2025 年加密貨幣市場強勢復甦，比特幣剛創下歷史新高約 12.3 萬美元 ，整體加密市值接近 3.7 兆美元。在這波熱潮中，精明的投資者已不再追捧搶眼的迷因幣，而專注於基本面紮實、尚未完全反映價值的被低估山寨幣。這些項目擁有高用戶活躍度、強勁開發者參與及大型合作夥伴關係，實際採用與內在價值明顯高於其市值。換句話說，它們是由數據支撐，而非炒作。
在此背景下，「被低估」是指幣價低於其內在價值。分析師常用技術與基本面指標找尋這類機會，主要包括開發者活躍度、生態系成長、交易量攀升與機構合作力道。像 NVT（網路價值對交易比）和 MVRV（市值對實現價值比）等數據可以量化識別幣價落後應用情形，歷史上當 MVRV 低於 1.0 時即暗示被低估。總結來說，被低估的山寨幣多是在現實應用與健康網路背景下，市場合理價值尚未完全認知者。
常見情形是散戶熱衷炒短線熱門幣，致使這些基礎實力強、應用場景佳的項目「買氣不足」，讓科技價值與市值脫鉤。
以下帶你深入盤點 2025 年十大被低估的山寨幣，這些主要都是已建立完善的大型項目。我們將分析其關鍵角色，從去中心化金融到企業區塊鏈安全，探討它們為何具有高度潛力，但現今估值卻遠低於其創新成就。重點將聚焦於數據與事實，包括使用統計、合作關係及鏈上指標，全程秉持客觀、理性、數據為本的視角。一起挖掘 2025 年加密市場中不為人知的寶石 —— 以數據說話，而非純粹炒作。
1. Chainlink (LINK)：DeFi 關鍵數據基礎設施
Chainlink 長期被視為去中心化金融（DeFi）的「無形支柱」，作為領先預言機網路，為無數區塊鏈應用的智慧合約引入現實世界資料。到 2025 年，Chainlink 已鞏固其在 DeFi 的基礎設施地位，保障著以太坊、BNB Chain 及其他生態總鎖定價值（TVL）達數十億美元。無論是價格餵價、隨機數產生、跨鏈通信等，廣泛的應用都凸顯了 Chainlink 的不可或缺。儘管如此，LINK 幣價在 2025 年僅維持在十多美元附近，距離 2021 年牛市高點仍下跌約七成，明顯落後於其實際應用基礎，意味著未來尚有巨大上漲空間。
Chainlink 被低估的關鍵，不只是歷史表現落後，而是技術和合作的發展動能正不斷加速。近期重大進展之一，是摩根大通（JPMorgan）正式採用 Chainlink 的跨鏈互操作性協議（CCIP）進行代幣化資產結算，充分展現「真實世界應用」價值——Chainlink 服務正走向主流金融領域，並打造代幣化股票、債券等重要中介層。新推出的 CCIP 與「Chainlink Economics 2.0」計畫（改良質押和費用模型），預期將進一步推動 LINK 需求。隨著傳統金融和鏈上資產代幣化（RWA）趨勢成長，Chainlink 的服務將變得更加不可或缺，而這正是市場目前尚未完全反映的動態。
估值層面來看，LINK 於其普及程度下顯得相對保守。作為預言機市場的明確領導者，其競爭對手僅為少數參與者。雖然競爭會是重要變數，但 Chainlink 由於搶得先機且網路效應突出（守護大多數 DeFi 協議），長期護城河十分穩固。分析師指出，LINK 若低於 20 美元，長線布局極具吸引力，尤其迎來多項重大利好刺激。當然，也存在如 DeFi 監管或新興競爭對手等不確定風險，但目前 Chainlink 依舊保持技術領先。總結來說，憑藉數百種集成、企業應用持續擴張與多元營收管道，Chainlink 就其在加密經濟的根本地位而言仍屬被低估。數據證據顯示，2025 年 Chainlink 幾乎就是 Web3 的數據公共事業，但其代幣價格仍未追上其實際價值。
2. Polygon (MATIC/POL)：被低估的高採用型以太坊擴展平台
Polygon 多年來以 MATIC 代幣為眾所熟知，在 2025 年中期網路升級後更名為 POL，已然成為以太坊擴展的「關鍵核心」。作為 Layer-2 及側鏈解決方案，Polygon 緩解以太坊主網擁擠問題，為用戶與開發者帶來更快且低費用的交易體驗。到 2025 年，Polygon 網路日處理交易數已達數百萬，許多主流去中心化應用（從 Uniswap 到 Aave）皆導入 Polygon，目的在於擴大用戶基礎並降低成本。Polygon 更與 Nike、迪士尼等全球大品牌攜手打造 Web3 應用，展現其影響力遠超於純幣圈社群。然而，Polygon 幣價依然大幅低於牛市高點，這種脫鉤現象顯示，Polygon 就其實際應用熱度而言，被嚴重低估。
