[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-grayscale-says-top-15-revenue-generating-crypto-protocols-look-undervalued-what-s-behind-the-discount-en":3,"ArticleBody_yOw7w4UTMJUbRM2AITNNsHxuy7hJRD3vhx3p5b1N0Q":219},{"article":4,"relatedArticles":190,"locale":66},{"id":5,"title":6,"slug":7,"content":8,"htmlContent":9,"excerpt":10,"category":11,"tags":12,"metaDescription":10,"wordCount":13,"readingTime":14,"publishedAt":15,"sources":16,"sourceCoverage":58,"transparency":60,"seo":63,"language":66,"featuredImage":67,"featuredImageCredit":68,"isFreeGeneration":72,"trendSlug":73,"trendSnapshot":74,"niche":84,"geoTakeaways":87,"geoFaq":96,"entities":106},"6a3de515c51e8cc136ebf84c","Grayscale Says Top 15 Revenue-Generating Crypto Protocols Look Undervalued: What’s Behind the Discount?","grayscale-says-top-15-revenue-generating-crypto-protocols-look-undervalued-what-s-behind-the-discount","After a long bear market, a pocket of value has appeared in on‑chain, cash‑flowing protocols. [Grayscale](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FGrayscale)’s June 24 research note highlights 15 top‑earning applications trading mostly at single‑digit multiples of trailing 12‑month revenue, offering a fundamentals‑driven “shopping list” to token investors.[1][2][3] This sits within a broader view that [Bitcoin](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBitcoin) could reach a new all‑time high in the first half of 2026.[6]\n\nThe call coincides with progress of the U.S. [CLARITY Act](\u002Fentities\u002F69d1fc124eea09eba3dff102-clarity-act), which aims to define whether tokens fall under SEC or CFTC oversight—potentially a major repricing catalyst.[2][3][10] The bill has already passed the [Senate Banking Committee](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FUnited_States_Senate_Committee_on_Banking%2C_Housing%2C_and_Urban_Affairs) 15–9, signaling rare momentum for market‑structure reform.[2][3][10]\n\n**Key takeaway:** Grayscale is targeting protocols with visible on‑chain revenues that markets are valuing as if growth has already ended.[1][3][4]\n\n---\n\n## 1. Inside Grayscale’s Undervaluation Call\n\nGrayscale’s top‑15 revenue‑generating protocols are HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, [UNI](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FUni), and RAY.[1][2][4] They anchor core segments of DeFi and on‑chain finance:\n\n- **Lending \u002F money markets:** AAVE  \n- **Decentralized exchanges:** CAKE, UNI, RAY  \n- **Derivatives venues:** HYPE, PUMP  \n- **Staking \u002F infrastructure:** LDO, WLFI, ETHFI  \n- **Utilities and support:** SKY, LIT, AERO[3][4]\n\nGrayscale’s thesis:\n\n- Many tokens trade at **single‑digit trailing revenue multiples**.  \n- PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) are near **1x annual revenue**.[3][4]  \n- By contrast, mature tech\u002Ffintech stocks often trade at **20x–30x revenue** with slower growth.[2][3]\n\n**Data point:** Hyperliquid (HYPE), a perpetuals exchange, leads with about **$871 million** in revenue over 12 months and roughly **$800 million in 2025 YTD**, yet still appears cheap on trailing multiples.[1][3][4]\n\nResearchers Zach Pandl and Rizwan Ansari place this in the CLARITY Act context:\n\n- Clarifies SEC vs. CFTC jurisdiction and token classifications.  \n- Could reduce legal risk, expand listing options, and normalize access for DeFi protocols.[1][2][3][10]\n\n**Key point:** Grayscale’s head of research links potential passage of CLARITY to growth in tokenized assets and on‑chain finance, casting today’s low multiples as an entry point ahead of regulatory relief.[1][3]\n\n---\n\n## 2. Why the Top 15 Protocols May Be Mispriced\n\nOn‑chain protocols differ from traditional firms:\n\n- Small teams, lean treasuries, automated smart contracts.  \n- High share of gross revenue can flow to tokenholders as earnings or free cash flow.[3][4]\n\nAgainst that, **low single‑digit revenue multiples** are notable:\n\n- CAKE, MET, and CARDS trade near **1x annualized protocol revenue**.[3][4]  \n- Most other top‑15 names are also at single‑digit multiples, despite being among crypto’s highest earners.[3][4]  \n- Markets seem to discount both revenue durability and regulatory overhang.