到了2025年，加密貨幣市場再度復甦，比特幣近日創下歷史新高約123,000美元，總加密市值逼近3.7萬億美元。在這波熱潮下，精明投資者不再單靠頭條吸睛的迷因幣，而是聚焦於那些潛力豐厚、基礎扎實卻尚未充分體現價值的被低估山寨項目。這些計劃不只帶來真正效用——用戶活躍度高，開發者社群強大，加上大型合作夥伴——但與實際採用率及內在價值比較，其市值仍顯偏低。換句話說，這些貨幣是靠數據支持，而非炒作推高。
這裡「被低估」是怎樣定義的？分析師會綜合技術與基本因素，尋找市價低於內在價值的幣種。重要指標包括開發者活躍、網絡生態持續增長、交易量提升，以及大型機構合作等。像網絡價值與交易比率（NVT）及市值與實現價值比（MVRV）這類量化指標，可顯示代幣使用遠高於其市價——歷史上MVRV低於1.0常見於被低估時期。簡言之，被低估的Altcoin，就是那些有現實應用、網絡健康，卻未被市場完全發掘的資產。
很多零售投資者熱衷短期炒作，令手握技術實力的項目長期「賤價」流通，造成技術影響力與市場價格脫節。
以下我們將深入分析2025年十大最被低估的山寨幣——主要為市值較大且基礎穩固的項目——及探討每隻為何值得關注。這些Altcoin對加密生態至關重要，從DeFi基礎設施到企業級區塊鏈安全，各自貢獻良多，但有數據顯示估值與成就不相稱。我們會逐一列舉數據（用戶數據、合作夥伴、鏈上指標）來支持潛力論點，並保持客觀事實導向。一起發掘2025年加密市場的隱藏寶石，真正數據見真章，不靠炒作。
1. Chainlink (LINK)：DeFi 不可或缺的數據基建
Chainlink一向被視為去中心化金融的無形主幹，是最領先的預言機網絡，為無數區塊鏈應用提供現實世界數據。到2025年，Chainlink已穩居DeFi「關鍵基建」角色，為Ethereum、BNB Chain等多個生態鎖定數十億美元資產。此廣泛應用——從價格數據、隨機數生成到跨鏈訊息——凸顯Chainlink的巨大效益。但LINK幣價卻大幅落後基本面：2025年中價位只在十幾美元附近，較2021年高位仍低逾七成，反映高使用率與低市價之間的落差，潛藏可觀升值空間。
Chainlink被低估，不僅因過去表現落後，更因技術和合作的加速進展。其中一大里程碑是JPMorgan採用Chainlink的Cross-Chain Interoperability Protocol (CCIP)來實現代幣資產結算。華爾街巨頭的選擇正正展示現實效用：Chainlink正從加密原生應用走向主流金融，成為股票、債券等資產通證化關鍵中介。Chainlink 新CCIP及即將推出的「Chainlink Economics 2.0」（引入更優化的質押與費用模型），預期將進一步推動LINK需求。隨實體資產鏈上化（RWA）趨勢於傳統金融及區塊鏈間興起，Chainlink的服務將更不可或缺——但市場或尚未把這點納入估值。
從估值角度看，LINK現時價格仍屬低水。Chainlink在預言機領域一枝獨秀，但也有數個小規模競爭對手。儘管需留意競爭，Chainlink早期優勢及網絡效應（絕大部分DeFi協議採用其服務），建立深厚護城河。分析師指出，20美元以下吸納LINK或是長線好選擇，預期隨多個催化劑驅動，Chainlink將回歸DeFi核心基建地位。當然也有風險，例如監管變動或新預言機競爭，但Chainlink至今仍領先技術。總結來說，數百個整合、新企業採用，有新營收來源在望，Chainlink相對於其加密經濟重要性來看，似乎明顯被低估。數據為證：2025年Chainlink堪稱Web3的數據服務提供者，其代幣價格卻尚未體現其巨大作用。
2. Polygon (MATIC/POL)：被低估應用率的以太坊擴容巨頭
Polygon多年以來以代幣MATIC聞名，2025年中經重大網絡升級後，更名為POL，如今已成為以太坊擴容樞紐。Polygon運行熱門的Layer-2網絡及側鏈，紓緩以太坊主網壅塞，為開發者和用戶帶來更快且便宜的交易體驗。到2025年，Polygon每日交易量達數百萬，主要DeFi應用（如Uniswap、Aave等）陸續在Polygon部署，吸納大量用戶和低費用。其亦與多個全球品牌（Nike、Disney等）達成頂尖合作，開發Web3體驗，吸引不少非加密原生受眾。盡管擁有各種優勢，其代幣現價依然遠低於上一輪牛市高位。這種脫節意味Polygon有可能被嚴重低估，特別是考慮到其現實應用情況。
多項因素令Polygon價值被低估。首要是技術急速演進，轉向前沿的零知識rollup（zkEVM），作為「Polygon 2.0」發展藍圖一部分。這些zk-rollup料大幅提升吞吐量，並吸引精英機構採用（由於安全性更高），有望讓Polygon成為企業和Web3廣泛選擇的擴容解決方案。但投資者或未將此技術突破完全反映於估值，Polygon市值尚未體現其或能稱霸以太坊擴容未來的潛力。此外，即使Polygon用戶及項目增長，其代幣在供應架構上完成重整（升級為POL），少部分市場對此感到疑惑，導致短暫信心波動；不過新升級也優化了代幣經濟，使用與網絡活動更緊密掛鉤，這對長遠發展屬正面，只是市場未必即時反映。
最關鍵是Polygon的網絡效應及生態動能，都有力佐證其潛力。按總鎖倉價值及活躍用戶數，其在頂級以太坊Layer-2中仍居前列，涵蓋不僅DeFi，還有遊戲、NFT及企業試點。Polygon上的應用範疇甚廣——從Reddit NFT 市場到Starbucks區塊鏈獎勵計劃——反映現實採用已大大超出其代幣估值。分析師指出，若隨Polygon 2.0升級，使用量再大增，現有估值未足以反映未來主導地位。言下之意，其市價被低估於網絡實際活動規模。當然有競爭風險（如Arbitrum、Optimism等L2亦爭奪市場），惟Polygon憑早期定位、頂級品牌合作及多元策略（融合側鏈、zk-rollup、資料可用性解決）取得優勢。對長線投資者而言，數據顯示Polygon是「沉睡巨人」：廣泛應用的平台，代幣價值卻尚未追上其擴容以太坊大眾化的影響力。
3. XRP (XRP)：SEC塵埃落定後釋放全球支付潛力
極少山寨幣像XRP一樣出名——屬於Ripple網絡的數碼貨幣，專注變革跨境支付。經多年爭議，包括一場備受關注的SEC訴訟，2025年的XRP已站穩腳步。2023年7月，美國法院就XRP法律地位作出有利裁決；到2025年，Ripple與SEC曠日持久的官司終於解決，消除困擾代幣多年的監管陰霾。法律障礙解除後，機構參與XRP意欲大增，並開始發酵：Ripple現已在超過55個國家開展支付通道，擁有350+家金融機構合作夥伴。實際使用數據同樣激增——2025年第二季，Coinbase披露XRP佔其用戶交易量13%，甚至超越Ethereum。同類數據顯示需求再度回升。但即使應用強勁，XRP幣價（維持在低至數美元水平）與其實際規模相比仍算溫和：2025年中價格約2至3美元，市值約1700億美元（以2.93美元計），市場仍有疑慮其能於全球匯款及支付市場奪得多大份額。市場是否低估了XRP的真正潛力？
支持者認為，XRP全球業務及實質用途相較價格明顯被低估。與許多加密項目不同，Ripple目標明確：攻佔萬億級的國際跨境支付產業，目前為SWIFT和傳統銀行壟斷。XRP及Ripple網絡（RippleNet）可實現接近即時、低成本的國際匯款——真正落地的價值，一旦廣泛採納將意義重大。採用成效正在顯現，例如Ripple的隨需流動性（ODL）服務... – which uses XRP as a bridge currency – has seen volume expand in regions like Asia and Latin America. The partnership roster (banks, remittance providers, even governments exploring CBDC platforms) hints that XRP’s real-world utilization is far beyond what its current price performance would suggest. It appears that years of legal uncertainty kept many investors away; now that clarity is achieved, the market may need time to catch up to XRP’s fundamentals.
