Grayscale, a prominent asset manager, has outlined an intriguing list of 15 revenue-generating crypto protocols. This guidance is highly relevant for crypto investors focused on fundamental analysis and valuation. The report dated June 24 spotlights protocols that are currently trading at undervalued prices, primarily offering single-digit earnings multiples on their annual revenues. This situation contrasts sharply with traditional tech stocks, which often enjoy higher revenue multiples.
Why is this list significant for investors? The timing of the report coincides with legislative advancements, particularly the CLARITY Act. This bill, which cleared the Senate Banking Committee with a 15-9 vote, aims to clarify the regulatory landscape by defining which digital assets fall under the jurisdiction of the SEC or the CFTC. Grayscale suggests that the protocols identified stand to gain significantly if the legislation passes into law.
#What are the top protocols mentioned?
Grayscale's report highlights notable names including HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. Most of these protocols are involved in financial services and tangible utilities such as staking and data oracles. Notably, when a protocol is evaluated at less than ten times its previous year's revenue, it can suggest that the market has not fully recognized its potential.
Among these, Hyperliquid is distinguished as the leading revenue generator, reportedly earning around $800 million in 2025. Other platforms like Aave and Uniswap have also been recognized for their undervaluation based on their revenue-generating capacity.