影響 Polygon 被低估的因素有數個。首先，技術進化迅猛，朝尖端的零知識匯總（zkEVM）發展，波動「Polygon 2.0」藍圖。此技術將大幅提升效能且吸引機構採用（因安全性更強），有望讓 Polygon 成為企業及 Web3 擴展首選。但投資人似乎尚未將技術升級完全反映於市值；Polygon 某程度上被市場忽略了其未來成為 zk 擴展主力的潛力。此外，儘管 Polygon 用戶數及集成數不斷提高，但 POL 代幣升級與供應結構調整使部分參與者感到困惑，也一度影響市場情緒。但這項升級同時優化了幣的經濟模型，更貼合網路實際使用，對長遠發展屬利好，只是市場尚未即時反映。
最關鍵的是，Polygon 積極拓展的網路效應和生態動量，為其價值背書。Polygon 持續穩居以太坊 Layer-2 的 TVL 和活躍用戶榜上，不僅支撐 DeFi，更有遊戲產業、NFT 和企業驗證試點案例。從 Reddit NFT 到 Starbucks 區塊鏈會員計畫，Polygon 的多元應用涵蓋面廣，實質用戶活動甚至大於其幣值體現。分析師強調，若 Polygon 2.0 升級帶動應用量暴增，當前幣值恐遠未反映其未來主導地位。換言之，Polygon 絕對屬於應用範疇遠超市值展現的被低估項目。當然，競爭者如 Arbitrum 和 Optimism 亦在爭奪市場，但 Polygon 具備搶先佈局、品牌合作及多元技術整合（側鏈、zk 匯總、數據可用性）等優勢。對長線投資者而言，數據說明 Polygon 是被忽略的巨獸——一個用戶遍布、但代幣價值尚未跟上的以太坊延展平台。
3. XRP (XRP)：擺脫 SEC 陰霾後重啟全球支付潛力
XRP，Ripple 區塊鏈的數位貨幣，是最為人所知的山寨幣之一，目標轉型全球跨境支付。經過多年的爭議及 SEC 訴訟糾纏，2025 年的 XRP 迎來前所未有的明朗局勢。2023 年 7 月，美國法院對 XRP 定性做出有利解釋，且到 2025 年 Ripple 與 SEC 的長期訴訟終於落幕，消除了壓在 XRP 上方的巨大全球監管疑慮。此法律確定性為機構大舉參與 XRP 鋪平道路，也見證了顯著成效：Ripple 如今在 55 個國家設有支付通道，與超過 350 家金融機構合作。2025 年第二季，Coinbase 報告 XRP 已佔用戶交易量 13%，甚至超越乙太幣份額。如此數據說明需求強勁回升。儘管熱度大增，XRP 幣價仍僅維持在兩至三美元左右，市值（約 2.93 美元時 1700 億美元）仍反映市場對其能否搶佔全球匯款與支付市場的懷疑。市場是否尚未充分定價 XRP 的「真實潛力」？
支持者認為，以 XRP 的全球觸及力及實用性來看，其幣值仍被低估。與多數加密項目不同，Ripple 有明確目標——挑戰由 SWIFT 與傳統銀行主導、規模達數兆美元的跨境支付產業。XRP 及 Ripple 網絡（RippleNet）讓國際轉賬實現近乎即時、低成本，若大規模採用可創造巨額實際價值。證據顯示採用正在快速成長：舉例來說，Ripple 的 On-Demand Liquidity（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.
– 以XRP作為橋接貨幣的方案 – 已在亞洲及拉丁美洲等地區見證交易量增長。合作夥伴名單（包括銀行、匯款服務供應商，甚至正在探索CBDC平台的政府）暗示著XRP在現實世界的應用遠超其當前價格表現所反映的規模。多年的法律不確定性似乎讓許多投資人裹足不前；現在明朗化已達成，市場或許需要時間來追趕XRP的基本面。
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.