\n\nAn equity parallel is BitMine Immersion Technologies (BMNR):\n\n- Market cap ≈ **$10.68 billion** vs. digital‑asset treasury ≈ **$12.37 billion**.  \n- Implied market‑to‑NAV ≈ **0.86x**, valuing the stock below its ETH holdings.[8]  \n- Discount reflects uncertainty around ETH‑linked exposure—similar to periodic discounts for proxy BTC names like MSTR.[8]\n\nAnalysts see the CLARITY Act as a **“de‑risking event”** for ETH‑linked assets and, by extension, revenue‑generating protocols once their status and listing paths are clearer.[8][10] Exchange behavior underscores the uncertainty: major venues such as [Binance](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBinance) and [Bithumb](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBithumb) frequently adjust listings and network support in response to shifting guidance.\n\nInstitutional posture mirrors that caution:\n\n- Among allocators planning to increase digital‑asset exposure, **65%** cite improved regulatory clarity as the main driver.  \n- **81%** prefer regulated vehicles for access.[7]  \n- Data providers and commentators—from CoinGlass and CoinPedia to brokers like NordFX—regularly note how liquidations, derivatives complexity, and fragmented liquidity drive higher risk premia.[6][7][8]\n\n---\n\n## 3. How Investors Might Use Grayscale’s List\n\nGrayscale’s list is a **screening universe**, not a buy‑and‑forget portfolio. Key lenses:\n\n- **Revenue quality:**  \n  - Recurring, protocol‑driven fees vs. short‑lived volume spikes.  \n- **Token design:**  \n  - Direct fee sharing \u002F buybacks vs. purely governance or utility roles.  \n- **Governance:**  \n  - Upgradeable, responsive frameworks vs. rigid DAOs.[3][4]\n\nA simple framework:\n\n1. Compare revenue or earnings multiples to DeFi peers and public fintech\u002FSaaS benchmarks.  \n2. Model revenues under stressed assumptions: lower volumes, leverage, and risk appetite.  \n3. Map tokenholder rights—fee flows, buybacks, voting—to standards institutions apply to digital assets.[3][6][7]\n\nInstitutional context:\n\n- Nearly half of institutions report **stricter risk management and sizing** for crypto.  \n- Around two‑thirds access the space via **regulated ETPs\u002FETFs**.[6][7]  \n- U.S. spot Bitcoin ETFs have drawn **over $58 billion** in cumulative inflows, signaling persistent demand despite macro volatility.[6][9]\n\nIf CLARITY and related reforms pass:\n\n- More activity could move to compliant venues.  \n- Listing standards and token classifications could stabilize.  \n- Legal risk and perceived tail risks around DeFi primitives may fall, supporting higher multiples as risk premia compress.[3][6][10]\n\n**Key point:** Participation still requires discipline—sensible position sizes, diversification across protocols and access vehicles, and active monitoring of legislative milestones to adjust exposure.\n\n---\n\n## Conclusion: Undervalued Cash Flows in a Shifting Rulebook\n\nGrayscale’s research spotlights a compact set of high‑earning protocols—led by Hyperliquid and spanning DeFi, staking, and infrastructure—trading on unusually low revenue multiples after a harsh cycle.[1][3][4] The gap reflects both cyclical skepticism and unresolved questions over U.S. treatment of different token types.\n\nWith the CLARITY Act now central to market‑structure reform, the next policy phase could reset valuations if clearer rules reduce legal risk and unlock larger institutional flows.[2][3][6][10] That would reinforce Grayscale’s broader thesis on [Bitcoin] and tokenized assets, where regulatory certainty and on‑chain cash flows are mutually reinforcing.\n\nAction step: before allocating, analyze on‑chain data for each of the 15 names—revenue mix, user retention, tokenholder rights—and track regulatory progress closely. If clarity narrows today’s discounts, prepared investors will be positioned to respond.","\u003Cp>After a long bear market, a pocket of value has appeared in on‑chain, cash‑flowing protocols. \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FGrayscale\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Grayscale\u003C\u002Fa>’s June 24 research note highlights 15 top‑earning applications trading mostly at single‑digit multiples of trailing 12‑month revenue, offering a fundamentals‑driven “shopping list” to token investors.