Grayscale Releases Top 15 On-Chain Protocols by Revenue, Focusing on Undervalued Opportunities Ahead of CLARITY Act
Grayscale has published a ranking of the top 15 on-chain applications by protocol revenue, led by $HYPE, $PUMP, and $CAKE, followed by $SKY, $JUP, $AAVE, $AERO, $WLFI, $LDO, $MET, $ETHFI, $LIT, $CARDS, $UNI, and $RAY.
The list emphasizes protocols with real cash flow and low overhead, highlighting undervalued opportunities ahead of the CLARITY Act.
Research from crypto institutions is driving capital towards high-revenue protocols, benefiting DeFi and meme ecosystem cash flow projects while narrative-only projects are under pressure.
Source: Public Information
ABAB AI Insight
Grayscale, as a leading crypto asset manager, has previously released multiple research reports, and this ranking continues its focus on fundamental cash flow investment framework. Historically, similar rankings often guide institutional capital flows.
On the capital path, institutions are filtering for high-revenue, low-valuation protocols, directing resources towards projects with real business and token economic models, strategically seizing the window of regulatory clarity.
Similar to the early DeFi Summer, institutional research is accelerating ahead of the CLARITY Act, with strong cash flow protocols in the industry receiving valuation reassessment.
Essentially, this represents capital concentration, with regulatory expectations driving funds from speculation towards fundamental cash flow projects, shifting pricing power towards protocols generating real income, benefiting DeFi infrastructure in the restructuring of the industry.
ABAB News · Law of Cognition
Revenue is the valuation anchor; cash flow surpasses narrative.
Low multiples before regulatory clarity represent a safety margin.
Institutions are entering with a focus on fundamentals; those with real income will win long-term capital.