Grayscale: Top Crypto Revenue Protocols Trading Cheap as CLARITY Act Advances; Hyperliquid Leads at $871M Revenue, 15x Multiple

According to Grayscale Investments' June 24 research note, many revenue-generating crypto protocols are trading at low valuation multiples ahead of potential CLARITY Act passage. The asset manager analyzed the 15 largest on-chain applications by protocol revenue using data from DeFiLlama, Artemis, and internal research.

Hyperliquid led with $871 million in trailing 12-month revenue and a $13.46 billion market cap at 15x multiple. Pump.fun generated $459 million in revenue near 1x valuation, while PancakeSwap posted $322 million also at roughly 1x. Other notable protocols included Sky ($248M at 5x), Jupiter ($130M at 6x), Aave ($125M at 9x), and Aerodrome ($124M at 4x). Financial applications accounted for 11 of the 15 protocols listed. Grayscale's research head stated the protocols "stand to benefit substantially from the expected growth in on-chain transaction activity" if CLARITY Act passes, creating "an attractive entry point for fundamental investors."