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa> This sits within a broader view that \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBitcoin\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Bitcoin\u003C\u002Fa> could reach a new all‑time high in the first half of 2026.\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>The call coincides with progress of the U.S. \u003Ca href=\"\u002Fentities\u002F69d1fc124eea09eba3dff102-clarity-act\">CLARITY Act\u003C\u002Fa>, which aims to define whether tokens fall under SEC or CFTC oversight—potentially a major repricing catalyst.\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa> The bill has already passed the \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FUnited_States_Senate_Committee_on_Banking%2C_Housing%2C_and_Urban_Affairs\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Senate Banking Committee\u003C\u002Fa> 15–9, signaling rare momentum for market‑structure reform.\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>\u003Cstrong>Key takeaway:\u003C\u002Fstrong> Grayscale is targeting protocols with visible on‑chain revenues that markets are valuing as if growth has already ended.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>1. Inside Grayscale’s Undervaluation Call\u003C\u002Fh2>\n\u003Cp>Grayscale’s top‑15 revenue‑generating protocols are HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FUni\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">UNI\u003C\u002Fa>, and RAY.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa> They anchor core segments of DeFi and on‑chain finance:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>Lending \u002F money markets:\u003C\u002Fstrong> AAVE\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Decentralized exchanges:\u003C\u002Fstrong> CAKE, UNI, RAY\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Derivatives venues:\u003C\u002Fstrong> HYPE, PUMP\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Staking \u002F infrastructure:\u003C\u002Fstrong> LDO, WLFI, ETHFI\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Utilities and support:\u003C\u002Fstrong> SKY, LIT, AERO\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>Grayscale’s thesis:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Many tokens trade at \u003Cstrong>single‑digit trailing revenue multiples\u003C\u002Fstrong>.\u003C\u002Fli>\n\u003Cli>PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) are near \u003Cstrong>1x annual revenue\u003C\u002Fstrong>.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>By contrast, mature tech\u002Ffintech stocks often trade at \u003Cstrong>20x–30x revenue\u003C\u002Fstrong> with slower growth.\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Data point:\u003C\u002Fstrong> Hyperliquid (HYPE), a perpetuals exchange, leads with about \u003Cstrong>$871 million\u003C\u002Fstrong> in revenue over 12 months and roughly \u003Cstrong>$800 million in 2025 YTD\u003C\u002Fstrong>, yet still appears cheap on trailing multiples.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>Researchers Zach Pandl and Rizwan Ansari place this in the CLARITY Act context:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Clarifies SEC vs. CFTC jurisdiction and token classifications.\u003C\u002Fli>\n\u003Cli>Could reduce legal risk, expand listing options, and normalize access for DeFi protocols.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Key point:\u003C\u002Fstrong> Grayscale’s head of research links potential passage of CLARITY to growth in tokenized assets and on‑chain finance, casting today’s low multiples as an entry point ahead of regulatory relief.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>2. Why the Top 15 Protocols May Be Mispriced\u003C\u002Fh2>\n\u003Cp>On‑chain protocols differ from traditional firms:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Small teams, lean treasuries, automated smart contracts.\u003C\u002Fli>\n\u003Cli>High share of gross revenue can flow to tokenholders as earnings or free cash flow.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>Against that, \u003Cstrong>low single‑digit revenue multiples\u003C\u002Fstrong> are notable:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>CAKE, MET, and CARDS trade near \u003Cstrong>1x annualized protocol revenue\u003C\u002Fstrong>.