Grayscale flags low valuations for top crypto revenue protocols as CLARITY Act moves forward

Grayscale Investments’ head of research, Zach Pandl, examined the 15 crypto protocols with the highest on‑chain revenue. Using trailing‑12‑month data, the analysis showed that most of these applications trade at single‑digit price‑to‑earnings multiples. Financial‑service protocols dominate the list, with Hyperliquid leading at $871 million revenue and a 15× multiple, PancakeSwap around 1×, and Uniswap posting the highest multiple at 37× despite modest revenue.

The research links these low valuations to the pending CLARITY Act, a U.S. bill that would apply traditional‑finance regulatory rules to crypto assets. If enacted, the act could boost tokenized‑asset offerings and on‑chain finance activity, offering a catalyst for the highlighted protocols. Grayscale argues that the legislation creates an attractive entry point for fundamental investors.

The CLARITY Act has cleared the House and is headed for a Senate floor vote, though its timeline remains uncertain amid legislative negotiations.