從數據角度來看，XRP的低估也可由其價格停滯與網路成長的落差中看出。儘管交易量和機構用量持續增長，XRP的市價仍大幅低於先前高點（2018年約每枚3.40美元）。如果你相信「價格跟隨應用普及」的邏輯，XRP在2023年後持續普及而價格仍未回到歷史高點之間的不斷擴大差距，正代表著潛在機會。當然，這並非毫無風險：央行數位貨幣（CBDC）可能帶來新競爭，或減少部分跨境通路對中介型代幣的需求，加上監管環境（特別是銀行採用加密資產相關法規）的演變也是必須關注的變數。不過，也有人反駁說，Ripple積極參與多項CBDC試點，有潛力讓XRP成為這些生態系的一環。總結來說，2025年的XRP是一個「網路效應已超越其市場估值」的案例——交易量、合作、用戶活動等數據展現出網路正在蓬勃發展，但代幣價格仍受過往陰影壓抑。正因為這樣的價值錯配，許多分析師才將XRP視為未來數年最被低估的大型山寨幣之一。
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」——一個強調嚴謹、經同儕審查研究與有系統發展的平臺，而非追求快速推出功能。由以太坊共同創辦人Charles Hoskinson於2017年推出，Cardano採取較緩慢、分層的方式建設其智慧合約平台。到2025年，Cardano已運行一個以能源效率高、程式碼經過形式驗證聞名的安全權益證明（PoS）網路。功能上已實現智慧合約（Plutus）、治理機制，以及如Hydra等Layer-2擴展解決方案。更重要的是，Cardano培養出一個忠誠的社群，喚起機構投資者興趣，特別著重於永續發展以及以研究為核心的升級策略。然而就市場層面來看，ADA（Cardano的原生代幣）往往也是一場拉鋸戰——它一度躍升市值前十，但批評者認為其現實世界應用的普及速度落後對手。這種緊張感也造就了Cardano的市場價格或許未完全反映其長期潛力。如果你信任其穩健路線，那麼Cardano就屬於被低估的競爭者。
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.
2025年的各項數據給出一個雖然複雜但仍樂觀的畫面。一方面，2025年初ADA價格在整體市場轉強下出現回升，顯示信心增加。另一方面，Cardano的DeFi生態系和去中心化應用陣容仍比不上Ethereum、Solana或BNB Chain。不過這點正逐漸改變：Cardano開發者社群活動一向活絡（Github貢獻次數長居主流公鏈前列），而且感謝於Plutus智慧合約平台優化與側鍊啟用，愈來愈多新應用上線。機構對Cardano的環境可信度與正式治理機制興趣確實升溫——例如，部分區塊鏈投資基金就專門納入ADA以分散資產並看重其獨特價值主張。綜合來看，Cardano的「基本面」——如安全性、研究根基、未來發展所需庫存、成熟社群——皆非常穩固，即使目前「市場指標」如DeFi鎖倉價值（TVL）尚待追趕。市場顯然低估了Cardano的耐久性，以及其審慎方法有機會在下一波用戶進場時驗證成功的可能。
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.
從批判角度來看，Cardano相較同業價格表現不佳，一部分原因就是各項功能上線過於緩慢。2025年時，包括Solana、Avalanche等競爭對手在熱門應用或高吞吐量場景已經超前Cardano。這確實令人擔憂，而Cardano團隊必須加快推動實際應用——這也是他們近期升級（如規劃中的Hydra擴容方案與即將到來的Leios提升吞吐量升級）所著力的重點。挑戰非常明確：Cardano必須持續進化以吸引更多開發者及dApp，否則可能落於人後。然而，如果你相信「烏龜也能贏得比賽」，那麼Cardano的確顯得被低估。即便現有市值已高，但若其科學路線奏效、能成為全球結算層，這個市值也不算誇張。簡而言之，Cardano現價並未反映許多未來可能會發生、對其有利的「萬一」情境——例如因為強調正式方法，能承接一波政府或學術機構區塊鏈部署。結論是，2025年的Cardano，就是一場「基本面最終會反映到市場價值」的長線押注。這枚幣流通普及、實力逐步展現，若有一天各項使用指標（活躍地址、鏈上交易量、DeFi TVL）追趕主流，ADA當前價格將顯得超值。
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.
以太坊Layer-2擴展領域中，Arbitrum已成主導力量，然而其代幣ARB卻尚未廣為矚目。Arbitrum是基於Optimistic Rollup技術的Layer-2網路，交易手續費顯著低於以太坊主網，處理速度亦更快。自2024年起直至2025年，Arbitrum在TVL（總鎖倉價值）和用戶活躍度方面穩居Layer-2之冠。事實上，Arbitrum掌控大約45%整體Layer-2生態的TVL，於2025年成為被最廣泛採用的L2網路。Arbitrum上DeFi生態繁盛，從借貸平台到去中心化交易所（DEX）、區塊鏈遊戲和NFT活動持續成長。然而ARB代幣直到2023年3月空投才正式流通，自此表現始終溫和，相比Arbitrum網路本身的爆發成長，ARB價格一直落後。這正是經典的低估場景：基礎設施欣欣向榮，但其代幣價值尚未反映。
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.
