Key Takeaways
- • Grayscale published a research note on June 24, 2026, identifying 15 revenue-generating crypto protocols trading at single-digit revenue multiples, positioning them as potentially undervalued ahead of anticipated regulatory clarity.
- • Hyperliquid leads the group with approximately $800–$871 million in protocol revenue during 2025, followed by Pump.fun at $459 million, demonstrating substantial earnings generation relative to token valuations.
- • Eleven of the 15 protocols identified operate in financial services or adjacent utilities (oracles, staking), indicating concentrated exposure to decentralized finance infrastructure and trading platforms.
- • The CLARITY Act, which passed the Senate Banking Committee on May 14 with a 15-9 vote, is expected to clarify commodity versus securities classification for digital assets; Grayscale research suggests favorable regulatory outcomes could accelerate growth in tokenized assets and onchain finance.
- • The top 15 list includes HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY, with Aave and Uniswap also flagged as undervalued relative to revenue generation potential.
Summary
Grayscale Investments released a research report on June 24, 2026, identifying 15 revenue-producing crypto protocols trading at what the asset manager characterizes as attractive valuations relative to fundamentals. According to Zach Pandl, Grayscale's Head of Research and the report's author, these protocols trade at predominantly single-digit multiples on trailing 12-month earnings—a stark contrast to traditional technology companies, which typically command 20x, 30x, or higher revenue multiples. The timing of the publication is strategically aligned with progress on the CLARITY Act, a legislative measure designed to establish clear regulatory boundaries between digital assets classified as commodities and those treated as securities.
The CLARITY Act advanced through the Senate Banking Committee on May 14, 2026, with a 15-9 vote, positioning it as a potential near-term catalyst for the digital asset market. Grayscale's research posits that favorable regulatory classification could accelerate adoption and growth of tokenized assets and onchain financial infrastructure. Pandl argues that protocols standing to benefit most from such regulatory clarity are those already generating meaningful revenue and demonstrating sustainable business models.
Hyperliquid emerges as the revenue leader among the 15 identified protocols, having generated approximately $800–$871 million in protocol revenue during 2025. Pump.fun follows with $459 million in revenue. The list encompasses HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. Notably, 11 of the 15 protocols operate within financial services or closely related utilities such as oracles and staking infrastructure, reflecting concentrated exposure to decentralized finance applications and derivatives trading platforms.
Grayscale specifically flagged Aave and Uniswap as trading at valuations misaligned with their revenue-generation capacity. The broader thesis underpinning the research is that regulatory certainty—particularly clarity on commodity status—will unlock capital flows into digital assets and unlock growth trajectories for established, revenue-producing protocols currently priced at depressed multiples relative to traditional finance comparables.
The CLARITY Act advanced through the Senate Banking Committee on May 14, 2026, with a 15-9 vote, positioning it as a potential near-term catalyst for the digital asset market. Grayscale's research posits that favorable regulatory classification could accelerate adoption and growth of tokenized assets and onchain financial infrastructure. Pandl argues that protocols standing to benefit most from such regulatory clarity are those already generating meaningful revenue and demonstrating sustainable business models.
Hyperliquid emerges as the revenue leader among the 15 identified protocols, having generated approximately $800–$871 million in protocol revenue during 2025. Pump.fun follows with $459 million in revenue. The list encompasses HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. Notably, 11 of the 15 protocols operate within financial services or closely related utilities such as oracles and staking infrastructure, reflecting concentrated exposure to decentralized finance applications and derivatives trading platforms.
Grayscale specifically flagged Aave and Uniswap as trading at valuations misaligned with their revenue-generation capacity. The broader thesis underpinning the research is that regulatory certainty—particularly clarity on commodity status—will unlock capital flows into digital assets and unlock growth trajectories for established, revenue-producing protocols currently priced at depressed multiples relative to traditional finance comparables.
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