Key Takeaways
Grayscale mentioned many revenue-producing crypto protocols are buying and selling at low multiples relative to their trailing income.Monetary functions dominate the highest-revenue protocols.The crypto asset supervisor mentioned the CLARITY Act may help tokenized property and on-chain finance.
Income Rankings Spotlight Low Valuation Multiples Forward of CLARITY Act
Grayscale Investments mentioned many revenue-generating crypto protocols are buying and selling at low valuation multiples because the CLARITY Act awaits doable Senate flooring motion. In a June 24 analysis be aware, the agency analyzed the 15 largest onchain functions by protocol income utilizing information from DeFiLlama, Artemis, and Grayscale Investments analysis.
The agency’s head of analysis, Zach Pandl, wrote:
“We consider they stand to profit considerably from the anticipated development in on-chain transaction exercise that’s anticipated to comply with the passage of the CLARITY Act.”
Hyperliquid led with $871 million in trailing 12-month income, a $13.46 billion market cap, and a 15x a number of. Pump.enjoyable adopted with $459 million in income and a $456 million market cap, close to 1x, whereas PancakeSwap generated $322 million and likewise traded round 1x.
Sky reported $248 million in income at a 5x a number of, Jupiter $130 million at 6x, Aave $125 million at 9x, and Aerodrome $124 million at 4x. World Liberty Monetary posted $105 million at a 17x a number of. Lido Finance generated $77 million at 3x, and Meteora $62 million at roughly 1x.
Monetary Purposes Account for A lot of the Highest-Income Protocols
Grayscale linked these valuations to the potential passage of the CLARITY Act, which may introduce a regulatory framework just like conventional finance and help development in tokenized property and onchain exercise.
Monetary functions accounted for 11 of the 15 protocols listed, together with Hyperliquid, PancakeSwap, Sky, Jupiter, Aave, Aerodrome, World Liberty Monetary, Meteora, Lighter, Uniswap, and Raydium. The remaining entries included client platforms and infrastructure suppliers.
Grayscale acknowledged:
“Many revenue-producing crypto property are buying and selling at low multiples forward of potential passage of the CLARITY Act, creating a beautiful entry level for elementary traders, in our view.”
Uniswap had the very best a number of at 37x with $49 million in income and a $1.78 billion market cap. Raydium generated $46 million at a 3x a number of, whereas Collector Crypt traded at 1x with $49 million in income. Chainlink was excluded as a result of combined onchain and offchain income. All figures replicate June 24, 2026.
CLARITY Act Might Reshape Crypto Market Construction
The CLARITY Act has superior to the Senate after passing the Home and was moved towards Senate flooring consideration. Its path to a vote stays unsure as a result of restricted legislative time and unresolved coverage variations.
The Senate Banking Committee permitted its model on Could 14 with a 15–9 vote, including provisions comparable to SEC disclosure certification for ancillary digital property and regulatory necessities for crypto ATMs.
Grayscale’s head of analysis acknowledged:
“We consider that the potential passage of the CLARITY Act—which may occur as quickly as subsequent month—could assist unlock this worth.”
“Why? As a result of the legislation, if handed, might be a boon for a lot of of those functions by bringing a conventional finance rulebook to crypto property,” he added.
Lawmakers should reconcile variations between the Senate Banking Committee model, the Senate Agriculture Committee’s framework, and the Home invoice handed in July 2025. Lobbying from monetary establishments, legislation enforcement teams, and business advocates continues because the invoice strikes ahead.
