Grayscale Investments Head of Research Zach Pandl has identified 15 revenue-generating crypto protocols as “attractively valued” ahead of the potential passage of the Digital Asset Market Clarity Act of 2025.
In a research note published on June 24, 2026, the firm highlights that these applications are currently trading at single-digit earnings multiples, significantly lower than the 20x or 30x multiples typically seen in traditional technology sectors.
The 15 protocols identified by Grayscale
The analysis argues that the CLARITY Act could serve as a major catalyst by replacing regulatory uncertainty with a structured finance rulebook. According to Zach Pandl, this legislation will help drive growth in onchain finance and tokenized assets by reducing compliance friction for institutional investors.
Within the current market, some of these protocols are trading at valuations roughly equal to their annual revenue, appearing as “bargain valuations” from a fundamental perspective.
The research note specifically names 15 onchain applications that Grayscale Investments believes are fundamentally undervalued based on their trailing 12-month earnings. These protocols primarily focus on financial services, staking, and infrastructure utilities. While general market sentiment shifts often dictate price movement in the sector, Grayscale is focusing on those with robust, proven revenue models.
Key details
The 15 revenue-producing protocols listed in the research are:
- HYPE (Hyperliquid)
- PUMP (Pump.fun)
- CAKE (PancakeSwap)
- SKY
- JUP
- AAVE
- AERO
- WLFI
- LDO
- MET (Meteora)
- ETHFI
- LIT
- CARDS (Collector Crypt)
- UNI (Uniswap)
- RAY
Several of these protocols show a significant disconnect between their earnings and market pricing. PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) are each reported to be trading at approximately 1x their annual revenue. Meanwhile, the decentralized exchange Hyperliquid (HYPE) recorded between $800 million and $871 million in revenue throughout 2025.
Investors have recently seen a Hyperliquid whale defend key price levels, underscoring the high-stakes interest in these revenue-heavy ecosystems.
Regulatory clarity through the CLARITY Act of 2025
The Digital Asset Market Clarity Act of 2025 (H.R. 3633) is the primary legislative driver for Grayscale’s outlook.
The act aims to divide digital assets into three clear categories: decentralized assets (commodities) under the Commodity Futures Trading Commission (CFTC), assets treated like stocks at launch (securities) under the Securities and Exchange Commission (SEC), and digital dollars.
This framework includes a “mature blockchain test” that could allow tokens to graduate from SEC to CFTC oversight once they reach sufficient decentralization.
The bill passed the U.S. House of Representatives in July 2025 with a bipartisan vote. It progressed further on May 14, 2026, when it cleared the Senate Banking Committee with a 15-9 vote. Currently, the legislation is on the Senate Legislative Calendar, awaiting a floor vote.
Progress on this bill is viewed as a turning point for the XRP and broader digital asset market, as it provides a pathway for institutional capital to enter the space with legal certainty.
Key details
Grayscale notes that the act also includes the Blockchain Regulatory Certainty Act (BRCA) in Section 604. This provision is designed to protect non-custodial software developers from being classified as money transmitters. Additionally, the act mandates “Anti-FTX Protection,” which requires exchanges to maintain customer funds in accounts entirely separate from company operations. These provisions are expected to foster a safer environment for capital formation.
Impact on institutional digital asset adoption
Beyond the 15 specific protocols, Grayscale anticipates that a successful floor vote in the Senate would benefit major Layer 1 networks. Ethereum (ETH), Solana (SOL), and the BNB Chain are identified as initial targets for institutional capital. This aligns with broader industry movements, as firms like VanEck and Grayscale have already moved toward potential spot BNB ETF launches with updated regulatory filings.
Other networks expected to benefit include Avalanche (AVAX), Tron (TRX), and Ethereum layer-2 platforms such as Base and Arbitrum (ARB). Grayscale suggests that by providing a “traditional finance rulebook,” the CLARITY Act will boost total value locked (TVL) and onchain activity across these ecosystems. Polymarket currently reflects this optimism, with a 67% probability assigned to the act passing within the 2026 calendar year.
The focus on fundamentals, such as the $459 million in revenue generated by Pump.fun (PUMP) in 2025, represents a shift in how institutional managers view the asset class. Instead of relying on speculative narratives, analysts are now looking at protocols with low operating expenses and high profit margins.
Grayscale suggests that once the legislation removes the “regulatory fog,” these high-performing decentralized applications may see their valuations realigned with traditional financial metrics.