– 利用 XRP 作為橋樑貨幣 – 交易量近年喺亞洲同拉丁美洲等地區擴展得好快。佢嘅合作夥伴包括銀行、匯款服務供應商，甚至研究央行數字貨幣（CBDC）平台嘅政府等等，顯示 XRP 喺現實世界嘅應用遠遠多過佢目前價格表現所反映嘅情況。過去幾年因為法律不明朗，令好多人都唔敢入場；宜家法律問題釐清咗，市場可能都仲需要時間先追得返 XRP 嘅基本面。
From a data perspective, XRP’s undervaluation can also be seen in its relative price stagnation versus network growth. Even as transaction volumes and institutional usage climbed, XRP traded well below its previous peak (~$3.40 in 2018). If one believes that price follows adoption, then the widening gap between XRP’s increasing adoption (post-2023) and its still sub-ATH price level indicates opportunity. Of course, it’s not without risks: central bank digital currencies (CBDCs) could create new competition or reduce the need for intermediary tokens in some corridors, and evolving regulations (especially around banking use of crypto) remain a factor to watch. However, one could counter that Ripple is actively involved in many CBDC pilots, potentially positioning XRP as part of those ecosystems. In sum, XRP in 2025 presents a case of a network effect outpacing its market valuation – the data (transaction volumes, partnerships, user activity) show a network in bloom, while its token price still reflects some past overhang. This mismatch underpins why many analysts consider XRP a top undervalued large-cap altcoin going into the latter half of the decade.
從數據角度睇，XRP 嘅價格相對於其網絡發展停滯，亦顯示出被低估嘅情況。即使交易量同機構應用都持續增加，XRP 價格依然遠低於2018年嘅歷史高位（約 $3.40）。如果你相信「價格會跟隨應用普及度」，咁 XRP 喺2023年之後持續增長下，價格仲未返到新高，呢段距離其實都係機會所在。當然都唔係冇風險：央行數字貨幣（CBDC）有機會帶嚟新競爭，又或者令有啲市場對中介代幣需求減少；再加上法規變動（特別係銀行界用加密貨幣）仲需密切留意。不過，好多人認為 Ripple 積極參與唔同 CBDC 試點，有機會令 XRP 融入各種新生態。總結嚟講，2025年 XRP 呈現網絡效應跑贏市值嘅現象——數據（交易量、合作夥伴、活躍用戶）顯示網絡正蓬勃發展，而代幣價格仲反映緊過往疑慮。正因為呢個落差，唔少分析師都認為 XRP 係進入呢十年下半場最被低估嘅大型山寨幣之一。
4. Cardano (ADA): Peer-Reviewed Blockchain with Unpriced Upside
Cardano is often described as the academic’s blockchain – a platform that emphasizes rigorous, peer-reviewed research and methodical development over fast pacing. Launched in 2017 by Ethereum co-founder Charles Hoskinson, Cardano has taken a slower, layered approach to building its smart contract platform. By 2025, Cardano operates a secure proof-of-stake network known for its energy efficiency and formally verified code. It has implemented smart contracts (Plutus), governance features, and scaling solutions like Hydra for layer-2. Importantly, Cardano has fostered a loyal community and piqued institutional interest, particularly for its focus on sustainability and research-driven upgrades. Yet in market terms, ADA (Cardano’s native token) has often been a battleground – it soared into the top 10 by market cap, but skeptics argue its pace of real-world adoption trails some competitors. This tension creates a scenario where Cardano’s price might not fully reflect its long-term potential, marking it as an undervalued contender if you believe in its approach.
Cardano 經常被形容為「學術派」區塊鏈——強調嚴謹、同行評審嘅研究同系統性開發，而唔係急功近利。由以太坊共同創辦人 Charles Hoskinson 於2017年推出，Cardano 採用較慢、有分層嘅方式去建立智能合約平台。到2025年，Cardano 已經運行一個以能源效益見稱、正式驗證過源碼嘅權益證明網絡。平台已經實施咗智能合約（Plutus）、治理功能，同埋如 Hydra 呢類 Layer-2 擴展方案。更重要嘅係，Cardano 建立起一個忠實社群同吸引咗機構層面興趣，特別係注重可持續發展同研究驅動升級。只不過，市場上 ADA（Cardano 原生代幣）一直爭議不斷——雖然市值曾衝入前十，但懷疑論者話佢現實應用進度比人慢。這份張力令 Cardano 價格未必完全反映長遠潛力，對相信其理念嘅人而言，正正可能被嚴重低估咗。
Data points in 2025 give a mixed but promising picture. On one hand, ADA saw a price recovery in early 2025 amid broader market strength, indicating growing confidence. On the other, Cardano’s DeFi ecosystem and dApp roster remain relatively small compared to Ethereum, Solana, or BNB Chain. However, that may be slowly changing: developer activity on Cardano has been consistently high (often ranking among top networks in GitHub commits), and new applications are coming online thanks to improvements in the Plutus smart contract platform and the launch of sidechains. Institutional interest is indeed rising, especially around Cardano’s environmental credentials and formal governance – for example, some blockchain investment funds specifically include ADA for its unique value proposition in a diversified portfolio. All this suggests Cardano’s fundamentals – security, research pedigree, a treasury for future development, an educated community – are strong, even if its market metrics (like total value locked in DeFi) are still catching up. The market may be undervaluing Cardano’s durability and the likelihood that its deliberate approach will yield a robust, scalable platform when the next wave of users arrives.
把2025年的數據睇落去其實有好有壞，但整體前景都幾正面。一方面，2025年初 ADA 隨住大市反彈，反映市場信心增加。不過另一方面，Cardano 上面嘅 DeFi 生態同 dApp 數量，都明顯比以太坊、Solana 或 BNB Chain 細。不過呢個情況似乎開始慢慢改善：Cardano 嘅開發者活躍度一直高企（GitHub 提交數經常排頭三），隨住 Plutus 智能合約平台改進、側鏈技術落地，越嚟越多新應用上線。機構層面興趣亦持續增加，特別欣賞 Cardano 嘅環保聲譽同正式治理——有啲區塊鏈基金仲特登吸收 ADA 入組合，視其為獨特價值添。總括而言，Cardano 嘅「根基」——安全、學術底蘊、可用作持續開發嘅國庫、教育水平高嘅社群——都非常紮實，即使佢市場數據（例如 DeFi 入鎖總值）仲追唔上其他頂級鏈。市場可能未充份反映到 Cardano 有幾耐用、同埋佢穩扎穩打會否造就萬人爭先嘅大平台。
From a critical perspective, Cardano’s underperformance in price relative to its peers could be attributed to its slow rollout of features. By 2025, some rivals (e.g., Solana, Avalanche) have lapped Cardano in hosting popular apps or high-throughput use cases. This is a valid concern, and Cardano’s team will need to accelerate real-world usage – something they have been addressing with recent upgrades (for instance, the planned **“Hydra” scaling solution and the upcoming Leios upgrade aimed at boosting throughput). The challenge is clear: Cardano must continue evolving to attract more developers and dApps, or risk falling behind. However, if one believes that the tortoise can win the race, then Cardano indeed looks undervalued. Its market cap, while large, doesn’t seem outrageous for a network that could serve as a global settlement layer if its scientific approach pays off. Put simply, Cardano’s price has not reflected many “what-if” scenarios that could turn in its favor – such as capturing a wave of government or academic blockchain deployments due to its emphasis on formal methods. In conclusion, Cardano in 2025 is a bet that fundamentals will eventually translate to market value. The coin is widely held and slowly proving its capabilities, and if/when usage metrics (active addresses, on-chain volume, DeFi TVL) catch up to its peers, ADA’s current prices may look like a bargain.
