RWA, DeFi & DePIN Leaders

Cryptocurrencies never stop, and 2025 is no exception. While headlines often focus on the big names, some undervalued crypto assets are hiding in plain sight. These are the projects that build real products, attract users, and shape the future of DeFi… yet their market capitalization doesn’t tell the full story. In this article, we highlight a few undervalued cryptocurrencies that could offer great potential as the market seeks to catch up to their fundamentals.

What do we mean by “undervalued” tokens?

When we talk about undervalued cryptocurrencies, we mean assets whose market prices do not yet reflect their true usefulness, adoption, or future potential. An undervalued cryptocurrency may already be showing strong network growth, steady revenue, or innovative technology, but its market capitalization remains low compared to its peers. In 2025, investors often look to these undervalued cryptocurrencies as opportunities to capture value before the broader market catches on.

In practice, undervaluation usually manifests as a gap between price and fundamentals: usage metrics, protocol revenue, ecosystem growth, or the size of the market the project addresses. Discovering the best undervalued cryptocurrencies of 2025 means identifying projects where adoption is rising faster than valuation, giving long-term holders an attractive entry point.

Top Undervalued Cryptocurrencies Right Now by Changelly

Data were collected on September 30, 2025.

Ondo (ONDO): RWA distribution layer

Ondo Finance is one of the leaders in the tokenized treasury market, building the rails that connect US government bond yields with native cryptocurrency investors. Its main products are OUSG, a tokenized US Treasury bond fund offered to qualified buyers, and USDY, a yield-yielding stablecoin for non-US investors backed by Treasuries and bank deposits.

In 2025, Ondo became the first protocol of BlackRock’s BUIDL integration Financing as collateral for their products, enhancing institutional credibility and access to liquidity. BUIDL itself has since expanded across multiple chains and is now Now even acceptable As collateral on trading venues like Deribit and Crypto.com. Ondo reported that as of mid-2025 More than $690 million closed via its tokenized treasury products, cementing its position at the forefront of real asset adoption (RWA).

Why is it undervalued?

• RWA leadership. Ondo is one of the largest distributors of Treasury securities, with early consolidations into institutional liquidity such as BlackRock’s BUIDL.
• Institutional adoption. Acceptance of BUIDL as collateral for exchange shows a direct path for Ondo assets to enter derivatives, brokerage and settlement flows.
• Revenue potential. The return on USDY accumulates through the growth of the redemption value, making it more capital efficient than fixed-rate stablecoins.
• Total tailwind. High interest rates in the US are keeping demand high for yield stablecoins and tokenized Treasuries.
• Market value vs. TAM. With a market capitalization of $2.8 billion (September 2025), ONDO is small compared to the multi-trillion-dollar US Treasury market it symbolizes.
• Open transparency icon. The supply is capped at 10 billion ONDO with clear maturity schedules, reducing uncertainty about future dilution.

Athens (ENA): cash flows in synthetic dollars

Ethena is the protocol behind USDe, a synthetic dollar backed by a delta-neutral strategy: it combines spot holdings (stables and liquid mortgage tokens) with perpetual short positions on centralized exchanges. This creates a stablecoin that tracks the US dollar without relying on traditional banking infrastructure.

Read more: What are stablecoins?

Users can also stake USDe to receive sUSDe, which distributes cash flows generated by funding rates and staking bonuses. By mid-2025, Athens’ supply of USDe will rise Exceeded $12 billionThis makes it one of the fastest growing stablecoin systems in the cryptocurrency space. The protocol’s growth coincides with the rise of on-chain yield dollars, providing investors exposure to real cash flows in the form of cryptocurrencies.

Why is it undervalued?

• Adopt explosive. The supply of US dollars expanded from less than $3 billion in early 2024 to more than $12 billion in mid-2025, showing strong demand for synthetic dollars.
• Cash flow mechanics. fruit comes from Funding rates and staking bonuses, making ENA one of the few tokens linked to actual revenue streams.
• The value of diversification. Unlike fiat-backed stablecoins, USDe does not rely on US banks or custodians, which appeals to users wary of counterparty risk.
• Ecosystem integration. USDe is increasingly being adopted in DeFi protocols for lending, providing liquidity and collateral, and deepening utility.
• Market positioning. At a market capitalization of $3.7 billion (September 2025), ENA is trading below its potential given its rapid growth and stablecoin TAM.
• Tail risk is priced. The concentration of hedging in a few exchanges remains a concern, but the market may be over-discounting this relative to the speed of adoption.

Jupiter (JUP): Steering Economics on Solana

Jupiter is the largest decentralized exchange (DEX) aggregator on the Solana blockchain, serving as the underlying routing layer for swaps via automated market makers (AMMs) and private liquidity venues. It positions itself as a “super app” for Solana DeFi, offering users access to deep liquidity and efficient routing.

In 2025, the protocol consolidated its dominance, Achieving a market share of 21% For DeFi TVL on Solana. The DAO also reduced the total JUP supply from 10 billion to 7 billion in January 2025, tightening token economies and reducing long-term dilution. Despite continued trading volume, the JUP token has underperformed in terms of price until 2025.

Why is it undervalued?