其中一個原因在於代幣分配和功能定位。ARB作為Arbitrum DAO的治理代幣，本身無法直接收取協議手續費（現階段Arbitrum未對Token持有者分潤），加上大量供應初期空投釋出，壓力傾向賣方。但隨著Arbitrum DAO管轄資產達到數十億美元，未來可能引入價值累積機制（如手續費回流、ARB實用性增強），變數將使ARB投資輪廓更明確。技術上，Arbitrum即將推出的Stylus升級讓開發者能以Rust與C++等主流程式語言在Arbitrum寫智能合約，可能解鎖平行運算與巨大效率提升。此外，Arbitrum新推出的「Orbit」計劃允許其他區塊鏈錨定於Arbitrum，擴展為實際上的Layer-3架構。這些發展指向Arbitrum周邊生態正擴大，日後若治理或代幣經濟學調整，便有機會帶來更多用例—最終也為ARB帶來價值。
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.
相關數據凸顯Arbitrum的主導地位，其交易量長期維持高檔，也誕生多個成長速度最快的dApp。展望2025年中，隨著以太坊擴容需求擴大（主網擁塞推動用戶湧向L2），Arbitrum在DeFi與遊戲領域皆有爆發性成長的契機。長線來看，若以太坊未來以L2為核心（如許多觀點認為「The Surge」階段主攻Rollup擴展），領頭L2如Arbitrum必然受惠。儘管如此，ARB的市值僅數十億美元，並未充分反映其已是與以太坊分庭抗禮的第二主樞紐。與其它智能合約公鏈或L2代幣相比，ARB仍有被Arbitrum活動量低估的現象。競爭者固然不少（Optimism、zkSync、StarkNet甚至Polygon的新zkEVM皆加入戰局），至今Arbitrum的領先與技術穩定性仍佔強勢。對投資人而言，ARB現價所構成的「進場誘因」即為——能以合理價購入以太坊頂級擴容方案參與權。隨著升級利多推動和用戶量急增，這枚代幣的滯漲使其成為2025年最被低估的幣種之一。
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與常見公鏈最大不同之處在於捨棄傳統區塊鏈，採用獨特的Hashgraph雜湊圖共識演算法。核心價值亮點在於高吞吐量（每秒高達一萬筆以上）、低手續費及企業級治理設計，使其成為企業及大型應用的理想選擇。Hedera網路由包含Google、IBM、波音、德國電信、LG等多家國際巨頭組成的理事會共同治理，這種架構為保守企業注入合法性與網路穩定度，減輕對無授權公鏈波動性的疑慮。至2025年，Hedera已默默支持供應鏈、資產代幣化，乃至於央行數位貨幣試點等眾多應用，經常扮演幕後推手。實際案例如IBM與波音即曾以Hedera嘗試供應鏈與資產追蹤解決方案。儘管優勢明顯，Hedera原生幣HBAR長期價格仍偏保守（
（未完，如需後續請補充內容）。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.
每個代幣僅需一美元的一小部分，總市值僅落在十億美元級別。雖然HBAR價格在過去一年有著亮眼的反彈，反映出日益增加的關注度，但以絕對標準來看，Hedera依然是大型網路中相對較為親民、便宜的選擇——這或許也意味著，和同級對手相比，它存在被低估的可能。
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.
從各項採用數據來看，Hedera的價值似乎還未被充分認可。舉例來說，該網路累計處理了數十億筆交易，許多都是由企業或公共部門應用推動，而這些往往很少登上加密新聞版面。它還推出了像是Hedera共識服務（HCS）這類新方案，讓企業能安全且有時間戳記地記錄資料——本質上為供應鏈事件或可驗證日誌等場合，提供了一層信任保障。這類型的整合（像是財富500強公司運用HCS來確保資料完整性），並不會馬上引發投機狂潮，也或許能解釋為何零售交易者追捧閃亮DeFi或迷因項目時，常常忽略了HBAR。據CCN分析，Hedera在2025年的市值約為100億美元，遠不及其科技地位與價值，「科技相關性與市場認可度間的差距」很明顯。換句話說，Hedera正在實現許多重要進展，但市場尚未真正理解如何評價這種並非炒作DeFi或NFT、卻安靜和Google及銀行等機構合作的網路。
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.
