Key Takeaways
- • Grayscale ranked the top 10 crypto assets by tokenholder yield, with Hyperliquid (HYPE) leading at 8.0% and Lighter (LIT) close behind at 7.9%.
- • Five of the top 10 tokens have negative tokenholder yields, led by Curve Finance (CRV) at -5.5% and Jupiter (JUP) at -2.6%, reflecting dilution from token issuance.
- • On adjusted earnings yield, PancakeSwap (CAKE) leads at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%.
- • Grayscale research head Zach Pandl argues that many crypto assets can be valued on cash flows, unlike Bitcoin, which he characterizes as digital gold.
- • The rankings show that protocol profitability does not guarantee rewarding token ownership, as Jupiter's 3.5% adjusted earnings yield coexists with negative tokenholder yield.
Summary
Grayscale has published a report ranking the top 10 crypto assets by two measures: tokenholder yield and adjusted earnings yield. According to the research, Hyperliquid (HYPE) leads the tokenholder yield ranking at 8.0%, with Lighter (LIT) at 7.9%. PancakeSwap (CAKE) ranks third at 2.6%, followed by Aerodrome (AERO) and Uniswap (UNI).
The report highlights a significant concern: five of the top 10 tokens have negative tokenholder yields. Curve Finance (CRV) sits at the bottom at -5.5%, while Jupiter (JUP) records -2.6%. Grayscale calculates tokenholder yield by adding staking rewards and buybacks, then subtracting newly issued tokens. When issuance outweighs those benefits, holders experience dilution despite the protocol's economic activity.
On the adjusted earnings yield ranking, PancakeSwap leads at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%. Jupiter's adjusted earnings yield reaches 3.5%, yet its tokenholder yield remains negative, illustrating that a profitable protocol does not automatically reward its token holders.
Grayscale's research head, Zach Pandl, argues that Bitcoin resembles digital gold, while many other crypto assets can be valued using cash flows. Protocols generate earnings through trading and lending fees, and buybacks and burns can transfer that value to holders, although token issuance may offset those gains. The rankings give investors a framework for examining the economics behind crypto valuations and expose a weakness in an industry where growing revenue can coexist with weak returns for tokenholders.
The report highlights a significant concern: five of the top 10 tokens have negative tokenholder yields. Curve Finance (CRV) sits at the bottom at -5.5%, while Jupiter (JUP) records -2.6%. Grayscale calculates tokenholder yield by adding staking rewards and buybacks, then subtracting newly issued tokens. When issuance outweighs those benefits, holders experience dilution despite the protocol's economic activity.
On the adjusted earnings yield ranking, PancakeSwap leads at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%. Jupiter's adjusted earnings yield reaches 3.5%, yet its tokenholder yield remains negative, illustrating that a profitable protocol does not automatically reward its token holders.
Grayscale's research head, Zach Pandl, argues that Bitcoin resembles digital gold, while many other crypto assets can be valued using cash flows. Protocols generate earnings through trading and lending fees, and buybacks and burns can transfer that value to holders, although token issuance may offset those gains. The rankings give investors a framework for examining the economics behind crypto valuations and expose a weakness in an industry where growing revenue can coexist with weak returns for tokenholders.
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