Grayscale Picks 15 Revenue-Rich Crypto Protocols at Low Multiples

Grayscale Investments published a list of 15 onchain applications it says are trading cheap relative to their revenue. The firm's head of research, Zach Pandl, tied the valuations to the CLARITY Act, which could reach a Senate vote in the coming weeks.

Using data from DeFiLlama, Artemis, and its own research, Grayscale ranked the protocols by trailing 12-month revenue as of June 24. Hyperliquid led with $871 million in revenue, a $13.46 billion market cap, and a 15x multiple. Pump.fun followed with $459 million in revenue and a $456 million market cap, near 1x. PancakeSwap generated $322 million, also at roughly 1x.

Sky reported $248 million in revenue at a 5x multiple. Jupiter posted $130 million at 6x, Aave $125 million at 9x, and Aerodrome $124 million at 4x. World Liberty Financial had $105 million at 17x. Lido Finance generated $77 million at 3x, and Meteora $62 million at about 1x. Uniswap carried the highest multiple at 37x with $49 million in revenue and a $1.78 billion market cap. Raydium did $46 million at 3x. Collector Crypt also showed $49 million in revenue at 1x. Grayscale excluded Chainlink due to mixed onchain and offchain revenue.

Financial applications dominated the list, accounting for 11 of the 15 protocols. That group included Hyperliquid, PancakeSwap, Sky, Jupiter, Aave, Aerodrome, World Liberty Financial, Meteora, Lighter, Uniswap, and Raydium. The remaining entries were consumer platforms and infrastructure providers.