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Most other top‑15 names are also at single‑digit multiples, despite being among crypto’s highest earners.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Markets seem to discount both revenue durability and regulatory overhang.\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>An equity parallel is BitMine Immersion Technologies (BMNR):\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Market cap ≈ \u003Cstrong>$10.68 billion\u003C\u002Fstrong> vs. digital‑asset treasury ≈ \u003Cstrong>$12.37 billion\u003C\u002Fstrong>.\u003C\u002Fli>\n\u003Cli>Implied market‑to‑NAV ≈ \u003Cstrong>0.86x\u003C\u002Fstrong>, valuing the stock below its ETH holdings.\u003Ca href=\"#source-8\" class=\"citation-link\" title=\"View source [8]\">[8]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Discount reflects uncertainty around ETH‑linked exposure—similar to periodic discounts for proxy BTC names like MSTR.\u003Ca href=\"#source-8\" class=\"citation-link\" title=\"View source [8]\">[8]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>Analysts see the CLARITY Act as a \u003Cstrong>“de‑risking event”\u003C\u002Fstrong> for ETH‑linked assets and, by extension, revenue‑generating protocols once their status and listing paths are clearer.\u003Ca href=\"#source-8\" class=\"citation-link\" title=\"View source [8]\">[8]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa> Exchange behavior underscores the uncertainty: major venues such as \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBinance\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Binance\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBithumb\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Bithumb\u003C\u002Fa> frequently adjust listings and network support in response to shifting guidance.\u003C\u002Fp>\n\u003Cp>Institutional posture mirrors that caution:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Among allocators planning to increase digital‑asset exposure, \u003Cstrong>65%\u003C\u002Fstrong> cite improved regulatory clarity as the main driver.\u003C\u002Fli>\n\u003Cli>\u003Cstrong>81%\u003C\u002Fstrong> prefer regulated vehicles for access.\u003Ca href=\"#source-7\" class=\"citation-link\" title=\"View source [7]\">[7]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Data providers and commentators—from CoinGlass and CoinPedia to brokers like NordFX—regularly note how liquidations, derivatives complexity, and fragmented liquidity drive higher risk premia.\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-7\" class=\"citation-link\" title=\"View source [7]\">[7]\u003C\u002Fa>\u003Ca href=\"#source-8\" class=\"citation-link\" title=\"View source [8]\">[8]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Chr>\n\u003Ch2>3. How Investors Might Use Grayscale’s List\u003C\u002Fh2>\n\u003Cp>Grayscale’s list is a \u003Cstrong>screening universe\u003C\u002Fstrong>, not a buy‑and‑forget portfolio. Key lenses:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>Revenue quality:\u003C\u002Fstrong>\n\u003Cul>\n\u003Cli>Recurring, protocol‑driven fees vs. short‑lived volume spikes.\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Token design:\u003C\u002Fstrong>\n\u003Cul>\n\u003Cli>Direct fee sharing \u002F buybacks vs. purely governance or utility roles.\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Governance:\u003C\u002Fstrong>\n\u003Cul>\n\u003Cli>Upgradeable, responsive frameworks vs. rigid DAOs.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>A simple framework:\u003C\u002Fp>\n\u003Col>\n\u003Cli>Compare revenue or earnings multiples to DeFi peers and public fintech\u002FSaaS benchmarks.\u003C\u002Fli>\n\u003Cli>Model revenues under stressed assumptions: lower volumes, leverage, and risk appetite.\u003C\u002Fli>\n\u003Cli>Map tokenholder rights—fee flows, buybacks, voting—to standards institutions apply to digital assets.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-7\" class=\"citation-link\" title=\"View source [7]\">[7]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Fol>\n\u003Cp>Institutional context:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Nearly half of institutions report \u003Cstrong>stricter risk management and sizing\u003C\u002Fstrong> for crypto.