Grayscale Investments published a research note on June 24 analyzing 15 revenue-generating crypto protocols trading at low valuation multiples as the CLARITY Act awaits Senate floor action. The crypto asset manager's head of research, Zach Pandl, stated the protocols could benefit from expected growth in on-chain transaction activity following passage of the CLARITY Act. Grayscale linked these valuations to the potential regulatory framework the Act could introduce, similar to traditional finance, supporting tokenized assets and on-chain activity growth.
Hyperliquid Leads Protocol Revenue Rankings at $871 Million
Grayscale's June 24 research note analyzed the 15 largest onchain applications by protocol revenue using data from DeFiLlama, Artemis, and Grayscale Investments research. Hyperliquid led with $871 million in trailing 12-month revenue, a $13.46 billion market cap, and a 15x multiple. Pump.fun followed with $459 million in revenue and a $456 million market cap, near 1x, while PancakeSwap generated $322 million and also traded around 1x.
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.
Uniswap had the highest multiple at 37x with $49 million in revenue and a $1.78 billion market cap. 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.
Zach Pandl stated: "Many revenue-producing crypto 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."
Financial Applications Account for 11 of 15 Highest-Revenue Protocols
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.
CLARITY Act Approved by Senate Banking Committee with 15-9 Vote
The CLARITY Act advanced to the Senate after passing the House and was moved toward Senate floor consideration. The Senate Banking Committee approved its version on May 14 with a 15-9 vote, adding provisions such as SEC disclosure certification for ancillary digital assets and regulatory requirements for crypto ATMs.
Lawmakers must reconcile differences between the Senate Banking Committee version, the Senate Agriculture Committee's 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.
Zach Pandl stated: "We believe that the potential passage of the CLARITY Act---which could happen as soon as next month---may help unlock this value. Because the law, if passed, could be a boon for many of these applications by bringing a traditional finance rulebook to crypto assets."
FAQ
What did Grayscale analyze in its June 24 research note?
Grayscale analyzed the 15 largest onchain applications by protocol revenue using data from DeFiLlama, Artemis, and Grayscale Investments research. The firm examined trailing 12-month revenue, market capitalization, and valuation multiples for each protocol.
Which protocol generated the highest trailing 12-month revenue?
Hyperliquid led with $871 million in trailing 12-month revenue, a $13.46 billion market cap, and a 15x valuation multiple as of June 24, 2026.
What is the current legislative status of the CLARITY Act?
The CLARITY Act passed the House and was approved by the Senate Banking Committee on May 14 with a 15-9 vote. The bill awaits Senate floor action, with lawmakers working to reconcile differences between the Senate Banking Committee version, Senate Agriculture Committee framework, and the House bill passed in July 2025.