造成HBAR被低估的原因不無道理。Hedera的治理模式雖是企業的一大賣點，亦意味著這是一個較具許可性（由理事會成員驗證交易）的網路。加密原教旨主義者有時會質疑它的去中心化程度。雖然其技術理論上極快，但與經歷過多次「戰火」的區塊鏈相比，「在開放環境下的大規模測試」還相對不足。再者，專注於企業市場使其基層用戶成長較慢，正如分析師所指出，一般零售開發者或用戶可能更傾向Ethereum或Solana這類開放平台。這些因素難免會壓制炒作熱度。但若從投資角度看，一旦Hedera能持續低調拓展高價值應用場景——例如國家級數位貨幣平台，或大型廣告網路運用Hedera實現防詐記錄等等——市場終將注意到HBAR的價值。我們已經看到，一旦關注點聚焦到其成就，HBAR價格便會飆升。Hedera近期也獲得4.08億美元生態基金，吸引更多開發者和初創團隊，有望刺激更多面向公眾的應用。總結來說，Hedera堪稱企業級區塊鏈落地的被低估賭注。其各項數據（交易量、企業參與度、技術表現）都說明，這個網路意義重大；一旦市場風向從投機轉向實用，其價值成長空間巨大。
7. Filecoin (FIL): Web3 Storage Giant Trading at a Discount
7. Filecoin（FIL）：以折扣價交易的Web3儲存巨頭
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.
在去中心化儲存領域，Filecoin可謂巨擘。其網路允許用戶出租多餘硬碟空間換取FIL代幣，為Amazon AWS或Google Cloud等雲端服務，建立起一個去中心化的替代選擇。自2020年上線以來，Filecoin累積的總儲存容量驚人：到了2025年，有超過1艾位元組（Exabyte）的數據經由Filecoin的星際檔案系統（IPFS）及相關市場儲存。事實上，Filecoin網路上超過3,000家儲存供應商共同貢獻高達7.8艾位元組的儲存能力，2.1艾位元組為實際投入使用的數據——這個規模已足以與傳統雲端資料中心比肩。這些數據說明，Filecoin早已不僅僅是一個加密貨幣實驗，而是真正為資料經濟打造的完整去中心化基礎設施。然而，FIL作為代幣的價格卻遠遠不及上線初期高點。到了2025年，FIL僅以數美元區間交易，儘管基本面強勁，年降幅卻達40-50%。這形成鮮明對比：Filecoin實際網路發展爆炸式成長，代幣價格卻遲遲未起，顯然存在著被低估的價格錯配。
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.
為什麼市場會低估Filecoin？其中一個原因是，Filecoin的大部分活動屬於「批發型」基礎設施——例如為NFT平台存儲元數據，協助博物館與大學構建檔案等。這類交易並不會像DeFi挖礦或NFT買賣那樣引發炒作熱潮。一般散戶投機者也多半不會特別關注儲存使用量等指標。此外，Filecoin有相當大規模的代幣供應釋出（早期投資人與礦工釋放代幣），形成賣壓。但若從價值面來看，你可以將Filecoin市值對比傳統雲端公司：若Filecoin真能顛覆雲端存儲市場，即使只佔據其中小部分（全球市值超過千億美元），成長空間都極大。如今，Filecoin已安全儲存超過1艾位元組（即10億GB）的資料，證明市場確有真實需求。Filecoin也推出了去中心化的「Filecoin Web Services（FWS）」，堪比AWS，同時推動包含智慧合約等易用性功能（Filecoin虛擬機於2023年啟用）。這些創新都顯示網路效用正不斷提升，將來有望推動更多FIL在儲存合約及取回獎勵上的用量。
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.
去中心化實體基礎建設網路（DePIN）運動，更讓Filecoin成為焦點。在企業與Web3專案越來越避免資料儲存的單點失效與審查情勢下，Filecoin的價值命題尤其具有吸引力。但FIL作為代幣，或許正受制於整體熊市氛圍：這是一個Web3基礎建設的長線布局，而這類標的時常被短期投機型項目所掩蓋。根據分析，FIL技術實力雄厚，卻鮮有散戶炒作，導致其被低估——這正是一種「基本面強勁，價格尚未反映」的經典案例。當然此領域也有風險：分散式儲存市場不乏競爭者（如Storj、Arweave），而Filecoin代幣經濟是通膨型設計（須不斷獎勵礦工），若需求跟不上發行，價格易受壓制。但考量到Filecoin本身就是領導者，且擁有龐大數據與客戶的網路效應，其穩固這一細分市場幾乎是大勢所趨。總結來說，若你願意超越短期熱潮，Filecoin其實提供了市場尚未完全認可的真實用途。它為Web3的資料層建立了「管道」，不僅保障NFT市場內容，更能為重要資料提供防審查備份。隨著世界資料不斷增長與Web3擴張，像Filecoin這樣的去中心化儲存骨幹，有機會迎來使用量暴增——最終，FIL的價格也許會因投資市場意識到其網路的強勁成長而大幅重估。
