Grayscale: Top Crypto Protocols Trade at Single-Digit Revenue Multiples

Grayscale Investments published a list of the 15 highest-earning on-chain applications, ranked by protocol revenue. The list includes HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. The firm argues that several of these protocols are undervalued relative to the revenue they generate directly from user activity.

According to Grayscale, many of the projects on the list trade at single-digit trailing 12-month revenue multiples. That is low compared with their growth potential, the firm said. One reason is that blockchain protocols typically run with lower overhead than traditional businesses. They do not carry large employee counts, office expenses, or complex operating structures. A larger share of protocol revenue can therefore flow into earnings or cash flow.

Grayscale believes the current market environment may offer an entry point for fundamentals-focused investors. While crypto markets have gone through an extended bear cycle, many revenue-generating applications have continued to build products, attract users, and generate cash flows. The firm said the market has not fully reflected the financial strength of some of these protocols, creating a potential valuation gap.

Hyperliquid (HYPE) stands out as the revenue heavyweight. The perpetuals trading platform generated roughly $800 million in revenue in 2025, making it one of the highest-earning protocols in crypto. Aave (AAVE) and Uniswap (UNI) were also highlighted as strong DeFi leaders that may be undervalued compared with their revenue and long-term growth potential.

The report also pointed to the CLARITY Act, which could introduce clearer U.S. crypto regulations. That could boost adoption of tokenized assets and broader onchain financial systems. Many of the top-ranked protocols focus on decentralized trading, lending, staking, liquidity provision, and blockchain infrastructure. They could benefit from increased adoption and transaction activity if regulatory clarity improves.

Among the protocols on Grayscale's list, AERO (Grupo Aeromexico) carries an Alpha Score of 65/100 at AlphaScala, labeled Moderate, in the Industrials sector. CAKE (Cheesecake Factory) scores 54/100, labeled Mixed, in Consumer Cyclical. MET (MetLife) scores 55/100, labeled Moderate, in Financials.