Grayscale Says CLARITY Act Could Reprice Crypto's Revenue Tokens

Grayscale thinks the market is badly underpricing the crypto apps that actually make money, and it expects the CLARITY Act to force a correction. In a new ranking, the asset manager sorted 15 protocols by trailing revenue and found 12 of them trading at single-digit multiples of the fees they pulled in over the past year. Hyperliquid led, with $871 million in protocol revenue through June 24, more than any other application on the list.

The CLARITY Act's role

The Digital Asset Market Clarity Act would settle which digital assets count as securities and which count as commodities, the question that has kept regulated institutions at arm's length from on-chain markets. Grayscale expects the bill to favor apps already collecting fees from trading and lending. The Senate Banking Committee advanced it in May, after the House passed an earlier version in 2025. Grayscale says it could move again as soon as next month, though the timing and final text remain subject to negotiation.

Cheapest and priciest tokens

Hyperliquid's HYPE carried a market cap near $13.46 billion, about 15 times revenue. Rich for the list, but the platform earned nearly twice as much as its closest rival. The cheap end is where the thesis lives. PancakeSwap booked $322 million in revenue against a $425 million token, and Pump.fun ranked second overall, with $459 million in revenue and a $456 million cap. Both sit near 1 times revenue. Uniswap runs the other way: $49 million in revenue, a $1.78 billion token, 37 times revenue, the highest multiple in the group. That leaves UNI the least room to rerate.

Why revenue isn't the full story

The trouble with reading protocol revenue like corporate earnings is that it does not belong to token holders the way a company's sales back its shareholders. Fees can go to validators, liquidity providers, or a protocol treasury instead. Some apps hand out tokens to buy activity, a cost that never reaches the headline number. And a circulating market cap can understate the real figure when large blocks of supply are still locked and waiting to unlock.

By Grayscale's own logic, the winners are the protocols that grow revenue and actually route some of it back to the token, whether through a fee switch or buybacks. The bill guarantees none of that. What it could do is shrink the regulatory discount that has kept banks and asset managers off public chains. The next test is whether CLARITY reaches the floor next month.