8. VeChain (VET): Supply Chain Workhorse Overlooked by the Market
8. VeChain（VET）：被市場忽視的供應鏈基層戰馬
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是加密貨幣領域的老字號，並精準切入了一個小眾但關鍵的市場：用區塊鏈改善供應鏈管理與企業物流。其雙代幣系統（VET用於價值傳輸，VTHO作為「燃料」）讓企業能夠在不可竄改的帳本上，追蹤產品、驗證真偽、記錄數據（如溫度、產地等）。這有效讓供應鏈變得更透明、更可信——這可是極具經濟效益的真實世界問題（例如打擊假貨、保障食品安全等）。到2025年，VeChain已聚集超過100家企業合作夥伴，涵蓋食品、藥品到奢侈品等多個產業。這其中不乏大品牌：中國沃爾瑪利用VeChain追蹤食品產品，LVMH（路易威登母公司）早年用於奢侈品認證，BMW也應用VeChain驗證汽車零件。擁有這樣的客戶陣容，理應讓VET（VeChain主代幣）獲得高估值，然而VET價格卻一直低迷——自2021年熱潮高點後再未回升，2023-2024幾乎一路下行。即便2025年稍有復甦，VeChain市值（約20億美元）比起企業用戶規模也還顯得偏低，顯示其價值很可能被低估。
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的故事，就是一個被更炫目的加密敘事蓋過光芒的案例。在DeFi夏季和NFT繁榮時，一個「略顯嚴肅」的企業供應鏈平台，很難引發零售用戶的熱情想像。儘管這些炒作週期早已過去，留下來的卻是像VeChain這樣一步步築起真實合作的專案。VeChain在ESG（環境、社會、治理）應用上的進展（例如追蹤碳足跡、驗證永續供應等），也是貼合企業及政府未來需求的重要案例。這一切實質成果，和VET日常交易動態並不總是同步。如CCN所分析，VeChain的成就經常被更炫目的代幣遮蔽，在企業落地速度與價格之間形成明顯落差，讓它成為尚未跟上企業應用成效的被低估山寨幣。用數據來說：VeChain網路或許沒有誇張的去中心化應用用戶量，但確實擁有來自企業整合的交易量。舉例來說，中國沃爾瑪只要在VeChain上記錄一次海鮮裝運，那就是一筆可能涉及VET、VTHO的交易——這類用法不是投機，而是創造真實經濟價值。市場在追逐迷因幣和短線快錢時，往往忽略了這種穩健且可持續的實際應用。
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同樣面臨競爭。其他區塊鏈甚至非區塊鏈方案，都在爭奪類似供應鏈應用領域。由於企業級區塊鏈普及速度普遍低於市場早期預期，也難怪部分投資者逐漸失去耐心。不過到了2025年，區塊鏈在企業界的核心價值越來越明顯：也就是溯源與驗證，而VeChain正是該市場先驅。事實充分說明，目前已有超過100家企業夥伴仰賴VET來打擊假貨、提升……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。這一網絡的合作夥伴關係形成了一道護城河，新進項目難以在短時間內複製。如果這些合作即使只有一小部分擴展到全球供應鏈的全面生產階段，VET 的需求（以及對其長遠價值的信心）都可能大幅提升。總結來說，唯鏈（VeChain）從基本面來看顯得被嚴重低估：其技術正在為大型企業解決實際問題，持續提供實用性，儘管其代幣價格並未同步大漲。對於有耐心的投資人而言，VET 代表著一種賭注——真正的實用性終將戰勝炒作。資料（如 Walmart、BMW 的參與及數十個其他試點案例）顯示唯鏈會持續存在，目前的市價可能未能反映其企業級的深度耕耘。
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 一直是基石級的項目——這是一個非託管式的借貸協議，本質上就像一個全球性的、無需允許的銀行。用戶可以存入加密貨幣賺取利息，或是抵押借貸，一切由智能合約自動管理。Aave 長期穩居 DeFi 平台總鎖倉價值（TVL）榜首。到了 2025 年，Aave 在其市場上的流動性約達 300 億美元，佔據了整個 DeFi 借貸市場近一半的份額。Aave 甚至已超越以太坊上的主要 CeFi 玩家——最近更超越 Circle（USDC 發行方），成為僅次於 Tether、以收入計算的以太坊第二大“企業”。這些數據展現了 Aave 的龐大使用量：無論是交易者、挖礦農夫，還是涉足 DeFi 的機構，它都是基礎設施。然而，Aave 的代幣 AAVE 卻未能在價格走勢上反映其主導地位。至 2025 年中，AAVE 的價格僅為 2021 年高點（約 600 美元以上）的一小部分。即使協議的存款和用量回升，AAVE 的市值依然相對有限。Aave 的營收/用戶基礎與其代幣估值之間的這種不匹配，顯示出其被明顯低估。
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.
