{"id":74560,"date":"2026-06-26T01:05:37","date_gmt":"2026-06-26T01:05:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/grayscale-points-to-top-15-crypto-revenue-protocols-trading-cheap-as-clarity-act-nears\/"},"modified":"2026-06-26T01:05:37","modified_gmt":"2026-06-26T01:05:37","slug":"grayscale-points-to-top-15-crypto-revenue-protocols-trading-cheap-as-clarity-act-nears","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/grayscale-points-to-top-15-crypto-revenue-protocols-trading-cheap-as-clarity-act-nears\/","title":{"rendered":"Grayscale Points to Top 15 Crypto Revenue Protocols Trading Cheap as CLARITY Act Nears"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Grayscale said many revenue-producing crypto protocols are trading at low multiples relative to their trailing revenue.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Financial applications dominate the highest-revenue protocols.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The crypto asset manager said the CLARITY Act could support tokenized assets and on-chain finance.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Revenue Rankings Highlight Low Valuation Multiples Ahead of CLARITY Act<\/h2>\n<p>Grayscale Investments said many revenue-generating <span>crypto<\/span> protocols are trading at low valuation multiples as the CLARITY Act awaits possible Senate floor action. In a June 24 research note, the firm analyzed the 15 largest onchain applications by protocol revenue using data from DeFiLlama, Artemis, and Grayscale Investments research.<\/p>\n<p>The firm\u2019s head of research, Zach Pandl, wrote:<\/p>\n<blockquote>\n<p>\u201cWe 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.\u201d<\/p>\n<\/blockquote>\n<p>Hyperliquid led with $871 million in trailing 12-month revenue, a $13.46 billion <span>market cap<\/span>, and a 15x multiple. Pump.fun followed with $459 million in revenue and a $456 million <span>market cap<\/span>, near 1x, while PancakeSwap generated $322 million and also traded around 1x.<\/p>\n<p>Sky reported $248 million in revenue at a 5x multiple, Jupiter $130 million at 6x, Aave $125 million at 9x, and Aerodrome $124 million at 4x. World Liberty Financial posted $105 million at a 17x multiple. Lido Finance generated $77 million at 3x, and Meteora $62 million at roughly 1x.<\/p>\n<h2>Financial Applications Account for Most of the Highest-Revenue Protocols<\/h2>\n<p><\/p>\n<p>Grayscale linked these valuations to the potential passage of the CLARITY Act, which could introduce a regulatory framework similar to traditional finance and support growth in tokenized assets and onchain activity.<\/p>\n<p>Financial applications accounted for 11 of the 15 protocols listed, including Hyperliquid, PancakeSwap, Sky, Jupiter, Aave, Aerodrome, World Liberty Financial, Meteora, Lighter, Uniswap, and Raydium. The remaining entries included consumer platforms and infrastructure providers.<\/p>\n<p>Grayscale stated:<\/p>\n<blockquote>\n<p>\u201cMany revenue-producing <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> assets are trading at low multiples ahead of potential passage of the CLARITY Act, creating an attractive entry point for fundamental investors, in our view.\u201d<\/p>\n<\/blockquote>\n<p>Uniswap had the highest multiple at 37x with $49 million in revenue and a $1.78 billion <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-market-cap\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">market cap<\/a>. Raydium generated $46 million at a 3x multiple, while Collector Crypt traded at 1x with $49 million in revenue. Chainlink was excluded due to mixed onchain and offchain revenue. All figures reflect June 24, 2026.<\/p>\n<h2>CLARITY Act Could Reshape Crypto Market Structure<\/h2>\n<p>The CLARITY Act has advanced to the Senate after passing the House and was moved toward Senate floor consideration. Its path to a vote remains uncertain due to limited legislative time and unresolved policy differences.<\/p>\n<p>The Senate Banking Committee approved its version on May 14 with a 15\u20139 vote, adding provisions such as SEC disclosure certification for ancillary digital assets and regulatory requirements for <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> ATMs.<\/p>\n<p>Grayscale\u2019s head of research stated:<\/p>\n<blockquote>\n<p>\u201cWe believe that the potential passage of the CLARITY Act\u2014which could happen as soon as next month\u2014may help unlock this value.\u201d<\/p>\n<\/blockquote>\n<p>\u201cWhy? Because the law, if passed, could be a boon for many of these applications by bringing a traditional finance rulebook to <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> assets,\u201d he added.<\/p>\n<p>Lawmakers must reconcile differences between the Senate Banking Committee version, the Senate Agriculture Committee\u2019s framework, and the House bill passed in July 2025. Lobbying from financial institutions, law enforcement groups, and industry advocates continues as the bill moves forward.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/grayscale-points-to-top-15-crypto-revenue-protocols-trading-cheap-as-clarity-act-nears\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Grayscale said many revenue-producing crypto protocols are trading at low multiples relative to their trailing revenue. Financial applications dominate the highest-revenue protocols. The crypto asset manager said the CLARITY Act could support tokenized assets and on-chain finance. Revenue Rankings Highlight Low Valuation Multiples Ahead of CLARITY [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":74561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74560"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74560"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74561"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}