Grayscale: 15 top crypto revenue protocols trade at low multiples
Grayscale found 15 revenue-generating crypto protocols trading at low revenue multiples and says passage of the CLARITY Act could lift on-chain finance and tokenized-asset activity.
Grayscale Investments on June 24 published a research note analyzing the 15 largest on-chain applications by trailing 12-month protocol revenue, using data from DeFiLlama, Artemis and Grayscale research. The firm found several high-revenue protocols trade at low valuation multiples relative to their trailing revenue.
Hyperliquid led the ranking with $871 million in trailing 12-month revenue, a $13.46 billion market capitalization and a 15x revenue multiple. Pump.fun recorded $459 million in revenue and traded near a 1x multiple with a roughly $456 million market cap. PancakeSwap generated $322 million and traded around 1x. Sky reported $248 million at a 5x multiple; Jupiter $130 million at 6x; Aave $125 million at 9x; Aerodrome $124 million at 4x; World Liberty Financial $105 million at 17x; Lido Finance $77 million at 3x; Meteora about $62 million at roughly 1x; Uniswap $49 million at a 37x multiple and a $1.78 billion market cap; Raydium $46 million at 3x; and Collector Crypt $49 million trading around 1x.
Grayscale noted that 11 of the 15 protocols are financial applications, naming Hyperliquid, PancakeSwap, Sky, Jupiter, Aave, Aerodrome, World Liberty Financial, Meteora, Lighter, Uniswap and Raydium. Chainlink was excluded because its revenue mixes on-chain and off-chain sources.
The research links these valuations to a pending vote on the CLARITY Act. The bill advanced to the Senate after passing the House and its path to full Senate consideration remains uncertain. The Senate Banking Committee approved its version on May 14 by a 15–9 vote and added measures including SEC disclosure certification for certain ancillary digital assets and regulatory requirements for crypto ATMs. Lawmakers must reconcile differences between the Banking Committee draft, the Senate Agriculture Committee framework and the House bill passed in July 2025.
Zach Pandl, Grayscale’s head of research, wrote: “We believe they stand to benefit substantially from the expected growth in on-chain transaction activity that is expected to follow the passage of the CLARITY Act.” He added: “We believe that the potential passage of the CLARITY Act-which could happen as soon as next month-may help unlock this value.”
All figures reflect market data as of June 24, 2026. The note uses DeFiLlama, Artemis and Grayscale data for its revenue and valuation figures.
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