具體數據進一步證明 Aave 的低估。一個具說服力的指標是市銷率（P/S Ratio），用於比較市值與協議收入，類似股票市場的指標。Aave 近期的市銷率約為 39 倍，遠低於同業如 Compound 或 Maple（50 倍以上）。用傳統眼光來看，較低的市銷率意味市場對 Aave 的成長評價較為保守——也就是說，Aave 以低價產生了大量費用收入。如果市場能比照類似項目給予估值，Aave 的上行空間值得期待。此外，Aave 在以太坊上的交易手續費收入僅次於 Lido（不含穩定幣網絡），顯示其用戶參與度極高，是最大的 Gas 消耗者之一。儘管 Aave 的應用量幾近翻倍（2025 年初 TVL 從約 150 億美元升至 300 億美元），但 AAVE 代幣卻無相應上漲——這正是典型的低估資產表現。
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.
為何 AAVE 會被低估？一部分原因來自更廣泛的 DeFi 熊市餘震：2022 年的下跌及部分項目失利後，許多 DeFi 代幣不再受市場青睞。即便 Aave 屬於藍籌項目，卻仍被歸類在避險情緒下。此外，Aave 的代幣主要作為治理代幣；雖然質押 AAVE（安全模組）可獲部分激勵，但持有 AAVE 並不自動獲得協議費用分成。相較於直接帶來現金流的代幣，這讓短線投機者參與價值降低。然而，Aave 持續進化：推出了自有穩定幣 GHO，帶來新的收入來源，Aave v3 也帶來更高效率與新功能。Aave 社群亦可投票決定將更多價值回饋給 AAVE 持有人（例如手續費分配或回購機制）。無論如何，基本面顯示 Aave 是 DeFi 基礎設施的必需品，目前交易價格僅為「2021 年高點的一小部分」，且使用量更高。隨著 DeFi 熱潮回歸——特別是融合真實世界資產（RWA）與機構參與——Aave 預期將受益匪淺。
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.
總的來說，Aave 的低估體現在其龐大的市場佔有率和財務指標與代幣價值之間的落差。這就像發現了一家主導業界、卻本益比極低的銀行股——常被視為價值投資標的。Aave 擁有創新記錄（如閃電貸、信用委託）和強大的 DeFi 品牌，風險程度比許多加密項目低。它已經歷過多番市場考驗，且最重要的是協議費用一直維持獲利。尋找有數據支持的加密資產的投資人，可能會認為 Aave 頗具吸引力：這是個能產生數千萬手續費、用戶持續增長、正向多條鏈擴展的平台，然其代幣價格卻原地踏步。這樣的情勢很少會一直持續。事實上，近期有分析指出，隨著市銷率觸底回升，市場對 AAVE 已「漸有回溫」之勢。AAVE 評價有望重估，成為 2025 年基本面下最值得關注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.
壓軸登場的是 Polkadot，這是一個以區塊鏈互操作性遠大願景聞名的項目。Polkadot 的多鏈架構目標是讓數十條（最終達數百條）專精型區塊鏈——稱為平行鏈——在同一傘下運作，共享安全性並能自由交換數據／價值。這本質上是一個由眾多區塊鏈組成的生態系，由中心中繼鏈協調，並以原生代幣 DOT 質押。2021 至 2022 年間，Polkadot 持續建設這一基礎，並以拍賣模式讓 DeFi、智能合約，甚至遊戲鏈等多元項目競逐平行鏈插槽。然而，隨著熊市來襲，Polkadot 初期的話題熱度逐漸淡去。到了 2025 年，Polkadot 擁有強大的技術堆疊，並有多條平行鏈正式運作，但 DOT 價格長期徘徊在個位數美元，遠不如 2021 年高點（超過 $50）。以 2025 年 8 月市值約 63 億美元計，Polkadot 僅佔加密市場總值的 0.16%，考慮到其遠大目標與生態規模，這個占比相當低。如果 Polkadot 即便僅部分實現成為多鏈活動核心，現階段的 DOT 被明顯低估。
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 年的基礎發展更堅實了 Polkadot 的投資理由。該網絡正在進行重大升級，以提升容量及實用性。全新「彈性擴容」功能及非同步驗證已通過測試，未來有望實現每秒 62.3 萬筆交易（TPS）——這如果落實，Polkadot 將躍升成為可擴展性領頭羊。目前其金絲雀鏈 Kusama 測試已達 14.3 萬 TPS，顯現技術潛力。Polkadot 亦正導入與以太坊生態的相容性（透過內建 EVM），意圖無縫吸引 Solidity 開發者。換句話說，Polkadot 正消彌其「學習門檻高、語言獨特」的原有劣勢，轉而支持主流合約語言。這些升級，加上對跨鏈溝通（XCM 協議）與去中心治理（OpenGov）的持續承諾，意味著 Polkadot 生態系正邁向成熟，準備迎接主流應用。
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.
