Grayscale Pinpoints 15 Revenue-Rich Protocols Ahead of CLARITY Act

Grayscale released research identifying 15 crypto protocols it sees as undervalued due to single-digit revenue multiples. The list includes Hyperliquid (HYPE), Uniswap (UNI), Aave (AAVE), Lido (LDO), Jupiter (JUP), and others.

Hyperliquid stands out with approximately $800 million in revenue this year, making it the highest earner among the group. Aave and Uniswap also drew the firm's attention.

The analysis ties potential upside to the CLARITY Act, which cleared the Senate Banking Committee 15-9 in May. The bill aims to define which tokens are securities and which are commodities, a step that could accelerate growth in onchain finance.

Grayscale, a major digital asset manager, runs products linked to several of these tokens, giving it a business interest in the thesis. Still, the data provides a snapshot of protocols generating significant real revenue.