從批判角度睇，Cardano 價格跑輸同業其實都同佢功能推出慢得有關。到2025年，有啲競爭對手（例如 Solana、Avalanche）已經起雙飛，暢旺應用或者處理高吞吐量場景上領先好幾步。呢點確實值得憂慮，Cardano 團隊亦知要加快推動現實應用——就好似近期計劃推出「Hydra」擴容方案，另有「Leios」新升級去加強吞吐量。難題都好明顯：Cardano 必需不斷演化，吸引多啲開發者同 dApp，否則就有機會被洗板。不過，如果你相信「烏龜都會贏過兔子」，其實 Cardano 真係值搏：而家市值雖然大，但對一個如能成功落實科學主導、可以做全球清算層嘅網絡嚟講，又唔算離譜。講到底，Cardano 價格從來冇反映過某啲「如果」情境（例如強攻政府或學術區塊鏈部署）最後係會有利於佢。總結而言，2025年套 Cardano 其實係賭「基本面最終會轉化為市值」：幣種分布夠廣，實力慢慢驗證中。如果日後（或當）使用數據（活躍地址、鏈上吞吐、DeFi 入鎖量）追得上其他主流對手，咁而家價錢好大機會係筍貨。
5. Arbitrum (ARB): L2 Leader with Untapped Token Value
In the realm of Ethereum Layer-2 scaling solutions, Arbitrum has emerged as a dominant force – yet its token ARB still flies somewhat under the radar. Arbitrum is a Layer-2 network that uses optimistic rollup technology to offer much lower fees and faster throughput compared to Ethereum’s base layer. Throughout 2024 and into 2025, Arbitrum consistently ranked as the largest Layer-2 by total value locked (TVL) and user activity. In fact, Arbitrum commands roughly 45% of the entire Layer-2 ecosystem’s TVL, making it the most adopted L2 network as of 2025. A thriving DeFi scene lives on Arbitrum – from lending platforms to decentralized exchanges – as well as growing activity in blockchain gaming and NFTs. However, the ARB token was only launched in March 2023 via an airdrop, and it has seen a relatively subdued performance since then. ARB’s price has lagged behind the explosive growth of the Arbitrum network itself. This presents a classic undervaluation scenario: the infrastructure is booming, but the token hasn’t yet captured that value.
喺以太坊 Layer-2 擴容方案入面，Arbitrum 算係一支獨大，但佢原生代幣 ARB 仲未算大熱。Arbitrum 係 Layer-2 網絡，利用 optimistic rollup 技術，手續費低得多、吞吐快過以太坊主網。成個 2024 至 2025 年間，Arbitrum 喺總鎖倉量（TVL）同用戶活躍度都長期排第一：截至2025年，成個 Layer-2 生態鎖倉資產有約45% 都喺 Arbitrum 上面，係最多人用嘅 L2 網絡。DeFi 生態好旺盛——由借貸平台到去中心化交易所，再加埋區塊鏈遊戲、NFT 活動都不斷增多。不過，ARB 代幣只係 2023 年 3 月空投啱啱推出，之後表現都算低調。ARB 價格其實 落後 咗 Arbitrum 本身網絡發展，屬於一個經典被低估情況：基建夠勁，但代幣價值未完全反映出嚟。
One reason could be the token’s distribution and role. As a governance token for Arbitrum’s decentralized autonomous organization (DAO), ARB doesn’t capture fees (Arbitrum doesn’t currently charge significant protocol fees to share with token holders) and its initial supply was largely airdropped, leading to sell pressure. Yet, as the Arbitrum DAO begins to govern billions in assets and potentially introduce value accrual mechanisms (like fee revenue or utility for ARB), the token’s investment profile could sharpen. Meanwhile, Arbitrum’s technology is advancing: an upcoming upgrade called Stylus will enable developers to write smart contracts in popular languages like Rust and C++ with Arbitrum, potentially unlocking parallel execution and huge efficiency gains. Additionally, Arbitrum’s new “Orbit” initiative allows other chains to settle on Arbitrum, extending its reach as a de facto Layer-3 framework. These developments point to an expanding ecosystem around Arbitrum, which could drive more usage – and eventually more value to ARB if governance or token economics adapt.
原因之一係 ARB 嘅分配同本身定位：作為 Arbitrum DAO 嘅治理代幣，ARB 目前未能攞到手續費分成（而家 Arbitrum 都未正式收 protocol fee），而推出時又靠空投派發，初期有唔少沽壓。不過，隨住 Arbitrum DAO 管理資產高達數十億美元，之後有機會推行返手續費分享、ARBITRUM實用價值增強等機制，代幣投資吸引力會加強。與此同時，Arbitrum 技術不斷升級：即將推出嘅 Stylus 升級會令開發者可以用 Rust、C++ 等主流語言寫智能合約，有助 平行運算、大幅提升效率。再加埋 Arbitrum 新搞嘅 “Orbit” 計劃——等其他鏈可以喺 Arbitrum 上面結算，事實上變相成為 Layer-3 樞紐。呢啲發展都顯示住 Arbitrum 周邊生態圈持續擴大，假如治理或代幣經濟進一步演化，最終都可以為 ARB 帶嚟更多價值。
The data underscores Arbitrum’s prominence. It consistently handles a high volume of transactions and hosts some of the fastest-growing dApps in crypto. By mid-2025, broader Ethereum scaling demand (with Ethereum’s own activity pushing users to L2s) could position Arbitrum for explosive growth in both DeFi and gaming sectors. From a long-term perspective, if Ethereum’s roadmap is L2-centric (as many believe, given “The Surge” phase focusing on rollups), then the leading L2s like Arbitrum stand to benefit immensely. And yet, ARB’s market cap – while in the few billions – doesn’t fully account for Arbitrum being essentially a second major hub alongside Ethereum. In comparison to tokens of other smart contract networks or even other L2s, ARB might be undervalued relative to Arbitrum’s share of activity. There are certainly competitors (Optimism, zkSync, StarkNet, and even Polygon’s new zkEVM are in the fray), but Arbitrum’s head start and technical reliability have given it a notable edge so far. For investors, the “compelling entry point” is that at current prices ARB represents buying a piece of Ethereum’s top scaling solution without paying a premium. With upcoming catalysts and the sheer momentum of users on Arbitrum, the token’s underperformance to date positions it as one of 2025’s most undervalued altcoins.