\u003C\u002Fli>\n\u003Cli>Around two‑thirds access the space via \u003Cstrong>regulated ETPs\u002FETFs\u003C\u002Fstrong>.\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-7\" class=\"citation-link\" title=\"View source [7]\">[7]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>U.S. spot Bitcoin ETFs have drawn \u003Cstrong>over $58 billion\u003C\u002Fstrong> in cumulative inflows, signaling persistent demand despite macro volatility.\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-9\" class=\"citation-link\" title=\"View source [9]\">[9]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>If CLARITY and related reforms pass:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>More activity could move to compliant venues.\u003C\u002Fli>\n\u003Cli>Listing standards and token classifications could stabilize.\u003C\u002Fli>\n\u003Cli>Legal risk and perceived tail risks around DeFi primitives may fall, supporting higher multiples as risk premia compress.\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Key point:\u003C\u002Fstrong> Participation still requires discipline—sensible position sizes, diversification across protocols and access vehicles, and active monitoring of legislative milestones to adjust exposure.\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>Conclusion: Undervalued Cash Flows in a Shifting Rulebook\u003C\u002Fh2>\n\u003Cp>Grayscale’s research spotlights a compact set of high‑earning protocols—led by Hyperliquid and spanning DeFi, staking, and infrastructure—trading on unusually low revenue multiples after a harsh cycle.\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa> The gap reflects both cyclical skepticism and unresolved questions over U.S. treatment of different token types.\u003C\u002Fp>\n\u003Cp>With the CLARITY Act now central to market‑structure reform, the next policy phase could reset valuations if clearer rules reduce legal risk and unlock larger institutional flows.\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-6\" class=\"citation-link\" title=\"View source [6]\">[6]\u003C\u002Fa>\u003Ca href=\"#source-10\" class=\"citation-link\" title=\"View source [10]\">[10]\u003C\u002Fa> That would reinforce Grayscale’s broader thesis on [Bitcoin] and tokenized assets, where regulatory certainty and on‑chain cash flows are mutually reinforcing.\u003C\u002Fp>\n\u003Cp>Action step: before allocating, analyze on‑chain data for each of the 15 names—revenue mix, user retention, tokenholder rights—and track regulatory progress closely. If clarity narrows today’s discounts, prepared investors will be positioned to respond.\u003C\u002Fp>\n","After a long bear market, a pocket of value has appeared in on‑chain, cash‑flowing protocols. Grayscale’s June 24 research note highlights 15 top‑earning applications trading mostly at single‑digit mu...","trend-radar",[],902,5,"2026-06-26T02:42:18.981Z",[17,22,26,30,34,38,42,46,50,54],{"title":18,"url":19,"summary":20,"type":21},"Grayscale Identifies 15 Undervalued Revenue-Generating Crypto Protocols","https:\u002F\u002Fwww.kucoin.com\u002Fnews\u002Fflash\u002Fgrayscale-identifies-15-undervalued-revenue-generating-crypto-protocols","Grayscale released crypto news on June 24 identifying 15 undervalued revenue-generating crypto protocols. Most trade at single-digit multiples of trailing 12-month earnings. The list includes HYPE, PU...","kb",{"title":23,"url":24,"summary":25,"type":21},"Grayscale lists top 15 revenue-producing crypto protocols ahead of CLARITY Act","https:\u002F\u002Fcryptobriefing.com\u002Fgrayscale-top-15-revenue-crypto-protocols-clarity-act\u002F","Grayscale just published what amounts to a shopping list for crypto investors who care about fundamentals. In a research note dated June 24, the asset manager identified 15 revenue-generating crypto p...",{"title":27,"url":28,"summary":29,"type":21},"Grayscale Calls These 15 Crypto Protocols Attractively Valued Ahead of CLARITY Act","https:\u002F\u002Ffinance.yahoo.com\u002Fmarkets\u002Fcrypto\u002Farticles\u002Fgrayscale-calls-15-crypto-protocols-062949707.html","Grayscale believes the potential passage of the CLARITY Act could unlock value in many of the largest revenue-generating crypto applications.