Crypto never stands still, and 2025 is no exception. While headlines often focus on the big names, some of the most undervalued crypto assets are hiding in plain sight. These are the projects building real products, attracting users, and shaping the future of DeFi… yet their market caps don’t tell the full story. In this article, we highlight a handful of undervalued crypto coins that could offer outsized potential as the market catches up to their fundamentals.
What Do We Mean by “Undervalued” Tokens?
When we talk about undervalued crypto tokens, we mean assets whose market prices don’t yet reflect their real utility, adoption, or future potential. An undervalued cryptocurrency might already be showing strong network growth, steady revenue, or innovative technology, but its market cap remains low compared to peers. In 2025, investors often look for these undervalued crypto coins as opportunities to capture value before the broader market catches on.
In practice, undervaluation usually shows up as a gap between price and fundamentals: usage metrics, protocol revenue, ecosystem growth, or the size of the market a project is addressing. Spotting 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 Crypto Coins Right Now By Changelly
| Coin | Price | Market Cap | YoY Performance |
| Ondo (ONDO) | $0.87 | $2.75B | +12.4% |
| Ethena (ENA) | $0.54 | $3.74B | +39.5% |
| Jupiter (JUP) | $0.42 | $1.32B | -53.7% |
| Pyth (PYTH) | $0.14 | $811.9M | -60.3% |
| Helium (HNT) | $2.29 | $431.2M | -69.6% |
| Arweave (AR) | $5.37 | $353.4M | -76.8% |
Data collected on September 30, 2025.
Ondo (ONDO): RWA Distribution Layer
Ondo Finance is one of the leading players in the tokenized Treasuries market, building the rails that connect US government bond yields with crypto-native investors. Its flagship products are OUSG, a tokenized US Treasuries fund offered to qualified purchasers, and USDY, a yield-bearing stablecoin for non-US investors backed by Treasuries and bank deposits.
In 2025, Ondo became the first protocol to integrate BlackRock’s BUIDL fund as collateral in its products, strengthening institutional credibility and liquidity access. BUIDL itself has since expanded across multiple chains and is now even accepted as collateral on trading venues like Deribit and Crypto.com. As of mid-2025, Ondo reported over $690 million locked across its tokenized Treasury products, cementing its position at the forefront of real-world asset (RWA) adoption.
Why It Is Undervalued
- RWA leadership. Ondo is one of the largest tokenized Treasury distributors, with early integrations into institutional liquidity like BlackRock’s BUIDL.
- Institutional adoption. BUIDL acceptance as exchange collateral shows a direct path for Ondo’s assets to enter derivatives, prime brokerage, and settlement flows.
- Revenue potential. USDY accrues yield via redemption value growth, making it more capital-efficient than fixed-rate stablecoins.
- Macro tailwinds. High US interest rates keep demand for yield-bearing stablecoins and tokenized Treasuries elevated.
- Market cap vs. TAM. With a $2.8B market cap (Sep 2025), ONDO is small relative to the multi-trillion US Treasuries market it tokenizes.
- Token unlock transparency. Supply is capped at 10B ONDO with clear vesting schedules, reducing uncertainty around future dilution.
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Ethena (ENA): Synthetic Dollar Cashflows
Ethena is the protocol behind USDe, a synthetic dollar backed by a delta-neutral strategy: it pairs spot holdings (stables and liquid staking tokens) with short perpetual 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 from funding rates and staking rewards. By mid-2025, Ethena’s supply of USDe exceeded $12 billion, making it one of the fastest-growing stablecoin systems in crypto. The protocol’s growth coincides with the rise of on-chain yield-bearing dollars, offering investors exposure to real cash flows in crypto form.
Why It Is Undervalued
- Explosive adoption. USDe supply expanded from under $3B in early 2024 to more than $12B in mid-2025, showing strong demand for synthetic dollars.
- Cash flow mechanics. Yield comes from funding rates and staking rewards, making ENA one of the few tokens tied to actual revenue streams.
- Diversification value. Unlike fiat-backed stablecoins, USDe doesn’t rely on US banks or custodians, appealing to users wary of counterparty risk.
- Ecosystem integrations. USDe is increasingly adopted in DeFi protocols for lending, liquidity provision, and collateral, deepening utility.
- Market positioning. At a $3.7B market cap (Sep 2025), ENA trades below its potential considering its rapid growth and stablecoin TAM.
- Tail risks priced in. Concentration of hedges on a few exchanges remains a concern, but the market may be over-discounting this relative to adoption speed.
Jupiter (JUP): Router Economics on Solana
Jupiter is the largest decentralized exchange (DEX) aggregator on the Solana blockchain, functioning as the primary routing layer for swaps across automated market makers (AMMs) and private liquidity venues. It positions itself as a “superapp” for Solana DeFi, providing users with access to deep liquidity and efficient routing.
In 2025, the protocol cemented its dominance, achieving a 21% market share for DeFi TVL on Solana. The DAO also reduced JUP’s total supply from 10B to 7B in January 2025, tightening tokenomics and reducing long-term dilution. Despite sustained trading volume, JUP’s token has underperformed price-wise through 2025.