數據反映到 Arbitrum 嘅強勢：一來處理緊大量交易、二來唔少最快爆紅嘅 dApp 都喺呢度。到2025年中，以太坊本身用戶加速轉向 Layer-2，對 Arbitrum 係 DeFi、遊戲都有爆發性增長機會。從長遠睇，如果以太坊規劃主打 Layer-2（而家多數人都信 “The Surge” 主要同 rollups 有關），咁領先嘅 L2 好似 Arbitrum 就分分鐘最大得益。講到底，而家 ARB 幾十億美金市值，仲未反映 Arbitrum 已經變成 以太坊以外最重要節點。同其他智能合約鏈代幣，甚至其他 L2 代幣比，按照業務量、市場份額計 ARB 都好大機會被低估。雖然仲有不少對手（Optimism、zkSync、StarkNet 以至 Polygon 嘅 zkEVM 都有威脅），不過 Arbitrum 先拔頭籌，同技術可靠形象畀咗佢極大優勢。對投資者嚟講，「吸引入場點」係而家價錢代表邊買以太坊最強擴容解決方案，亦唔使高估值買入。再加埋多項主題催化、用戶增長勢如破竹，ARB 到目前為止落後於業務，正正令佢成為 2025 年最被低估嘅主流山寨幣之一。
6. Hedera (HBAR): Enterprise-Grade DLT Still Underestimated
Hedera Hashgraph stands apart from the typical blockchain crowd by using a unique distributed ledger technology – the hashgraph consensus – rather than a traditional blockchain. Its value proposition centers on high throughput (up to 10,000+ TPS), low fees, and enterprise governance, making it attractive for businesses and large-scale applications. Hedera’s network is governed by a council of heavyweight corporations including the likes of Google, IBM, Boeing, Deutsche Telekom, and LG, to name a few. This gives Hedera a legitimacy and stability that’s appealing to enterprises wary of volatile, permissionless networks. By 2025, Hedera has been quietly powering use cases in supply chain, tokenized assets, and even central bank digital currency pilots, often behind the scenes. For instance, IBM and Boeing have explored Hedera for supply chain and asset tracking solutions. Despite these strengths, Hedera’s native token HBAR has remained priced modestly (a
Hedera Hashgraph 同傳統區塊鏈好唔同，唔用傳統 blockchain，而係以 hashgraph 共識技術運作。主打係高吞吐量（每秒過萬筆交易）、交易費用低、企業級治理，就最適合需要大規模、穩定運行嘅商業應用。Hedera 背後有一班重磅企業組成嘅理事會監管，包括 Google、IBM、波音、德國電訊、LG 等等。呢個架構畀 Hedera 多咗份信譽同穩定度，對企業用戶、有疑慮於開放鏈條環境而言極大吸引力。到2025年，Hedera 背後默默推動緊好多供應鏈、資產代幣化、甚至央行數字貨幣落地，往往是在幕後做橋樑。例如 IBM、波音等公司都曾用 Hedera 測試供應鏈資產追蹤方案。即使擁有咁多優勢，HBAR 代幣價格反而一直保持平穩（…fraction of a dollar per token, with a total market value in the single-digit billions). HBAR’s price did rally impressively in the past year, reflecting growing attention, but by absolute standards Hedera is still one of the more affordable large-scale networks – an indication it may be undervalued relative to its peers.
每個代幣只值幾毫子美金，總市值只有幾十億美元。過去一年，HBAR價格的確有顯著反彈，反映市場關注度提升，但以絕對標準計，Hedera仍然係大型網絡之中比較平嘅一個——這可能顯示佢相對同業被低估。
The adoption metrics hint at Hedera’s underappreciated status. For example, the network has processed billions of transactions cumulatively, many driven by enterprise or public sector applications that don’t make crypto headlines. It has also launched services like the Hedera Consensus Service (HCS) which corporations use for secure, timestamped logging of data – essentially acting as a trust layer for things like supply chain events or verifiable logs. These kinds of integrations (think Fortune 500 companies using HCS for data integrity) do not immediately translate to speculative frenzy, which might explain why HBAR has been overlooked by retail traders chasing flashier DeFi or meme projects. As CCN noted, Hedera’s market cap – around $10 billion in 2025 – belies the technological relevance it has; there’s a “gap between technological relevance and market recognition” here. In other words, Hedera is doing big things under the hood, but the market still doesn’t quite know how to value a network that isn’t hyping DeFi or NFTs but is quietly working with Google and banks.
好多數據都反映Hedera其實未被充分重視。例如，呢個網絡累計處理過幾十億筆交易，好多都係來自企業或者公共部門嘅應用，呢啲通常唔會上加密幣新聞頭條。佢又推出咗Hedera Consensus Service（HCS）等服務，俾企業用嚟做有時標、具保安性嘅數據記錄——實際上係供應鏈事件或者可驗證數據記錄等信任層。呢啲企業級應用（例如《財富》500強用HCS保證數據完整性）唔會即時炒熱市場氣氛，解釋到點解零售炒家鍾意追啲更爆嘅DeFi或meme幣時會忽略HBAR。如CCN指出，2025年Hedera市值約100億美元，但以技術影響力來講，遠遠唔止咁多；即係話，技術同市場所認之間有個「落差」。換句話，Hedera其實做緊大事，不過市場暫時未搵到一個方法公允評價一個唔搞DeFi、唔炒NFT、但暗地裡同Google、銀行合作嘅網絡。
There are reasons for caution that likely play into HBAR’s undervaluation. Hedera’s governance model, while a selling point for enterprises, means the network is more permissioned (with transactions validated by council members). Crypto purists sometimes question its decentralization. Its technology, though theoretically very fast, is “less tested at mass scale” in open environments compared to battle-hardened blockchains. And its enterprise focus could mean slower grassroots adoption, as acknowledged by analysts – the average retail developer or user might gravitate to open platforms like Ethereum or Solana first. These factors may temper hype. But from an investment standpoint, if Hedera continues to add high-value use cases quietly – say a national digital currency platform, or a major ad network using Hedera for fraud-proof logs, etc. – then at some point the market could wake up to HBAR’s value. Already we saw HBAR spike when attention finally shifted to its achievements. Hedera also secured a $408 million ecosystem fund to attract more developers and startups, which could spur more public-facing activity. All told, Hedera represents an undervalued bet on enterprise blockchain adoption. The data (transactions, enterprise participants, technical performance) indicate a network of significance that, should broader market sentiment tilt from speculation to utility, has a lot of room to grow in value.
當然，HBAR被低估都有佢既合理原因。Hedera嘅管治模式雖然係企業賣點，但即係話個網絡比較受控（交易要由理事會成員驗證）。有啲加密幣原教旨主義者質疑其去中心化程度。理論上佢個技術極快，不過同晒多年磨練嘅主流區塊鏈比，喺開放環境下「大規模測試」程度較低。另外，著重企業市場可能會令草根用戶增長比較慢——正如分析員所講，普通散戶開發者同用家可能會先用Ethereum或Solana等開放式平台。呢啲因素都會對炒作熱情打折扣。不過，對投資者嚟講，如果Hedera繼續靜靜雞加啲有價值用例——例如成為國家數碼貨幣平台啦、或者有大廣告網絡用Hedera做防騙記錄等等——到時市場終有機會覺醒，認可HBAR價值。其實當市場焦點終於望向佢成果時，HBAR已經見過一次飆升。Hedera仲搞咗一個4.08億美元生態基金吸引多啲開發者同初創來投入，隨時帶來更多公開焦點。總結，Hedera係一個關於企業區塊鏈落地嘅被低估籌碼。以交易數量、企業參與同技術表現睇，網絡有分量，如果市場重心由純炒作轉向實用，估值仲有好大提升空間。
7. Filecoin (FIL): Web3 Storage Giant Trading at a Discount
7. Filecoin（FIL）：Web3去中心化存儲巨頭被低水交易
In the decentralized storage arena, Filecoin stands as the titan. Its network allows users to rent out spare hard drive space in exchange for FIL tokens, creating a decentralized alternative to cloud storage providers like Amazon AWS or Google Cloud. Since launching in 2020, Filecoin has amassed enormous capacity: by 2025, over 1 exabyte of data is stored via Filecoin’s InterPlanetary File System (IPFS) and related markets. In fact, the Filecoin network boasts 3,000+ storage providers contributing an astounding 7.8 exabytes of storage capacity, with 2.1 exabytes of actual data in use – a scale that comfortably rivals traditional cloud data centers. Such statistics underscore that Filecoin isn’t just a crypto experiment; it’s a full-blown decentralized infrastructure for the data economy. Yet, FIL as a token has seen its price slump far below its post-launch peaks. Trading around only a few dollars in 2025, FIL was down roughly 40-50% year-on-year despite these solid fundamentals. The contrast is striking: Filecoin’s network growth has been exponential, while its token price languished, suggesting a mispricing that savvy observers tag as undervaluation.