\n\nThe firm's Head of Research, Zach Pandl, pointed to low t...",{"title":31,"url":32,"summary":33,"type":21},"Grayscale Says Top 15 Revenue-Generating Crypto Protocols Look Undervalued","https:\u002F\u002Fcryptonews.net\u002Fnews\u002Faltcoins\u002F33061632\u002F","Asset manager Grayscale Investments has released a list of the top 15 on-chain applications ranked by protocol revenue. The list highlights projects such as $HYPE, $PUMP, $CAKE, $SKY, $JUP, $AAVE, $AE...",{"title":35,"url":36,"summary":37,"type":21},"LATEST: Grayscale listed the top 15 revenue-producing crypto protocols trading at low multiples ahead of the CLARITY Act, led by $HYPE, $PUMP, and $CAKE.","https:\u002F\u002Fwww.facebook.com\u002Fcointelegraph\u002Fposts\u002F%EF%B8%8F-latest-grayscale-listed-the-top-15-revenue-producing-crypto-protocols-trading-\u002F1328191516154340\u002F","LATEST: Grayscale listed the top 15 revenue-producing crypto protocols trading at low multiples ahead of the CLARITY Act, led by $HYPE, $PUMP, and $CAKE.\n\nIs your favourite on the list?",{"title":39,"url":40,"summary":41,"type":21},"6 Key Trends Shaping Digital Assets in 2026","https:\u002F\u002Fwww.fidelitydigitalassets.com\u002Fresearch-and-insights\u002F6-key-trends-shaping-digital-assets-2026","May 28, 2026 • 10 min read\n\nMid-year can serve as a useful point for investors to assess how market dynamics have evolved and whether earlier assumptions remain intact.\n\nThis article evaluates how key...",{"title":43,"url":44,"summary":45,"type":21},"Volatility Drives Discipline, Not Retreat","https:\u002F\u002Fwww.ey.com\u002Fcontent\u002Fdam\u002Fey-unified-site\u002Fey-com\u002Fen-us\u002Fcampaigns\u002Ffinancial-services\u002Fdocuments\u002Fey-volatility-drives-discipline-not-retreat.pdf","Volatility Drives Discipline, Not Retreat\n\n2026 Institutional Investor Digital Assets Survey\n\nMarch 2026\n\nAcross each of these topics, regulation remains both accelerator and gate. Among those plannin...",{"title":47,"url":48,"summary":49,"type":21},"Washington’s Crypto Bill Could Be The Make-Or-Break Moment For BMNR Stock, Believe Analysts","https:\u002F\u002Fstocktwits.com\u002Fnews-articles\u002Fmarkets\u002Fequity\u002Fcrypto-bill-green-light-can-reprice-bmnr-eth-bet-analysts\u002FcmyauTuR4Ld","Washington’s crypto market structure legislation may increasingly determine the fate of BitMine Immersion Technologies (BMNR), a treasury firm that trades heavily in Ethereum (ETH). Analysts believe t...",{"title":51,"url":52,"summary":53,"type":21},"👉 MSTR Rips $185… Bitcoin $80K & Clarity Act Fuels BMNR Setup","https:\u002F\u002Fwww.youtube.com\u002Fwatch?v=Swhj4TI1O9g","Bitcoin just crossed $80,000 for the first time in months, and the move is being powered by strong institutional demand, major ETF inflows, Ethereum accumulation, and new regulatory momentum. BTC is u...",{"title":55,"url":56,"summary":57,"type":21},"What Is the U.S. Crypto Market Structure Reform Bill?","https:\u002F\u002Fbitcoinfoundation.org\u002Fnews\u002Fbitcoin\u002Fu-s-crypto-market-structure-reform-is-this-the-bill-that-will-redefine-bitcoin-etfs-and-crypto-exchanges-in-2026\u002F","A fresh law aims to shape how digital currencies are overseen in American financial spaces. This move digs into core issues like where tokens appear, how fund applications are handled, who holds asset...",{"totalSources":59},10,{"generationDuration":61,"kbQueriesCount":59,"confidenceScore":62,"sourcesCount":59},247149,100,{"metaTitle":64,"metaDescription":65},"Grayscale undervalued crypto protocols: 15 top picks","Grayscale flags 15 cash-flowing crypto tokens trading at single-digit revenue multiples — sector analysis, CLARITY catalysts, and where bargains may hide.","en","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1591696205602-2f950c417cb9?