Grayscale argues that most of the 15 highest-revenue protocols in crypto, led by Hyperliquid (HYPE), Pump.fun (PUMP) and PancakeSwap (CAKE), now trade at trailing 12-month revenue multiples in the single digits, and that the proposed CLARITY Act could be the event that closes the gap. The thesis appeared in a June 24 post from Cointelegraph summarizing the asset manager's latest research. It lands during a deep risk-off stretch: as of June 25, 2026, Bitcoin sits at $60,789, down 3.5% on the day, with the Crypto Fear & Greed Index at 17, in "extreme fear."
Cheap on the numbers, not the mood
The core claim is a valuation one. Grayscale's framing is that these protocols generate real fees, carry low operating costs, and therefore look inexpensive when measured on earnings or cash flow rather than narrative. Many of the top 15 by protocol revenue trade at trailing multiples in the single digits, a band that would read as ordinary for a slow-growth utility in equities and as steeply discounted for businesses still expanding.
The timing sharpens the point. Tokens across the board have bled over the past week, with ETH down roughly 8% and XRP down close to 10% over seven days. A selloff compresses prices faster than it compresses fee revenue, so a protocol that kept earning while its token fell screen-cheaper at the bottom than it did at the top. Grayscale's argument is essentially that the multiple, not the business, did most of the moving.
The CLARITY Act as a re-rating trigger
Grayscale ties the potential value unlock directly to regulation. Its view is that the CLARITY Act, which the firm says could pass as soon as next month, would import a traditional-finance rulebook into crypto by drawing a clearer line between decentralized network assets and securities. That distinction matters for institutions that cannot hold an asset until its legal status is settled.
The mechanism is straightforward. Once a fund or a corporate treasury can underwrite a token the way it underwrites an equity, revenue multiples become a usable yardstick rather than a thought experiment. A protocol earning hundreds of millions in annualized fees stops being priced purely on token-flow speculation and starts being measured against the cash it produces. Grayscale's bet is that this reclassification pulls capital toward the highest earners first.
Revenue is not the same as accrual
The research carries a caveat that does most of the analytical work. As one quote from the firm puts it, "Protocol revenues alone are not enough. Investors must also evaluate whether those revenues ultimately accrue to token holders." Fees can land with a foundation, a treasury, or a set of liquidity providers and never reach the people holding the governance token.
That distinction separates the names on the list. Tokens with active buyback programs, fee burns, or staking mechanics that route revenue back to holders have a direct channel between protocol earnings and token value. Tokens where fees stay inside an operating entity do not, no matter how strong the headline revenue looks. A single-digit multiple is only cheap if the holder has a claim on the cash behind it, which is why Grayscale frames the multiple as a starting screen rather than a verdict.
The composition of the list reinforces the theme. Grayscale notes that nearly all of the top 15 revenue protocols are financial in nature, exchanges, lending markets, perpetuals venues, and the oracle and staking infrastructure that supports them, rather than consumer apps or games. Hyperliquid (perpetuals), Pump.fun (token issuance) and PancakeSwap (a decentralized exchange) all sit in that financial-rails bucket, alongside names like Aave and Uniswap that the firm has flagged separately as undervalued.
A research note, not a price call
For readers, the practical read is to treat this as a framework rather than a signal. Grayscale is a large holder and issuer of crypto products, so its "undervalued" list is not a neutral observation. The single-digit multiples are real and verifiable through onchain fee data, but the re-rating depends on a bill that has not passed and on each protocol's specific accrual design. This is analysis, not financial advice, and the deepest discounts often exist precisely because the market doubts the cash will ever reach the token.
The cleaner takeaway is the shift in vocabulary. A year ago, crypto valuation arguments leaned on total addressable market and narrative. Grayscale is now running price-to-fees and earnings comparisons and tying the unlock to a specific piece of US legislation. Whether or not the multiples compress, the move toward measuring protocols by the money they actually make is the more durable change.
Overview
Grayscale says most of the 15 highest-revenue onchain protocols, led by HYPE, PUMP and CAKE, trade at single-digit trailing revenue multiples and could re-rate if the CLARITY Act passes and lets institutions value tokens like businesses. The decisive variable is whether each protocol's fees actually accrue to token holders through buybacks, burns, or staking. The report is a valuation framework from an interested party, not a buy signal, and arrives with Bitcoin near $60,789 and sentiment in extreme fear as of June 25, 2026.
