Grayscale Picks Hyperliquid, Aave, Uniswap, Sky, Maple as DeFi Values

Grayscale Research named five DeFi tokens it sees as offering real value, not just hype. In a June 16 report, the asset manager pointed to Hyperliquid (HYPE), Aave (AAVE), Uniswap (UNI), Sky (SKY), and Maple (MAPLE) as projects with sustainable revenue and cash flow. The firm said the broad crypto market decline since January has created a chance to evaluate digital assets with traditional financial metrics.

According to the report, DeFi protocols have generated nearly $25 billion in cumulative fees since 2023. Lending, decentralized exchanges, staking services, and derivatives platforms have all contributed to growing revenue streams. Grayscale noted that valuation multiples in the DeFi lending sector have compressed, making mature protocols look more attractive.

The simple read is that these five tokens are cheap relative to revenue. The better read is more precise. Protocol earnings alone do not guarantee token value. Token burns, buybacks, staking rewards, and revenue-sharing programs determine how much economic value passes to holders.

Hyperliquid and Uniswap stood out for returning a significant portion of earnings directly. Hyperliquid uses trading fees to buy back and burn HYPE tokens. That mechanism helped push it into the top 10 cryptocurrencies by market cap. Uniswap ties its token model closely to fee generation and distribution.

Aave remains the largest DeFi lending protocol. Grayscale called it potentially undervalued based on market metrics. Sky has built a collateral-backed stablecoin ecosystem. Maple has grown in institutional crypto lending with what the firm called attractive risk-adjusted returns.

Grayscale argued that the market is shifting from narrative-driven investing toward protocols that generate real revenue, maintain disciplined capital allocation, and offer transparent tokenomics. In that environment, HYPE, AAVE, UNI, SKY, and MAPLE look like names that could reward holders who look past the hype.