Grayscale Points to Top 15 Crypto Revenue Protocols Trading Cheap as CLARITY Act Nears
Grayscale Investments said several leading revenue-generating crypto protocols are trading at relatively low valuation multiples, potentially ahead of a Senate vote on the CLARITY Act. In a June 24 research note, the firm analyzed the 15 largest onchain applications by protocol revenue using data from DeFiLlama, Artemis, and its own 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 (also near 1x). Other notable entries include Sky ($248 million, 5x), Jupiter ($130 million, 6x), Aave ($125 million, 9x), Aerodrome ($124 million, 4x), World Liberty Financial ($105 million, 17x), Lido Finance ($77 million, 3x), and Meteora ($62 million, roughly 1x). Uniswap had the highest multiple at 37x with $49 million in revenue and a $1.78 billion market cap, while Raydium posted $46 million at 3x.
Financial applications accounted for 11 of the 15 protocols, including Hyperliquid, PancakeSwap, Sky, Jupiter, Aave, Aerodrome, World Liberty Financial, Meteora, Uniswap, and Raydium, among others. The remaining entries were consumer platforms and infrastructure providers.
Grayscale head of research Zach Pandl said: “We 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.” He added that the potential passage “could be a boon for many of these applications by bringing a traditional finance rulebook to crypto assets.”
The CLARITY Act has advanced to the Senate after passing the House. 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 continues from financial institutions, law enforcement groups, and industry advocates.
More than 70,000 U.S. law enforcement professionals have urged federal officials to revise provisions of the CLARITY Act, citing concerns. The bill’s path to a vote remains uncertain due to limited legislative time and unresolved policy differences.