Key Takeaways
- • PancakeSwap (CAKE) ranks first on Grayscale Research's adjusted earnings yield screen at 14.4%, ahead of Lighter (14.1%) and HYPE (9.8%).
- • On the tokenholder yield screen, CAKE ranks third at 2.6%, behind Hyperliquid (HYPE, 8.0%) and Lighter (LIT, 7.9%), indicating buybacks only partly offset token issuance.
- • Five of the ten assets on the tokenholder list return less to holders than they issue, with Curve (-5.5%) the worst and Jupiter at -2.6%.
- • Jupiter illustrates the gap between earnings and distribution, with a 3.5% adjusted earnings yield against a -2.6% tokenholder yield.
- • Grayscale argues that only assets generating cash flows can be screened this way, with Bitcoin excluded from the exercise.
Summary
Grayscale Research published a two-part yield screen for major crypto assets on October 22, and PancakeSwap ($CAKE) appears on both lists. The first ranking orders the top 10 assets by tokenholder yield, a net measure that adds staking rewards and buybacks and subtracts newly issued tokens. Hyperliquid ($HYPE) leads at 8.0%, followed by Lighter (LIT) at 7.9% and PancakeSwap at 2.6%. Aerodrome ($AERO), Uniswap ($UNI), Raydium ($RAY), Pendle, Aave, Jupiter ($JUP) and Curve Finance (CRV) complete the top 10. Five of the ten tokens return less to holders than they issue, with Curve at -5.5% and Jupiter at -2.6%. According to the report, dilution from new tokens flowing to teams, treasuries and incentive programs can cancel the value returned through staking and repurchases.
The second list, ranking assets by adjusted earnings yield, places PancakeSwap first at 14.4%. This equity-style measure shows how much of a protocol's fee earnings stands behind each token's market value; it is the inverse of a price-to-earnings multiple. Lighter follows at 14.1% and $HYPE third at 9.8%. The remaining order runs Raydium, Aave, Jupiter, Sky, Uniswap, Aerodrome and Pendle. PancakeSwap's earnings derive from spot trading fees collected by its automated market maker model. Jupiter shows the sharpest contrast, with a 3.5% adjusted earnings yield alongside a -2.6% tokenholder yield. The report notes that buybacks and burns can transfer earnings to holders, but token issuance may offset the gain. HYPE is the only asset near the top of both lists.
Taken together, the screens give PancakeSwap a specific profile: the highest earnings yield in the sample, but a modest 2.6% tokenholder yield. Grayscale research head Zach Pandl argues that Bitcoin resembles digital gold, while many other crypto assets can be valued on cash flows; Bitcoin sits outside the exercise for that reason. The article notes that CAKE's price slipped 3.4% over the past 24 hours, and the fee-switch debate in The Flip fee vote is presented as a test of whether protocol earnings reach token holders.
The second list, ranking assets by adjusted earnings yield, places PancakeSwap first at 14.4%. This equity-style measure shows how much of a protocol's fee earnings stands behind each token's market value; it is the inverse of a price-to-earnings multiple. Lighter follows at 14.1% and $HYPE third at 9.8%. The remaining order runs Raydium, Aave, Jupiter, Sky, Uniswap, Aerodrome and Pendle. PancakeSwap's earnings derive from spot trading fees collected by its automated market maker model. Jupiter shows the sharpest contrast, with a 3.5% adjusted earnings yield alongside a -2.6% tokenholder yield. The report notes that buybacks and burns can transfer earnings to holders, but token issuance may offset the gain. HYPE is the only asset near the top of both lists.
Taken together, the screens give PancakeSwap a specific profile: the highest earnings yield in the sample, but a modest 2.6% tokenholder yield. Grayscale research head Zach Pandl argues that Bitcoin resembles digital gold, while many other crypto assets can be valued on cash flows; Bitcoin sits outside the exercise for that reason. The article notes that CAKE's price slipped 3.4% over the past 24 hours, and the fee-switch debate in The Flip fee vote is presented as a test of whether protocol earnings reach token holders.
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