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHxncmF5c2NhbGUlMjByZXBvcnQlMjB0b3AlMjByZXZlbnVlfGVufDF8MHx8fDE3ODI0NDEyMzd8MA&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60",{"photographerName":69,"photographerUrl":70,"unsplashUrl":71},"Markus Winkler","https:\u002F\u002Funsplash.com\u002F@markuswinkler?utm_source=coreprose&utm_medium=referral","https:\u002F\u002Funsplash.com\u002Fphotos\u002Fstock-market-chart-displayed-on-laptop-screen-IrRbSND5EUc?utm_source=coreprose&utm_medium=referral",true,"grayscale-report-top-15-revenue-generating-protocols-appear-undervalued",{"score":75,"type":76,"sourceCount":77,"topSourceDomains":78,"detectedAt":82,"mentionsLast7Days":83},99,"spiking",14,[79,80,81],"coinpedia.org","techflowpost.com","cryptorank.io","2026-06-26T00:13:37.575Z",3,{"key":85,"name":86,"nameEn":86},"crypto","Crypto & Blockchain",[88,90,92,94],{"text":89},"Grayscale identifies 15 top revenue‑generating crypto protocols trading mostly at single‑digit trailing 12‑month revenue multiples, with CAKE, MET, and CARDS near 1x annual revenue.",{"text":91},"Hyperliquid (HYPE) recorded about $871 million in trailing 12‑month revenue and roughly $800 million in 2025 YTD, yet still appears cheap on trailing multiples.",{"text":93},"Passage of the U.S. CLARITY Act, now passed 15–9 in the Senate Banking Committee, is the primary potential catalyst to reduce legal risk and could materially compress risk premia for these tokens.",{"text":95},"Institutional demand is contingent on regulation: 65% of allocators cite regulatory clarity as the main driver to increase exposure and 81% prefer regulated vehicles.",[97,100,103],{"question":98,"answer":99},"Why does Grayscale say these top 15 protocols are undervalued?","Grayscale asserts undervaluation because the protocols trade at single‑digit trailing revenue multiples despite generating sizable, on‑chain cash flows; several names (CAKE, MET, CARDS) trade near 1x annual revenue while Hyperliquid generated about $871 million over the prior 12 months. Markets are applying steep discounts because they are pricing in revenue durability concerns and regulatory overhang—especially uncertainty about SEC vs. CFTC jurisdiction—rather than valuing the protocols on observable fee streams and treasury economics. If regulatory clarity reduces legal risk and broadens institutional access, those multiples would logically re‑rate upward as risk premia compress.",{"question":101,"answer":102},"How would the CLARITY Act change valuations for these tokens?","The CLARITY Act would clarify whether tokens fall under SEC or CFTC oversight, which would reduce listing uncertainty, legal risk, and compliance costs for exchanges and institutional investors. That de‑risking would likely expand permitted market access, increase demand from regulated vehicles, and narrow discounts currently applied to revenue‑generating protocols, supporting higher revenue multiples and narrower spreads versus comparable fintech names.",{"question":104,"answer":105},"How should investors use Grayscale’s list in practice?","Use the list as a screening universe, not a buy‑and‑forget portfolio: prioritize revenue quality (recurring protocol fees vs. one‑off volume spikes), token economics (fee sharing and buybacks), and governance flexibility. Size positions conservatively, stress‑test revenue scenarios, and monitor regulatory milestones—especially CLARITY progress—before increasing allocations.",[107,115,123,129,134,140,147,153,158,163,169,173,177,182,186],{"id":108,"name":109,"type":110,"confidence":111,"wikipediaUrl":112,"slug":113,"mentionCount":114},"6a0a70021f0b27c1f426a35c","Bitcoin","concept",0.99,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBitcoin","6a0a70021f0b27c1f426a35c-bitcoin",13,{"id":116,"name":117,"type":118,"confidence":119,"wikipediaUrl":120,"slug":121,"mentionCount":122},"69d1fc124eea09eba3dff102","CLARITY 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Technologies",0.9,null,"6a3d00ca536f1d147fe13d16-bitmine-immersion-technologies",2,{"id":148,"name":149,"type":126,"confidence":150,"wikipediaUrl":144,"slug":151,"mentionCount":152},"6a3de72dc460e8b42cddc316","United States Senate Banking Committee",0.95,"6a3de72dc460e8b42cddc316-united-states-senate-banking-committee",1,{"id":154,"name":155,"type":156,"confidence":143,"wikipediaUrl":144,"slug":157,"mentionCount":83},"6a3de662c460e8b42cddc2c0","Zach Pandl","person","6a3de662c460e8b42cddc2c0-zach-pandl",{"id":159,"name":160,"type":156,"confidence":161,"wikipediaUrl":144,"slug":162,"mentionCount":146},"6a3de69ac460e8b42cddc2f1","Rizwan