Points of Focus

• Grayscale says 15 revenue-producing crypto protocols trade at low valuation multiples.
• Hyperliquid leads the group with $871 million in annual protocol revenue.
• The firm expects the CLARITY Act to boost tokenized assets and onchain finance.

Years of lower token prices and subdued trading activity have left many crypto applications struggling to sustain meaningful revenue. Grayscale argues that a small group of applications continued generating substantial revenue through the downturn and now trade at multiples that appear low relative to their fee generation, particularly if US lawmakers advance the CLARITY Act.

In a June 24 research note, Grayscale Head of Research Zach Pandl highlighted 15 protocols that generated some of the highest protocol revenues in crypto over the past year while trading at low trailing 12-month multiples. Many of them are valued at less than ten times annual revenue, with several carrying single-digit multiples.

Top 15 onchain apps by protocol revenue: $HYPE, $PUMP, $CAKE, $SKY, $JUP, $AAVE, $AERO, $WLFI, $LDO, $MET, $ETHFI, $LIT, $CARDS, $UNI, $RAY

Some of the top onchain apps by revenue have real cash flows, low overhead, and single-digit multiples, and with the CLARITY Act… pic.twitter.com/vpz8Lu7Xlu

— Grayscale (@Grayscale) June 24, 2026

Revenue-producing crypto protocols remain cheap

Grayscale ranked the projects by protocol revenue generated over the past 12 months. Hyperliquid (HYPE) led the group with about $871 million in revenue, followed by Pump.fun (PUMP) at roughly $459 million. PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) were among the least expensive on the list, each trading near one times annual revenue.

Grayscale’s list is also notable for what it excludes. Many protocols introduced during the previous market cycle struggled to maintain fee generation as trading volumes slowed and incentive programs became less effective. The projects identified by Grayscale continued earning revenue from trading, lending, staking, and other services that retained user demand during weaker market conditions.

The list also includes SKY, Jupiter (JUP), Aave (AAVE), Aerodrome (AERO), World Liberty Financial (WLFI), Lido (LDO), Ether.fi (ETHFI), Lit Protocol (LIT), Uniswap (UNI), and Raydium (RAY). Most operate in trading, lending, staking, or other financial services tied to onchain transactions.

CLARITY Act seen as a potential catalyst

Grayscale believes clearer rules for digital assets could support growth in tokenized assets and decentralized financial applications, benefiting protocols tied to trading, lending, staking, and other onchain financial services if activity on public blockchains increases.

The Digital Asset Market Clarity Act advanced through the Senate Banking Committee in May 2026 by a 15-9 vote, though disagreements over developer protections and ethics provisions remain unresolved. Senator Cynthia Lummis said negotiations have been “hardcore” and suggested lawmakers could release updated legislative text by July 4.

🚨.@SenLummis this morning on @MorningsMaria talking Clarity Act vote.

"We are finally to the point where we are going to put out the text over the July 4th and give people one last really thorough look at the bill. And then, we are moving in July." pic.twitter.com/yvnwcfXXKn

— Joe Jackson 🇺🇸 (@Joe_Jacksonn) June 24, 2026

The bill has yet to become law, and several revenue-producing applications have struggled to convert strong fee generation into sustained token gains during the current market cycle.