CryptoSlate
The Digital Asset Market Clarity Act, advancing through Congress after a Senate Banking Committee markup in May, could trigger a broad revaluation of DeFi tokens tied to revenue-generating applications, according to a Grayscale analysis. Twelve of the fifteen protocols in the firm's revenue ranking trade at single-digit multiples of trailing 12-month fees, leaving room for a repricing if federal rules bring banks, asset managers, and other traditional financial firms onto public blockchains.
Hyperliquid anchors the trading-token cohort. The perps DEX generated $871 million in protocol revenue over the trailing 12 months through June 24, more than any other application in Grayscale's ranking, against a circulating market cap of roughly $13.46 billion for HYPE, or about 15x revenue. PancakeSwap sits at the opposite end of the same group: $322 million in revenue against a $425 million CAKE market cap, near 1x. Jupiter recorded $130 million in revenue with a $716 million JUP market cap, around 6x; Aerodrome generated $124 million at nearly 4x; Meteora $62 million at roughly 1x; and Raydium $46 million at about 3x.
Lending protocols are the second cluster. Aave posted $125 million in revenue and a $1.17 billion AAVE market cap, around 9x. Sky, the rebranded Maker, generated $248 million and trades near 5x on a $1.24 billion SKY market cap. Both sit on the infrastructure that tokenized credit and regulated stablecoins would plug into if the legislation delivers the institutional on-ramp Grayscale expects.
Why it matters
The investment case is not that any single token is cheap. It is that the regulatory discount baked into most US-facing crypto projects has compressed revenue multiples across the board, and the CLARITY Act could narrow it. Grayscale argues the bill could move as soon as next month, though final provisions remain subject to negotiation. Clearer rules on whether digital assets fall under securities or commodities regulation would give banks and asset managers the confidence to connect with on-chain venues, and every new tokenized security, commodity, or fund would need markets where investors can trade and provide liquidity.
The structural read matters more than any line item. Protocols that already run the trading, lending, and credit-settlement infrastructure stand to absorb that flow first; staking providers and liquid-restaking platforms such as Lido and Ether.fi would benefit a step removed, as transaction volume rises and their staked assets become more useful as collateral across DeFi.
Frequently asked questions
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What does the CLARITY Act actually do?
The Digital Asset Market Clarity Act would define which federal regulator oversees digital assets and the companies that trade them, splitting responsibility between the SEC and CFTC. Supporters say clearer market-structure rules would let banks and asset managers connect with on-chain venues without unresolved…
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Why does Grayscale think DeFi tokens could reprice?
Twelve of the fifteen protocols in Grayscale's ranking trade at single-digit multiples of trailing 12-month revenue. The firm argues that a regulatory discount has compressed those multiples and that clearer federal rules could pull institutional flow onto public chains, lifting revenue and rerating the tokens that…
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Which tokens does Grayscale flag as potential winners?
Trading protocols led by Hyperliquid, PancakeSwap, Jupiter, Aerodrome, Meteora, and Raydium; lending protocols Aave and Sky; staking providers Lido and Ether.fi; and the Solana launchpad Pump.fun. Uniswap is included but trades at the richest multiple on the list.
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Why is Uniswap treated as the outlier?
UNI trades at roughly 37x trailing revenue, the highest multiple among the fifteen protocols Grayscale ranked. With about $49M in fees against a near-$1.78B circulating market cap, the token already prices in substantial brand value and future fee potential, leaving less room for a valuation-driven rebound.
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What could limit the revaluation trade?
Protocol revenue does not always flow to token holders; fees can go to validators, liquidity providers, treasuries, or users. Circulating market caps also understate fully diluted valuations when large token unlocks remain on the schedule, so a low multiple today can expand quietly as supply releases.
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