• market share. Jupiter consistently controls the majority of Solana DEX flow, with over 80% control of the pool, and is a strong routing moat.
• Capture fees. DeFiLlama The data shows flat protocol revenues, indicating real cash flow potential tied to volume.
• Private AMM growth. More than 40% of Jupiter’s volume now passes through special AMMs such as SolFi and Meteora, boosting efficiency and catching intermediate spacecraft that would otherwise escape.
• Cut the symbolic offer. Reducing the total supply to JUP7 billion reduces inflation risks and signals governance alignment with bondholders.
• Ecosystem tailwinds. Solana’s DEX activity remains high in 2025, giving Jupiter a continued stream of income.
• Relative evaluation. At a market capitalization of $1.35 billion (September 2025), JUP appears small relative to its control of Solana’s liquidity layer.

Pyth (PYTH): Oracle adoption vs. market cap

Pyth is a “cloud” oracle network: instead of pushing constant updates, it responds to requests for on-chain data (usually price feeds) at the moment the smart contract needs it. In Q2 2025, Pyth had $5.31 billion in total value secured (TVS), An increase of 4.8% on a quarterly basis—One of the few oracle networks that has shown positive growth amid the broader DeFi cooling. During the same quarter, it processed 648,240 price updates (a 10.8% increase QoQ) and cumulatively surpassed 759 million posted updates.

Pyth recently launched Pyth Pro, Subscription service Offering market data across assets (cryptocurrencies, stocks, forex and commodities), with the aim of expanding its institutional data revenue base. Beth He was also chosen By the US Department of Commerce to publish official macroeconomic statistics (such as GDP) on the blockchain, confirming its credibility as an infrastructure.

Why is it undervalued?

• Low market value compared to use. Pyth’s TVS update growth and activity exceed the valuation multiple compared to legacy oracle networks (such as Chainlink) in some analyses.
• Institutional and governmental support. Integration between the US Department of Commerce (to publish macroeconomic data) and new institutional publishers like Signum bolsters Beth’s narrative in the real world.
• Monetization focus. The launch of Pyth Pro signals a shift toward subscription-based revenue rather than purely usage-based pricing.
• Growth of cross-chain and premium feeds. Recent integrations (FX, stocks and emerging market currencies) are expanding demand beyond just cryptocurrencies.

Helium (HNT): DePIN User Growth → DC Burns

Helium It has evolved From an IoT overlay network to a fully decentralized wireless service with Helium Mobile. Instead of simply rewarding hotspot operators, the network now links its token directly to usage: every dollar of subscriber revenue is converted into data credits (DC), which can only be generated by burning HNT. This design links mobile adoption directly to token scarcity.

Growth was strong: By the second quarter of 2025Helium Mobile surpassed 311,000 subscribers, offloaded more than 2,700 terabytes of data, and expanded carrier partnerships with AT&T in the US and Telefónica in Mexico. Daily DC burns nearly doubled QoQ, reflecting rising real-world usage and a clear shift toward demand for revenue-backed tokens.

Why is it undervalued?

• Revenue-supported burns. With 100% of mobile revenue burned in developing countries, real usage directly leads to token scarcity.
• Huge growth in the number of subscribers. Accounts grew 94% in Q2 2025, showing strong momentum in adoption.
• Carrier partnerships. Integration with AT&T and Telefónica brings Helium into mainstream communications.
• Simplified symbols. HIP-138 subnet tokens built into HNT, reducing complexity and making value accumulation clearer.
• Disconnect with price. Despite user and usage growth, HNT has seen significant price declines year-over-year.
• Eccentric infrared direction. As DePIN’s novels gain more attention, Helium is already showing direct use rather than promises.

Arweave (AR): AO expands beyond storage

Arweave is best known for “permaweb,” a decentralized storage system where data is stored permanently for a one-time payment. And in February 2025 AO launched (Arweave Orchestrator), a new parallel computing layer that allows developers to run intelligent operations on top of their storage. AO enables applications to combine persistent storage and distributed computing, opening up use cases in AI, high-performance computing, and complex on-chain workflows.

Since then, ecosystem projects have begun building on AO, including infrastructure providers and teams exploring AI agents that rely on the permanent data record. While the price of AR will fall sharply in 2025, the positioning of network technology now addresses a much larger market than decentralized storage alone.

Why is it undervalued?

• Technological transformation. AO transforms Arweave from a niche storage chain into a compute-enabled platform with a much broader application.
• Early mover. Arweave has a first-mover advantage in combining persistent storage with scalable compute.
• Expanding the ecosystem. Developers and infrastructure teams are building AO-based pipelines and AI-focused workloads.
• Market cut. Despite the launch of AO, the market value of AR declined, showing a lack of appreciation from investors.
• AI and HPC tailwinds. The increasing demand for data permanence and computation orchestration could position AO as a unique infrastructure layer.
• Sustainability. Arweave’s one-time payment model for storage still sets it apart from pay-as-you-go competitors like Filecoin.

Final words

The idea of ​​being “undervalued” in cryptocurrencies is always relative: markets move fast, and narratives change overnight. However, when you see projects with real users, growing revenues, and technology that solves clear problems, it’s worth paying attention. Ondo, Ethena, Jupiter, Pyth, Helium, and Arweave may not be moving at the same pace, but each is showing signs that their long-term potential is greater than today’s market cap indicates.

Disclaimer: Please note that the contents of this article are not financial or investment advice. The information provided in this article is the opinion of the author only and should not be considered as providing trading or investment recommendations. We make no warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or casual user of cryptocurrencies should research multiple perspectives and familiarize themselves with all local regulations before committing to an investment.