喺去中心化存儲領域，Filecoin係一哥。佢嘅網絡俾用戶出租盈餘硬碟空間換FIL代幣，等同一個去中心化版本嘅雲存儲（好似Amazon AWS或Google Cloud）。自2020年面世以來，Filecoin儲存能力勁爆：到2025年，用Filecoin嘅IPFS及相關市場儲起咗超過1 exabyte數據。實情係，Filecoin網絡有超過3,000個存儲供應商，夾埋提供咗7.8 exabytes容量，用緊數據都有2.1 exabytes——規模足以媲美傳統雲數據中心。呢啲數據反映Filecoin絕對唔只係加密實驗，佢係數據經濟成熟去中心化基建。但FIL代幣嘅價格就遠低過上市高位，2025年都只係幾蚊，年比年仲跌咗四至五成。Filecoin網絡爆發性增長，但代幣價格卻未動如山，明顯係市場定價錯配，被識貨嘅人視為低估。
Why might the market be undervaluing Filecoin? One factor is that a lot of Filecoin’s activity is “wholesale” infrastructure – deals with NFT platforms for storing metadata, archival arrangements with museums and universities, etc. These don’t generate the kind of hype that, say, DeFi yield farming or NFT trading does. Retail speculators may simply not be paying attention to storage usage metrics. Moreover, Filecoin had a fairly large token supply come online (early investors and miners releasing tokens), which exerted sell pressure. But from a value perspective, one can compare Filecoin’s market cap versus traditional cloud companies: if Filecoin truly disrupts even a small share of the $100+ billion cloud storage industry, the upside is enormous. Already, over 1 exabyte (that’s 1 billion gigabytes) of data is secured on Filecoin, proving real demand. Filecoin has also introduced Filecoin Web Services (FWS), a decentralized analog to AWS, and is improving usability with things like smart contract capabilities (the Filecoin Virtual Machine launched in 2023). These innovations indicate that the network’s utility is increasing, potentially driving more FIL usage for storage deals and retrieval incentives.
點解市場可能低估Filecoin？其中一個原因係，Filecoin大量業務屬於「批發級」基建——同NFT平台合作儲存metadata啦，博物館、學術機構做數據長期保存等等。呢啲唔會好似DeFi挖礦、NFT炒賣咁吸引眼球。零售炒家大多數都無理會存儲量等基礎數據。另外，Filecoin一路有大量新代幣釋放（早期投資者、礦工釋出代幣），對價格造成下行壓力。但若以價值角度睇，Filecoin市值對比傳統雲服務商——就算佢真係只撬到百幾億美金雲存儲市場一小部分，升幅潛力都極大。依家已經有超過1 exabyte（即10億GB）數據安全存在Filecoin，證明需求實在。Filecoin亦推出Filecoin Web Services（FWS），對標AWS，而且提升用戶體驗（例如2023年推出Filecoin Virtual Machine實現智能合約功能）。呢啲發展都顯示網絡用處越來越大，有機會推動FIL需求以作存儲協議或提取獎勵。
The Decentralized Physical Infrastructure Networks (DePIN) movement further puts Filecoin in focus. In an era where companies and Web3 projects seek to avoid single points of failure and censorship in data storage, Filecoin’s value proposition is increasingly compelling. The token, however, might be suffering from the broader bear hangover; it’s a long-term play on Web3 infrastructure, and those often get bypassed in favor of more speculative short-term plays. According to analysis, FIL’s technical strength and lack of retail hype make it undervalued – it’s a classic case of strong fundamentals not yet reflected in price. There are risks: the decentralized storage market has other players (Storj, Arweave), and Filecoin’s token economics are inflationary (to incentivize miners) which can suppress price if demand doesn’t keep up. But given Filecoin is the leader and has the network effect of data and clients, it’s likely to consolidate this niche. In conclusion, for those looking beyond the flashy trends, Filecoin offers real utility that the market hasn’t fully appreciated. It has built the “plumbing” for Web3’s data layer, securing content for NFT marketplaces and providing censorship-resistant backups for important data. As the world generates more data and Web3 expands, a decentralized storage backbone like Filecoin could see dramatically increased usage – and eventually, investors may recalibrate FIL’s value to catch up with the network’s undeniable growth.
去中心化實體基建網絡（DePIN）熱潮亦令Filecoin更受市場關注。企業同Web3項目現今愈來愈重視避免存儲單點故障或審查風險，Filecoin嘅價值主張自然越嚟越吸引。不過FIL代幣可能受整體熊市氛圍影響——始終佢屬於Web3基建長線博弈，唔及炒短線題材搶眼。分析指出，FIL技術實力強、卻無零售熱度，完全係基本面未在價格反映嘅經典例子。當然有風險：去中心化存儲仲有其他對手（Storj、Arweave等），Filecoin代幣通脹（用作獎勵礦工）亦會壓價，但Filecoin領導地位及網絡效應又唔易動搖，預計可鞏固份額。總括而言，對於有心走在潮流之前嘅投資者，Filecoin提供咗市場未完全認可嘅真正實用價值。佢已經建好Web3數據層嘅「管道基建」，為NFT市場鎖定內容、俾到重要數據抗審查備份。隨着全球數據不斷增加、Web3壯大，一條去中心化存儲主幹（如Filecoin）用量只會愈來愈大——最終FIL價值有望跟上網絡增長，唔再被市場忽略。
8. VeChain (VET): Supply Chain Workhorse Overlooked by the Market
8. VeChain（VET）：被市場忽略嘅供應鏈實幹王
VeChain is a veteran of the crypto space that has carved out a specific but significant niche: using blockchain to improve supply chain management and corporate logistics. Through its dual-token system (VET for value transfer and VTHO for gas), VeChain enables companies to track products, verify authenticity, and log data (like temperature, origin, etc.) on an immutable ledger. It effectively brings transparency and trust to supply chains – a real-world problem with huge economic implications (think of combatting counterfeit goods, ensuring food safety, etc.). By 2025, VeChain has accumulated over 100 enterprise partners spanning industries from food and pharmaceuticals to luxury goods. These include big names: Walmart China uses VeChain to trace food products, Louis Vuitton’s parent LVMH tapped it for luxury goods authentication in earlier years, and BMW has used VeChain for verifying car parts. With such a roster, one might expect VET (VeChain’s main token) to be valued highly. Yet, VET’s price has been relatively subdued – it never revisited its hype-driven peak from 2021 and spent much of 2023–2024 in a downtrend. Even with some recovery in 2025, VeChain’s market cap (around $2 billion) seems low compared to the scale of enterprises using its tech, implying it may be undervalued.
VeChain係加密界元老級項目，專注一個利基但重要範疇：用區塊鏈改善供應鏈管理和企業物流。靠住雙代幣體系（VET做價值傳遞，VTHO做gas），VeChain俾企業追蹤產品、驗證真偽、記錄數據（好似溫度來源等）喺不可竄改帳本。佢真係為供應鏈帶嚟透明同信任——解決一個真實世界大難題，經濟意義巨大（打假、保證食品安全等）。到2025年，VeChain已累積超過100間跨行業企業夥伴，包括食品、藥品、奢侈品等。名單好厲害：中國沃爾瑪用佢追蹤食品，LVMH（Louis Vuitton母公司）用佢驗證奢侈品真偽，BMW都用VeChain驗證汽車零件。咁多大客戶，照計VET（主代幣）應該好值錢，但VET價格一直偏淡——2021年熱炒高位之後無再上過，2023-2024年間多係下跌，即使2025年稍見反彈，市值（約20億美元）同企業應用規模比都顯得平咗。
The story of VeChain is one of being overshadowed by flashier crypto narratives. During the DeFi summer and the NFT boom, a somewhat stodgy enterprise supply-chain platform just didn’t capture retail imagination. However, those hype cycles have come and gone, and what remains are projects like VeChain that have steadily built real partnerships. The ESG (Environmental, Social, Governance) angle of VeChain’s solutions (for example, tracking carbon footprints or verifying sustainable sourcing) is also a forward-looking use case aligning with corporate and governmental priorities. All this substance exists somewhat apart from VET’s token trading dynamics. As the CCN analysis noted, VeChain’s achievements are often overshadowed by flashier tokens, positioning it as an undervalued altcoin whose price hasn’t caught up to its enterprise adoption. In raw numbers: VeChain’s network might not boast massive decentralized app usage, but it does boast transaction volumes from corporate integrations. Every time Walmart China logs a seafood shipment on VeChain, that’s a transaction potentially involving VET and VTHO – usage that isn’t about speculation but about real economic value. The market, in chasing meme coins and quick flips, tends to undervalue that kind of slow-and-steady usage.