Ansari",0.93,"6a3de69ac460e8b42cddc2f1-rizwan-ansari",{"id":164,"name":165,"type":166,"confidence":143,"wikipediaUrl":144,"slug":167,"mentionCount":168},"6a20d65aa9fe7895413cfc92","Hyperliquid","product","6a20d65aa9fe7895413cfc92-hyperliquid",7,{"id":170,"name":171,"type":166,"confidence":119,"wikipediaUrl":144,"slug":172,"mentionCount":83},"6a3de663c460e8b42cddc2c1","AAVE","6a3de663c460e8b42cddc2c1-aave",{"id":174,"name":175,"type":166,"confidence":143,"wikipediaUrl":144,"slug":176,"mentionCount":83},"6a3de663c460e8b42cddc2c3","HYPE","6a3de663c460e8b42cddc2c3-hype",{"id":178,"name":179,"type":166,"confidence":180,"wikipediaUrl":144,"slug":181,"mentionCount":83},"6a3de664c460e8b42cddc2c9","WLFI",0.8,"6a3de664c460e8b42cddc2c9-wlfi",{"id":183,"name":184,"type":166,"confidence":150,"wikipediaUrl":144,"slug":185,"mentionCount":83},"6a3de664c460e8b42cddc2ca","LDO","6a3de664c460e8b42cddc2ca-ldo",{"id":187,"name":188,"type":166,"confidence":180,"wikipediaUrl":144,"slug":189,"mentionCount":83},"6a3de664c460e8b42cddc2cc","ETHFI","6a3de664c460e8b42cddc2cc-ethfi",[191,198,205,212],{"id":192,"title":193,"slug":194,"excerpt":195,"category":11,"featuredImage":196,"publishedAt":197},"6a42828596accbf99516fa08","Trump’s 2025–2026 Crypto Regulations: How Policy Could Reshape Bitcoin and Digital Assets","trump-s-2025-2026-crypto-regulations-how-policy-could-reshape-bitcoin-and-digital-assets","Trump 2.0’s 2025 Crypto Reset: From Crackdown to “Crypto Capital”  \n\nTrump’s January 2025 return brought a rapid pivot from the Gary Gensler–era, enforcement‑led model at the SEC.[2] A January 23 exec...","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1612278920639-cfbae3835fee?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHx0cnVtcCUyMGFkbWluaXN0cmF0aW9uJTIwMjAyNSUyMDIwMjZ8ZW58MXwwfHx8MTc4Mjc0MzY4NXww&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60","2026-06-29T14:42:07.254Z",{"id":199,"title":200,"slug":201,"excerpt":202,"category":11,"featuredImage":203,"publishedAt":204},"6a41435c4a41cbd6e4b8986f","Sophon Sunsets Its Blockchain to Go All-In on Consumer Apps","sophon-sunsets-its-blockchain-to-go-all-in-on-consumer-apps","After nine months running a ZK-powered Layer-2 (L2) on zkSync’s stack, Sophon is shutting down its chain and rebuilding as an app-first studio on Base.[4][6] The team, which raised roughly $60–70 mill...","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1638818835454-c9f083c6b817?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHxzb3Bob24lMjBzdW5zZXRzJTIwaXRzJTIwYmxvY2tjaGFpbnxlbnwxfDB8fHwxNzgyNjYxOTgwfDA&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60","2026-06-28T16:01:45.153Z",{"id":206,"title":207,"slug":208,"excerpt":209,"category":11,"featuredImage":210,"publishedAt":211},"6a3d1abcc51e8cc136ebe4c0","Washington Crypto Policy Update: Tracking the CLARITY Act’s New Momentum","washington-crypto-policy-update-tracking-the-clarity-act-s-new-momentum","U.S. crypto policy has shifted from scattered enforcement to a late‑cycle legislative sprint built around the Digital Asset Market CLARITY Act (H.R. 3633), now the main vehicle for a federal digital‑a...","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1581097543550-b3cbe2e6ea6e?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHx3YXNoaW5ndG9uJTIwY3J5cHRvJTIwcG9saWN5JTIwdXBkYXRlfGVufDF8MHx8fDE3ODIzODk0MzZ8MA&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60","2026-06-25T12:17:08.389Z",{"id":213,"title":214,"slug":215,"excerpt":216,"category":11,"featuredImage":217,"publishedAt":218},"6a3cfefbc51e8cc136ebe276","Washington DC Crypto Policy Developments and the Future of the CLARITY Act","washington-dc-crypto-policy-developments-and-the-future-of-the-clarity-act","US crypto policy is shifting from ad‑hoc enforcement to a statutory market structure built around the CLARITY Act and parallel agency initiatives.[3][5] A Trump 2.0 White House now treats digital asse...","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1581097543550-b3cbe2e6ea6e?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHx3YXNoaW5ndG9uJTIwY3J5cHRvJTIwcG9saWN5JTIwZGV2ZWxvcG1lbnRzfGVufDF8MHx8fDE3ODIzODIzMzF8MA&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60","2026-06-25T10:19:06.840Z",["Island",220],{"key":221,"params":222,"result":224},"ArticleBody_yOw7w4UTMJUbRM2AITNNsHxuy7hJRD3vhx3p5b1N0Q",{"props":223},"{\"articleId\":\"6a3de515c51e8cc136ebf84c\"}",{"head":225},{}]