Grayscale Lists Top Protocol Revenue Earners; HYPE Leads With $871M Annual Revenue

According to Grayscale, the top three on-chain applications by 12-month protocol revenue are Hyperliquid (HYPE) with $871 million, Pump.fun (PUMP) with $459 million, and PancakeSwap (CAKE) with $322 million. Several leading applications have demonstrated real cash flows and lower operating costs, though their valuation multiples remain low—PUMP and CAKE trade at 1x revenue, AERO at 4x, and LDO at 3x.

Grayscale noted that amid potential progress on the CLARITY Act in coming weeks, these on-chain applications with real revenue and comparatively reasonable valuations may present attractive allocation opportunities.