Overview
- Grayscale published a research note on June 24 that lists 15 revenue-producing protocols it views as trading at bargain valuations, including HYPE, PUMP, CAKE, SKY, JUP, AAVE, LDO, UNI and others.
- The report highlights a valuation gap where some protocols trade at roughly one times trailing 12-month revenue, citing Pump.fun and PancakeSwap as examples that earned hundreds of millions while carrying market caps near their annual revenue.
- Hyperliquid is shown as the top revenue generator on the list with roughly $800–871 million in trailing revenue while Uniswap commands a much higher premium at about 37x revenue because its token price reflects governance optionality and a possible future “fee switch.”
- Analysts and the coverage note two major caveats: much protocol revenue can be temporary or tied to speculative activity, and fee income does not always flow to token holders, so on-chain revenue may not translate directly into token value.
- Grayscale ties the timing of its thesis to the CLARITY Act, which cleared the Senate Banking Committee in May, but the bill is not law so any institutional inflows and token re‑ratings remain conditional and uncertain.