Why It Is Undervalued
- Market share. Jupiter consistently controls the majority of Solana DEX flow, with >80% aggregator dominance, a strong moat in routing.
- Fee capture. DeFiLlama data shows steady protocol revenues, indicating real cash flow potential tied to volume.
- Private AMM growth. More than 40% of Jupiter’s volume now routes through private AMMs like SolFi and Meteora, boosting efficiency and capturing MEV that would otherwise leak.
- Token supply cut. Reduction of total supply to 7B JUP lowers inflation risk and signals governance alignment with holders.
- Ecosystem tailwind. Solana’s DEX activity remains high in 2025, giving Jupiter continued flow to monetize.
- Relative valuation. At a $1.35B market cap (Sep 2025), JUP looks small relative to its control of Solana’s liquidity layer.
Pyth (PYTH): Oracle Adoption vs. Market Cap
Pyth is a “pull” oracle network: instead of pushing constant updates, it responds to on-chain requests for data (typically price feeds) at the moment a smart contract needs them. In Q2 2025, Pyth secured $5.31 billion in total value secured (TVS), up 4.8% quarter over quarter—one of the few oracle networks to show positive growth amid broader DeFi cooling. Over that same quarter, it processed 648,240 price updates (a 10.8% QoQ increase) and cumulatively crossed 759 million updates published.
Pyth recently launched Pyth Pro, a subscription service offering cross-asset market data (crypto, equities, FX, commodities), aiming to expand its institutional data revenue base. Pyth has also been selected by the US Department of Commerce to publish official macroeconomic stats (e.g. GDP) on blockchains, underlining its credibility as infrastructure.
Why It Is Undervalued
- Low market capitalization relative to usage. Pyth’s TVS growth and update activity outpace its valuation multiple compared to legacy oracle networks (e.g. Chainlink) in some analyses.
- Institutional and government backing. The US Department of Commerce integration (for publishing macroeconomic data) and new institutional publishers like Sygnum strengthen Pyth’s real-world narrative.
- Monetization pivot. The launch of Pyth Pro signals a shift toward subscription-based revenue instead of purely usage-based pricing.
- Cross-chain & premium feed growth. Recent integrations (FX, equities, emerging market currencies) broaden demand beyond just crypto.
Helium (HNT): DePIN User Growth → DC Burns
Helium has evolved from an IoT coverage network into a full-fledged decentralized wireless service through Helium Mobile. Instead of just rewarding hotspot operators, the network now ties its token directly to usage: every dollar of subscriber revenue is converted into Data Credits (DCs), which can only be created by burning HNT. This design links mobile adoption directly to token scarcity.
Growth has been strong: by Q2 2025, Helium Mobile surpassed 311,000 subscribers, offloaded over 2,700 TB of data, and expanded carrier partnerships with AT&T in the US and Telefónica in Mexico. Daily DC burns nearly doubled quarter over quarter, reflecting higher real-world usage and a clear shift toward revenue-backed token demand.
Why It Is Undervalued
- Revenue-backed burns. With 100% of mobile revenue burned into DCs, real usage directly drives token scarcity.
- Explosive subscriber growth. Accounts grew 94% in Q2 2025, showing strong adoption momentum.
- Carrier partnerships. Integrations with AT&T and Telefónica embed Helium in mainstream telecom.
- Simplified tokenomics. HIP-138 consolidated subnet tokens into HNT, reducing complexity and making value accrual clearer.
- Disconnect with price. Despite user and usage growth, HNT has experienced a significant YoY price decrease.
- Decentralized infra trend. As DePIN narratives gain traction, Helium is already showing live usage rather than promises.
Arweave (AR): AO Expands Beyond Storage
Arweave is best known for its “permaweb,” a decentralized storage system where data is stored permanently with a one-time payment. In February 2025, it launched AO (Arweave Orchestrator), a new parallelized compute layer that lets developers run smart processes on top of its storage. AO enables applications to combine permanent storage with distributed computation, opening use cases in AI, high-performance computing, and complex on-chain workflows.
Since then, ecosystem projects have started building on AO, including infrastructure providers and teams exploring AI agents that rely on permanent data history. While AR’s price has fallen sharply in 2025, the network’s technology positioning now addresses a much larger market than decentralized storage alone.
Why It Is Undervalued
- Technology shift. AO transforms Arweave from a niche storage chain into a compute-enabled platform with far broader application.
- Early mover. Arweave has the first-mover advantage in combining permanent storage with scalable computation.
- Ecosystem expansion. Developers and infra teams are building AO-based pipelines and AI-focused workloads.
- Market disconnect. Despite the AO launch, AR’s market cap has gone down, showing investor underappreciation.
- AI and HPC tailwinds. Rising demand for data permanence and compute coordination could position AO as a unique infrastructure layer.
- Sustainability. Arweave’s one-time payment model for storage still differentiates it from pay-as-you-go competitors like Filecoin.
Final Words
The idea of “undervalued” in crypto is always relative: markets move fast, and narratives change overnight. Still, 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 all move at the same pace, but each shows signs that its long-term potential is bigger than today’s market cap suggests.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any 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 regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
