According to reports from Grayscale, the firm has identified 15 top revenue-producing crypto protocols that appear attractively valued ahead of potential CLARITY Act passage. Hyperliquid leads the rankings with ₹7,000 crore ($871 million) in 12-month protocol revenue, followed by Pump.fun at ₹3,700 crore ($459 million). Most of these protocols carry single-digit revenue multiples, with PancakeSwap, Meteora, and Collector Crypt each trading at approximately 1x annual revenue. As reported by Grayscale's Head of Research Zach Pandl, these applications now appear attractively valued from a fundamental perspective after a prolonged bear market. The majority of these protocols provide financial services or adjacent utilities like oracles and staking infrastructure.
As reported by Grayscale, the firm believes the CLARITY Act could unlock significant value in revenue-generating crypto applications. The Digital Asset Market Clarity Act has already passed the House in July 2025 and advanced through the Senate Banking Committee by a 15-9 vote in May 2026. However, the bill continues to face hurdles over stablecoin yield provisions and disagreements over ethics language in Section 604. According to Pandl's analysis, the CLARITY Act would bring regulatory clarity to digital assets and potentially drive growth in tokenized assets and onchain finance, creating an attractive entry point for fundamental investors. The legislation aims to draw a clear jurisdictional line between the SEC and the CFTC when it comes to digital assets, defining which tokens are securities (SEC territory) and which are commodities (CFTC territory).
Following Grayscale's announcement, the broader crypto market is currently displaying mixed signals with various assets exhibiting different momentum levels. According to Cointelegraph, the trading environment remains cautious, with significant volumes yet to materialize following the announcement. The overall market remains stagnant, with observed volumes at $0 over the past 24 hours, indicating traders may await further developments before making decisive moves. This cautious approach reflects traders' responses to potential regulatory shifts and their implications for future trading dynamics. The listing emphasizes the potential of these assets ahead of regulatory changes, particularly the upcoming CLARITY Act, which aims to provide clearer guidelines for the cryptocurrency sector.
Among the 15 protocols identified, Hyperliquid stands out as the revenue heavyweight, generating approximately ₹7,000 crore ($871 million) in 2025 revenue through its perpetuals trading platform. Aave and Uniswap also earned notable mentions as undervalued relative to their revenue generation potential. The complete list includes HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. PancakeSwap, Meteora, and Collector Crypt each trade at approximately 1x annual revenue, while Pump.fun leads with ₹3,700 crore ($459 million) in 12-month revenue. Most of these protocols provide financial services or adjacent utilities like oracles and staking infrastructure.
