is the critical connective tissue between crypto and traditional finance — between the on-chain world and the off-chain world. Grayscale believes that Chainlink’s suite of software technologies will be central for many applications of blockchain technology, including tokeniz

Key Takeaways: Solana is a smart contract platform blockchain that stands out for the depth and diversity of its on-chain activity. Today it’s the category leader in terms of users, transaction volume, and transaction fees — arguably the three most important measures of blockchain activity. As a fa

Blockchains secure themselves in one of two ways: Proof-of-Work (PoW) and Proof-of-Stake (PoS). PoW relies on energy and machines, while PoS relies on staking and voting. Bitcoin, the largest crypto asset by market capitalization, utilizes PoW. The majority of other well-known blockchains utilize PoS

For fiat currencies, credibility is paramount. Today, because of high public debt, rising bond yields, and an inability to control deficit spending, the U.S. government’s commitment to ensure low inflation may no longer be fully credible. In our view, it looks increasingly likely that the strategy fo

Stablecoins are digital tokens tied to the Dollar and issued on a blockchain. Structured in this way, a tokenized digital dollar can benefit from the blockchain’s functionality, which includes borderless payments, near-instant settlement, potentially lower transaction costs, and a high degree of tran

Sui is a next-generation blockchain engineered for scale and designed to support mass-market consumer applications (among other things). Grayscale Research believes that Sui has the right mix of technological edge and supporting strategy to stand out in the crowded Smart Contract Platforms Crypto Sec

Just like in traditional finance, exchanges are core infrastructure of the digital asset industry. Although decentralized exchanges (DEXs) specialize in crypto assets today, trading of stablecoins and tokenized assets may become an increasing share of volume over time. Crypto trading is still domina

Artificial intelligence (AI) could be the most consequential technology of the 21st century. Centralized control over its development, however, has raised growing concerns. Decentralized AI development based on blockchain technology has emerged as a potential solution and is now a major part of the c

Staking rewards can be a source of uncorrelated income that may enhance total returns for investments in Proof of Stake blockchain tokens Traditional sources of investment income like bond coupon payments are tied to central bank policy and the state of the economy. Although there are some ways to d

Smart contract platforms are the core infrastructure for decentralized applications and blockchain-based finance. They are therefore central to the vision that public blockchains offer a new architecture for financial markets and digital commerce. Grayscale Research believes that adoption of smart c

Blockchain technology can be used to direct capital to critical physical infrastructure projects more efficiently than traditional alternatives. These projects — known as Decentralized Physical Infrastructure Networks (DePINs) — include wireless connectivity platforms, AI-related resources such as co

Bitcoin can function as a global digital money system because of Bitcoin mining: the competitive process used to update the blockchain and align economic incentives across the network. Today the Bitcoin mining network operates at an enormous scale, producing “hashes” at a rate of more than 700 quinti

The launch of DeepSeek’s AI model has been called a "Sputnik moment,” highlighting an international race for AI supremacy as well as the power of open-source technology. At the same time, the news highlights risks associated with centralized AI development, like data security, biases, and censorship

Crypto is a unique, high-volatility alternative asset class that may help improve risk-adjusted returns when added to traditional portfolios. When incorporating crypto into portfolios, a little goes a long way: conventional portfolio optimization techniques suggest an allocation of about 5% could ma

In the future, AI agents are poised to revolutionize how we interact with the world around us, taking on an unprecedented range of tasks on our behalf. To truly unlock their potential, these digital entities will need more than just intelligence — they'll require economic autonomy. Fortunately, block

The outcome of the U.S. elections will likely have significant implications for the digital assets industry. The next president and Congress may take up crypto-specific legislation and could make changes to tax and spending policies that affect broader financial markets. Current polling data and the

Polymarket, a prediction market and breakout web application, is a prime example of how blockchain technology can help increase transparency, access, and trust in markets and information. Polymarket allows participants to allocate capital to event contracts (e.g., who will win an election). Offering

The Ethereum network is the leading smart contract blockchain in terms of market capitalization and total value locked [1], hosting a rich array of applications, many of which offer their own investable tokens. The Ethereum ecosystem is very diverse, however, and every token has unique fundamentals.