VeChain最大特點係個故事成日俾更爆嘅加密敘事搶鏡。DeFi summer同NFT熱潮時，一個似乎老土嘅企業級供應鏈平台自然唔吸引零售市場嘅想像力。不過，這些炒作熱都過去咗，留下陣地嘅反而係VeChain呢種腳踏實地搵真partner嘅項目。VeChain嘅方案仲有ESG（環境、社會、管治）層面（例如追蹤碳足跡、認證可持續來源），正合未來企業政府需求。不過，呢啲真材實料同VET代幣炒價關係唔太大。正如CCN分析，VeChain一啲成績往往被其他型爆代幣掩蓋，所以佢營運落地強，但作為山寨幣個價唔反映得到其企業級應用。硬數字嚟講：VeChain網絡未必有好大dApp用量，但企業整合帶嚟交易量極多。每次中國沃爾瑪喺VeChain記錄一單海鮮運送，背後都係VET/VTHO支撐——呢啲唔係投機，而係真實經濟價值。市場所謂炒meme幣、短炒快閃時，往往低估呢啲細水長流型用例。
Of course, VeChain faces competition too. Other blockchains and even non-blockchain solutions vie for similar supply chain niches. And enterprise blockchain adoption, in general, had a slower trajectory than many anticipated, which could explain why some investors lost patience. But now in 2025, it’s clearer where blockchain truly shines for enterprises – in provenance and verification – and VeChain is a first mover there. It’s telling that over 100 enterprise partners rely on VET to combat counterfeiting and improve
當然，VeChain都有不少競爭對手。其實有好多區塊鏈（甚至非區塊鏈）方案都搶供應鏈這個賽道。而且企業區塊鏈採用速度，比好多投資者原先估計慢，導致部份人失去信心。不過到2025年，企業界究竟區塊鏈最有用嘅地方愈嚟愈明顯——正正係溯源同認證，VeChain又係搶先做。現時超過100間企業夥伴靠VET打假、改善......transparency. That network of partnerships forms a moat that new projects will find hard to replicate quickly. If even a fraction of those partnerships scale up to full production across global supply chains, the demand for VET (and confidence in its long-term value) could increase significantly. In summary, VeChain appears fundamentally undervalued: its technology is solving real-world problems for major companies, providing utility that’s quietly growing even if its token hasn’t pumped in tandem. For the patient investor, VET represents a bet that real utility will eventually win out over hype. The data – such as Walmart and BMW’s involvement and dozens of other pilots – suggests VeChain is here to stay, and its current market price might not reflect the project’s deep enterprise inroads.
透明度。這個合作網絡形成了一道護城河，新項目難以在短時間內複製。即使只有部分合作夥伴關係擴展到全球供應鏈的全面生產階段，對 VET 的需求（以及對其長期價值的信心）都可能大幅提升。總結而言，VeChain 在基本面上似乎被嚴重低估：其技術正為大型企業解決現實問題，即使其代幣未有隨實際應用而同等上漲，其實用性正悄然增長。對耐心的投資者而言，VET 代表著「真正的實用性最終會戰勝炒作」這一賭注。數據（例如沃爾瑪及寶馬的參與，以及其他數十個試點）顯示 VeChain 不會曇花一現，其現時市價未必反映其在企業級市場的深入布局。
9. Aave (AAVE): DeFi Lending Giant with Strong Fundamentals, Weak Price
In the decentralized finance (DeFi) revolution, Aave has been a cornerstone – a non-custodial lending and borrowing protocol that effectively operates as a global, permissionless bank. Users can deposit cryptocurrencies to earn yield or take out loans by providing collateral, all governed by smart contracts. Aave has consistently been among the top DeFi platforms by total value locked. In 2025, Aave holds roughly $30 billion in liquidity across its markets, commanding almost half of the entire DeFi lending market. It has even outpaced major CeFi players on Ethereum – recently leapfrogging Circle (USDC’s issuer) to become the second-biggest “business” on Ethereum after Tether in terms of revenue generation. These stats speak to Aave’s enormous usage: it’s a foundational layer for traders, yield farmers, and even institutions dabbling in DeFi. However, Aave’s token, AAVE, has not mirrored this dominance in its price action. By mid-2025, AAVE traded at only a fraction of its 2021 high (which was around $600+). Even as the protocol’s deposits and usage rebounded, AAVE’s market cap remained relatively modest. This mismatch between Aave’s revenue/user base and its token valuation points to a significant undervaluation.
在去中心化金融（DeFi）革命中，Aave 一直是其中一個基石——它是一個無託管的借貸協議，實際上運作成一間全球、無需許可的「銀行」。用戶可以存入加密貨幣賺取收益，或以抵押品借款，一切皆由智能合約自動操作。Aave 在鎖倉總價值方面一直名列前茅。到2025年，Aave 在其各個市場共持有約300億美元流動資產，佔整個 DeFi 借貸市場近一半。它甚至超越了以太坊上的主要中心化金融（CeFi）玩家——最近更趕過 USDC 發行方 Circle，成為僅次於 Tether 的以太坊第二大「業務」，論收入表現。這些數據證明了 Aave 的龐大用量：它是交易員、收益農夫，甚至涉獵 DeFi 的機構投資者必不可少的一層。然而，Aave 的代幣 AAVE 在價格表現上並未反映這份主導地位。到2025年年中，AAVE 只在2021年高位的少數分之一水平（當時價值超過600美元）。即使協議質押和用量已經回升，AAVE 的市值依然相對有限。這種 Aave 收入／用戶基礎與其代幣估值的不匹配，顯示出明顯低估。
Concrete data underscores Aave’s underpriced status. One compelling metric is the Price-to-Sales (P/S) ratio (analogous to stock market metrics, comparing market cap to protocol fee revenue). Aave’s P/S was recently around 39x, much lower than comparable lending platforms like Compound or Maple which were 50x+. In traditional terms, a lower P/S suggests the market is pricing Aave’s growth more conservatively than its peers – essentially, Aave generates a lot of fees relative to its token price. This hints at upside if the market were to value Aave on par with similar projects. Additionally, Aave’s transaction fee generation on Ethereum is second only to Lido (excluding stablecoin networks), meaning it’s one of the biggest gas consumers because so many users interact with it. Despite Aave’s usage nearly doubling (TVL climbed from ~$15B to $30B since early 2025), the token has not seen commensurate gains – a classic sign of an undervalued asset in fundamental terms.
具體數據更加證明 Aave 被低估。例如，「市值／收入比」(P/S Ratio) 是一個強有力指標（類似股票市場，比較總市值與協議收入）。Aave 的 P/S 最近大約是 39 倍，遠低於同類借貸平台如 Compound 或 Maple（兩者都在 50 倍以上）。傳統觀點認為，較低的 P/S 意味市場對 Aave 增長的預期比同類更保守——即 Aave 以相對較低的代幣價格產生大量手續費收入。如果市場將 Aave 定價與類似項目拉齊，未來就有上升空間。此外，Aave 在以太坊產生的手續費僅次於 Lido（不計穩定幣網絡），即由于用戶群龐大，消耗 Gas 居首。即使 Aave 用量幾乎翻倍（從 2025 年初大約 150 億美元 TVL 升至 300 億美元），代幣價格卻未有相應升幅——這正是基本面低估的典型跡象。
Why might AAVE be undervalued? Part of it may be the broader DeFi bear hangover: after the 2022 downturn and some project failures, many DeFi tokens fell out of favor. Aave, despite being blue-chip, got lumped into that risk-off sentiment. Furthermore, Aave’s token mainly serves as a governance token; while staked AAVE (safety module) earns some incentives, AAVE holders don’t automatically earn protocol fees. This can make the value proposition harder for speculators (compared to, say, a token that directly yields cashflow). However, Aave is evolving: it launched its own stablecoin GHO, adding another revenue avenue, and Aave v3 brought efficiency improvements and new features. The Aave community can also vote to direct more value to AAVE holders over time (for example, through fee collection or buyback mechanisms). Regardless, the fundamentals suggest Aave is an essential piece of DeFi infrastructure trading at a “fraction of its 2021 highs” despite even higher usage now. As DeFi momentum returns – possibly bolstered by integration of real-world assets (RWA) and institutional usage – Aave is poised to benefit disproportionately.