但市場似乎持觀望態度。DOT 的市值反映了市場對其能否掌控 4 兆美元以上加密市場一席之地的疑慮。但試想：如果 Polkadot 的互操作性和擴展性即使只吸引全加密經濟的 1% 價值，在多鏈未來成為現實下，DOT 價格理應提升數倍。分析師預測，若 Polkadot 只拿下市場 1%，且完成藍圖推進，至 2030 年 DOT 可望從約 $4 暴漲至 $22.50。這樣的長期預估凸顯出 DOT 現時的估值被極度壓抑。此外，Polkadot 採取更具通縮屬性的代幣經濟，降低通膨決策，有望改進 DOT 供需動態。
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 也遇到激烈競爭與發展阻礙。像 Cosmos 等競爭者用不同方式實現互操作性，以太坊偏向 rollup 的未來可能減少異質多鏈需求，而 Polkadot 分片架構的複雜性也不容小覷。平行鏈的用戶採用速度穩定但未爆發——有些社群繁盛，有些仍在摸索產品市場定位。這些或許導致 DOT 打點折扣，不過現有折價顯然過頭。Polkadot 在加密價值市佔僅 0.16%，可說市場嚴重低估其續航力與獨特定位。Polkadot 所追求的真正互操作性（鏈間安全共享與治理統一），連以太坊都未正面觸及。隨著產業邁向多鏈共存、價值流動的現實，Polkadot 的角色或將舉足輕重。一旦市場有所覺察，現今的 DOT 價格或將成為物超所值的寶石。總之，考量其創新廣度（由 TPS 飆升到新型共識）及生態發展深度，Polkadot 是 2025 年被低估的基礎設施型長線賭注。
Conclusion: The year 2025 is showcasing a pivotal transition in crypto: from speculative frenzy to an emphasis on utility and real-world adoption.
結論：2025 年標誌著加密貨幣產業的一個關鍵過渡時期——從投機狂熱轉向強調實用性與真實世界的落地應用。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.
以上討論的十種替代幣——Chainlink、Polygon、XRP、Cardano、Arbitrum、Hedera、Filecoin、VeChain、Aave 以及 Polkadot——各自代表著基本面強勁，卻尚未被市場充分認可的項目。它們活躍於不同領域（DeFi、基礎建設、企業、跨境支付等），但共通點在於：實際應用遠超現有評價。值得注意的是，這些代幣中的許多，即使在用戶、人脈合作或技術上取得新里程碑時，價格表現仍然停滯或落後。這種背離現象，正是具有洞察力的投資者尋找機會的地方。
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，這些項目都不可能是百分百確定的選擇——風險與未知依舊存在。競爭激烈，科技可能令人失望，而整體市場情緒也可能影響到最優秀的項目。然而，這些替代幣與眾不同之處，以及它們之所以被稱為「被低估」的原因，在於其價值有數據佐證。無論是 Aave 的手續費收入、Filecoin 的外位元級儲存量，還是 Hedera 的企業背書，數據均顯示這些資產的實際影響力被低估。正如某份分析指出，主流市場時常追逐快速獲利與炒作，讓這些具備實用性的代幣被忽略。不過，當市場情緒轉變、投資重心回歸基本面時，這些代幣將有機會成為領頭羊——正如 Hedera 因機構關注度提升而迎來價格飆升一般。
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 2025 年的加密貨幣讀者與投資者而言，學到的道理很明顯：做足研究，關注鏈上與鏈下數據指標，找出市場認知尚未跟上現實的標的。上述替代幣不論牛市或熊市，皆默默耕耘，若市場接下來重視實體效益，他們便具備絕佳優勢。放諸全球環境，隨著機構參與度提升及監管趨於明朗，這些項目（從 Ripple 的支付網路到 Polkadot 的 Web3 架構）都已準備好在全球舞台發揮作用。積極累積基本面強大、被低估的資產——尤其以長期投資為主——是一種策略性的方式，而分析師也建議以定期定額分批投入這類幣種作為進場策略。
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.
總結來說，2025 年十大被低估的替代幣，正體現了加密市場走向「數據驅動投資」的新趨勢。它們提醒我們，每個價格走勢圖的背後，都是一個持續開發原始碼、服務用戶、拓展合作的項目。而當這些真實指標持續提升但價格未反映時，價值正在醞釀。隨著市場逐步成熟，科技價值與市值的落差有望拉近。那些真正實現加密潛力的項目終將獲得應有認可——而本文討論的替代幣，正是有望透過數據，不是炒作，領銜價值重估的最佳人選。