Grayscale's Q2 watchlist reads like an institutional map of the next cycle's core infrastructure. Financials tier is already settled. Hyperliquid, Morpho, Pendle, Ethena are doing the actual volume and fees across perps, lending, and yield. Smart contracts tier has the usual names (Celo, MegaETH, Monad, TON, Tron) plus two worth flagging. Mantle has been the quiet outperformer, TVL surged 230%+ to $755M+ with strong stablecoin growth and active treasury deployment fueling real RWA traction like xStocks Canton is the one CT keeps arguing about. DTCC, JPM, Visa, Circle all plugged in, but with 13 invited validators and removable history, purists don't think it counts as a blockchain. AI tier is where it gets shaky. Fabric, Flock, Grass, Nous make sense as early bets before the category sorts itself out. Kaito and Venice are the weak picks. Kaito works only as long as CT keeps playing the attention game. Venice is a consumer AI wrapper, and wrappers die fastest in tech. Utilities, DoubleZero, Jito, LayerZero, Wormhole, GEODNET, Helium, unsexy compounding layer. Used, not hyped. What stands out is how heavily Grayscale is leaning toward protocols already generating revenue over the ones still selling a story. Probably the right read of this cycle.