AAVE 為何會被低估？部分原因是 DeFi 整體經歷熊市低迷：自2022年市場下跌及一些項目失敗後，許多 DeFi 代幣已經不再吃香。即使 Aave 屬於藍籌項目，也未能倖免於風險偏好降低的情緒。此外，Aave 代幣主要用於治理用途，儘管質押 AAVE（安全模組）有部份激勵，但持有人無法自動獲取協議費收入。這對投機者來說吸引力較低（相比一些持幣即有現金流的項目）。不過，Aave 正不斷演進：它推出自家穩定幣 GHO，開設新收入來源，Aave v3 帶來效率提升及新功能。社群亦可通過治理將更多價值引向 AAVE 持有人（例如手續費分紅或回購機制）。無論如何，基本面證明 Aave 是 DeFi 必不可少的基礎建設，雖然用量創新高，卻仍以「只值2021年高位一小部分」的價格交易。隨著 DeFi 熱度回升——被現實資產（RWA）整合及機構參與進一步推動——Aave 有望成為大贏家。
In essence, Aave’s undervaluation is evidenced by its huge market share and financial metrics versus its token value. It’s akin to finding a bank stock that dominates its sector but has a low price-to-earnings ratio – usually a potential value play. With a track record of innovation (flash loans, credit delegation) and a strong brand in DeFi, Aave’s risk is relatively lower than many crypto projects. It’s battle-tested and, importantly, continuously profitable in terms of protocol fees. Investors looking for a data-backed crypto asset might find Aave appealing: here is a platform generating tens of millions in fees, growing users, expanding to new chains – yet its token is languishing. Those conditions rarely persist forever. Indeed, recent analysis suggests the market might be “beginning to stir” for AAVE as its P/S ratio hit a bottom and started rising. The groundwork is laid for a re-rating of AAVE upwards, making it one of 2025’s most compelling undervalued altcoins from a fundamental perspective.
總結來說，Aave 的市佔率和財務數據遠高於其代幣價值，正是低估的明證。這就像你發現一隻行業龍頭銀行股但市盈率超低——通常是價值投資良機。Aave 不僅持有創新紀錄（如閃電貸、信貸授權），品牌於 DeFi 屆亦極具份量，風險較很多加密項目低，並且歷經考驗，協議費收入一直呈「盈利」狀態。尋找有數據支持的加密資產的投資者會覺得 Aave 吸引——一個每年產生數千萬手續費，用戶不斷增長、還積極擴展新公鏈的平台，但其 Token 長期徘徊於低位。這種情況不可能持續太久。事實上，最近分析顯示隨著 P/S Ratio 見底回升，資金開始「蠢蠢欲動」。一切已鋪好路，AAVE 有望重新估值，使其成為2025年最有基本面吸引力的被低估山寨幣之一。
10. Polkadot (DOT): Interoperability Vision Awaiting Market Realization
Rounding out our list is Polkadot, a project that has long been heralded for its ambitious vision of blockchain interoperability. Polkadot’s multi-chain framework aims to allow dozens (eventually hundreds) of specialized blockchains – called parachains – to operate under one umbrella, sharing security and freely exchanging data/value. It’s essentially an ecosystem of blockchains, all coordinated by the central Relay Chain and staked with DOT, Polkadot’s native token. Throughout 2021 and 2022, Polkadot built out this infrastructure, auctioning parachain slots to projects ranging from DeFi hubs to smart contract platforms and even gaming chains. However, the hype that accompanied Polkadot’s early days subsided when the broader bear market hit. By 2025, Polkadot has a robust technology stack and many parachains live, yet DOT’s price has been languishing around the mid single-digits – a far cry from its $50+ peak in 2021. With a market cap of roughly $6.3 billion in August 2025, Polkadot represents only 0.16% of the total crypto market value, which seems low given its lofty goals and the scale of its ecosystem. If Polkadot succeeds even partially in its mission to capture a slice of all blockchain activity, DOT could be heavily undervalued at current levels.
來到最後要介紹的是 Polkadot，一直以來被視為區塊鏈互操作性（interoperability）雄心壯志的代表。Polkadot 的多鏈架構，目的是讓數十甚至數百個專用區塊鏈——稱為平行鏈（parachains）——都能在同一平台下運作、共用安全性，並自由交換數據和價值。這其實是一個由多條區塊鏈組成的生態圈，由中央中繼鏈（Relay Chain）統籌，並以原生 Token DOT 担保質押。2021 至 2022 年，Polkadot 完成了基礎設施建設，將平行鏈插槽透過拍賣分配給 DeFi、智能合約平台、遊戲鏈等不同類型項目。不過，隨著熊市來襲，初期的熱潮冷卻。到了2025年，Polkadot 擁有強大的技術基礎和大量平行鏈上線，但 DOT 價格卻長期陷於個位數徘徊，與2021年超過50美元的高峰相差甚遠。2025年8月市值只有約63億美元，只佔整個加密貨幣市場0.16%，以其龐大野心和生態系統規模而言，顯得過低。如果 Polkadot 即使只部分實現將全球鏈活動納入網絡的願望，現價都極有可能被嚴重低估。
The fundamental developments in 2025 strengthen Polkadot’s case. The network is undergoing major upgrades to boost capacity and utility. A new elastic scaling feature and asynchronous backing have been tested, targeting up to 623,000 transactions per second at full tilt in the future – an astronomical number that would put Polkadot at the forefront of scalable networks if achieved. Already, tests on its canary network Kusama have hit 143k TPS, showcasing the technology’s promise. Polkadot is also introducing compatibility with Ethereum’s ecosystem (through an Ethereum Virtual Machine on Polkadot), aiming to draw in Solidity developers without friction. In essence, Polkadot is addressing one of its perceived weaknesses (a steep learning curve and unique language) by opening up to the most common smart contract language. These improvements, along with Polkadot’s ongoing support for cross-chain communication (XCM protocol) and a move towards more decentralized governance (OpenGov), all point to an ecosystem maturing and ready for prime time.
2025 年的基本面發展，進一步鞏固了 Polkadot 的競爭力。網絡正進行大型升級，提升容量和功能，例如新的「彈性擴容」（elastic scaling）和異步背書（asynchronous backing）功能已經測試中，目標未來最高每秒可處理62.3萬筆交易（TPS），若成事勢必站穩可擴展網絡之頂。事實上，其測試網 Kusama 已做到14.3萬 TPS，展示強大技術潛力。Polkadot 亦正引入對以太坊生態的兼容性（即於 Polkadot 上運行 EVM），目標是無縫吸納 Solidity 開發者。換句話說，Polkadot 正打破「學習門檻高、語言罕見」的固有觀感，逐步向最普遍智能合約語言靠攏。加上一直支援跨鏈通訊（XCM 協議）、推動去中心化治理（OpenGov），整個生態系統正日趨成熟，準備大規模應用。
Yet, the market seems to be taking a “wait and see” approach. DOT’s market value suggests skepticism about Polkadot capturing a significant share of the $4+ trillion crypto market. But consider this: if Polkadot’s interoperability and scalability attract even 1% of the total crypto economy’s value, that scenario – which is plausible in a multi-chain future – could imply DOT pricing an order of magnitude higher. Indeed, analysts have projected DOT could surge from ~$4 to around $22.50 by 2030 if it captures just 1% of the market and executes its roadmap. That kind of long-term forecast highlights how compressed DOT’s valuation currently is relative to its potential. Polkadot has also adopted more deflationary tokenomics, with decisions to reduce inflation, which could improve the supply-demand dynamic for DOT.
