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Grayscale Sees Attractive Valuations in Top 15 Crypto Protocols Ahead of CLARITY Act

Grayscale points to low valuations in protocols like Hyperliquid and PancakeSwap, while the CLARITY Act could bring more clarity on CFTC and SEC oversight.

By Zenz van der Wielen
• 2 min read
Grayscale Sees Attractive Valuations in Top 15 Crypto Protocols Ahead of CLARITY Act

Key Takeaways

  • Grayscale Research sees low valuations across the top 15 revenue-generating crypto protocols after a long bear market.
  • Hyperliquid leads with $871 million in revenue; several protocols, including PancakeSwap, Meteora, and Collector Crypt, trade at around 1x annual revenue.
  • The possible CLARITY Act could bring more clarity to digital assets, but talks are still ongoing around stablecoins, ethics, and developer protections.

Grayscale Research says the possible approval of the CLARITY Act could unlock significant value in the biggest revenue-generating crypto protocols. According to Zach Pandl, head of research at Grayscale, the sector's top 15 protocols are currently trading at low trailing earnings multiples, which points to attractive valuations after a long bear market.

Low Valuations and Crypto Protocol Revenue

Grayscale ranks these protocols based on their 12-month revenue, with Hyperliquid (HYPE) leading at $871 million (€768 million), followed by Pump.fun (PUMP) at $459 million (€405 million). Most of these 15 protocols have revenue multiples in the single-digit range. For example, PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) are trading at around 1x their annual revenue.

Pandl points out that many of these blockchain applications have low operating costs. That makes them look cheap when they are valued based on earnings or cash flow, instead of just the token price. Nearly all of the top 15 protocols serve financial use cases, along with supporting utilities like oracles and staking infrastructure. That fits into the broader DeFi rally, where Uniswap is also benefiting from expectations of more onchain liquidity and tokenized assets.

The CLARITY Act's Impact on the Crypto Market

The CLARITY Act, which passed the House of Representatives in July 2025 and was approved by the Senate Banking Committee in May 2026, could provide a clear regulatory framework for digital assets. That could lead to more growth in tokenized assets and onchain finance, as Pandl also lays out.

The bill splits regulatory authority between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). That could make the classification and regulation of digital assets clearer, which may boost confidence and market activity.

Even with that progress, there are still hurdles, including provisions around stablecoin yields, ethics language, and developer protections. Senator Cynthia Lummis said the talks are intense, with a possible final version by early July.

Why This Matters for European Crypto Investors

Even though the CLARITY Act is U.S. legislation, creating a clear regulatory framework in the United States could also affect the global crypto market. European investors may see this as a sign that regulated growth in onchain finance and tokenized assets is becoming more likely, which could matter for their own investment strategies and for the adoption of similar rules in Europe.

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