不過，現時市場似乎選擇「觀望」態度。DOT 的市值反映出投資者對 Polkadot 能否在總值超過4萬億美元的市場分一杯羹，還存有懷疑。但值得一提：只要 Polkadot 互操作性和可擴容能力吸引到全體加密經濟價值的1%，在多鏈時代這並非遙不可及，屆時 DOT 理論價值將可提升一個數量級。事實上，有分析估算如其市佔率達 1% 並實行路線圖，DOT 到 2030 年或能由現時約4美元升至22.5美元。這種長線展望正顯示目前 DOT 價格和其實際潛力相比有多壓抑。Polkadot 亦採取更加通縮的 Tokenomics（降低增發），有助改善供需關係。
Of course, Polkadot faces stiff competition and its road hasn’t been without bumps. Competing visions like Cosmos offer interoperability via different means, Ethereum’s rollup-centric future could lessen the need for heterogeneous multi-chains, and the complexity of Polkadot’s sharded model is not trivial. The pace of user adoption on Polkadot’s parachains has been steady but not explosive – some parachains have thriving communities, others are still finding product-market fit. These factors might justify some discount on DOT. However, the current discount appears extreme. With Polkadot’s market share in crypto value at barely 0.16%, one might argue the market is underestimating the project’s staying power and unique proposition. Polkadot’s focus on true interoperability (shared security and unified governance across chains) is something even Ethereum doesn’t tackle directly. As the industry moves toward a multi-chain reality – where value moves between chains fluidly – Polkadot’s role could become pivotal. If and when the market recognizes that, DOT’s current prices could look like a gem of a bargain. In short, Polkadot is a long-term, infrastructure-level bet that appears undervalued in 2025, given the breadth of innovation (from massive TPS upgrades to novel consensus improvements) and the depth of its ecosystem development.
當然，Polkadot 所面對的競爭非常激烈，而且發展路途中曾遇難關。Cosmos 等同類項目以不同機制提供互操作性，以太坊如致力捲疊（rollup）策略，則未必再需要異質多鏈模式，而 Polkadot 分片模型的複雜度亦不低。用戶於 Polkadot 各平行鏈增長速度屬穩定但不爆炸——部分平行鏈社群蓬勃，亦有一些仍在嘗試產品／市場定位。這些都可能令 DOT 估值有折讓。但現時的折讓似乎過於極端。以市佔率才只得 0.16% 來看，市場恐怕低估了 Polkadot 的「耐力和獨特定位」。Polkadot 著重真正跨鏈互操作（共用安全、統一治理），這一點連以太坊本身都未能完全做到。當行業走進多鏈共融——價值可自由穿梭於各鏈之間——Polkadot 角色或將變得關鍵。若市場終於認可這點，現時 DOT 價格或會使人覺得「超值抵買」。簡單說，Polkadot 是一個基礎設施級別的長線押注，2025年的低估程度，對比其龐大的創新（由 TPS 突破到嶄新共識）和生態發展深度，實屬難得。
Conclusion: The year 2025 is showcasing a pivotal transition in crypto: from speculative frenzy to an emphasis on utility and real-world adoption.
**總結：2025年標誌著加密行業由投機狂熱，逐步轉向重視實用性和現實世界應用的關鍵時期。**The ten altcoins discussed above – Chainlink, Polygon, XRP, Cardano, Arbitrum, Hedera, Filecoin, VeChain, Aave, and Polkadot – each exemplify projects with strong fundamentals that the market has yet to fully appreciate. They operate in different domains (DeFi, infrastructure, enterprise, cross-border payments, etc.), but share a common theme: real usage outstripping current valuation. It’s telling that many of these tokens have been consolidating or lagging in price even as they hit new milestones in users, partnerships, or technology. This kind of divergence is exactly where an informed investor might search for opportunity.
上述提及的十大山寨幣——Chainlink、Polygon、XRP、Cardano、Arbitrum、Hedera、Filecoin、VeChain、Aave 以及 Polkadot——每一個都代表住 市場仲未完全重視嘅強勁基本面項目。佢哋活躍於唔同範疇（DeFi、基建、企業應用、跨境支付等等），但有一個共通點：實際用途遠遠超過而家市場對佢嘅定價。值得留意嘅係，即使呢啲代幣喺用戶、合作伙伴或者技術上創下新里程碑，佢哋嘅價格都傾向盤整或落後。呢種背馳，往往就係有見識嘅投資者會搵機會嘅地方。
Naturally, none of these projects are sure things – risks and unknowns persist. Competition is intense, technology can disappoint, and broader market conditions can sway even the best projects. But what sets these altcoins apart, and why they’ve earned the title “undervalued,” is the data-driven evidence of their value. Whether it’s Aave’s fee revenue, Filecoin’s exabytes of storage, or Hedera’s corporate backing, the numbers point to assets that are mispriced relative to their impact. As one analysis noted, the broader market often chases quick gains and hype, leaving these utility-rich tokens overlooked. However, when sentiment shifts and the spotlight swings back to fundamentals, these altcoins could be among the first to rally – much like how Hedera’s price surged when institutional attention grew.
當然，呢啲項目都唔係百分百穩陣——風險同未知數依然存在。競爭激烈，技術可能未如理想，而大市環境都影響到即使最好嘅項目。不過令呢啲山寨幣脫穎而出，同埋被歸類做「被低估」嘅原因，就係數據支持佢哋嘅價值。無論係 Aave 嘅手續費收入、Filecoin 幾 exabyte 嘅儲存量，定係 Hedera 嘅企業背書，數字都顯示佢哋幾乎未被市場合理定價。有分析曾指出，主流市場成日追求快錢或者炒作，反而冷落咗呢啲實用性強嘅代幣。不過，一旦市場情緒轉變、焦點重回基本面，呢啲山寨幣可能就會成為最早回升嘅代表——好似 Hedera 係機構注意增加時，價格曾經大幅上升一樣。
For crypto readers and investors in 2025, the lesson is clear: do the research, look at on-chain and off-chain metrics, and identify where perception hasn’t caught up to reality. The altcoins above have been building quietly through bear and bull cycles, and they stand well-positioned if the next phase of the market rewards real-world value. In a global context, as institutional adoption increases and regulation clarifies, many of these projects (from Ripple’s payments network to Polkadot’s Web3 framework) are poised to play roles on the world stage. Accumulating fundamentally strong, undervalued assets – ideally with a long-term horizon – can be a strategic approach, as supported by analysts who recommend strategies like dollar-cost averaging into such coins.
對於 2025 年嘅加密貨幣用戶同投資者，當中最重要嘅課題好明顯：要做足研究，睇埋鏈上同鏈下數據，識得發現市場認知未追得上市場現實嘅地方。以上提及嘅山寨幣，喺牛熊市之間一直默默耕耘，如果下個市場階段真係重視實際價值，佢哋會處於有利位置。全球層面睇，機構參與度提升，法規更加清晰，呢啲項目（如 Ripple 嘅支付網絡同 Polkadot 嘅 Web3 框架）都好有機會喺世界舞台發揮佢哋嘅作用。長線部署，慢慢收集基本面強而價值被低估嘅資產——正如好多分析師建議用定期定額方式分批購入呢類代幣——都可以係一種策略性嘅部署。
In summary, the Top 10 undervalued altcoins of 2025 exemplify the shift toward data-backed investing in crypto. They remind us that behind every price chart is a project delivering code, serving users, and forging partnerships. And when those real indicators trend up while price stays flat or down, value is brewing. As the market continues to mature, expect the gap between technological value and market value to close. Those projects truly delivering on crypto’s promise will eventually get their due – and the altcoins discussed here are prime candidates to lead that revaluation, powered by data, not hype.
總結而言，2025 年被低估嘅十大山寨幣體現住加密市場向數據驅動投資轉變。佢哋提醒我哋，每一張價格圖表背後，都有項目團隊寫緊代碼、服務用戶、建立合作。當呢啲真正嘅指標向上走，而價格卻未郁甚至下跌，價值已經悄悄醞釀中。隨住市場愈趨成熟，預計科技價值同市場價格嘅落差會逐漸收窄。最能夠實現加密承諾嘅項目最終都會獲得應有嘅回報——而以上提到嘅山寨幣，有潛力成為呢場由數據主導、唔靠炒作嘅重估先鋒。