Grayscale believes the potential passage of the CLARITY Act could unlock value in many of the largest revenue-generating crypto applications.
The firm’s Head of Research, Zach Pandl, pointed to low trailing earnings multiples across the top 15 protocols in the sector. He argues the assets look inexpensive on cash flows after a long bear market.
Grayscale Flags Cheap Crypto Protocols Before Potential CLARITY Act Passage
Grayscale ranked the applications by 12-month protocol revenue. Hyperliquid (HYPE) leads with $871 million, ahead of Pump. fun (PUMP) at $459 million.
Most of the 15 carry single-digit revenue multiples. PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) each trade at about 1x annual revenue.
“Many income-producing blockchain applications now appear attractively valued from a fundamental perspective. In fact, most of the top 15 onchain applications by protocol revenue—including Hyperliquid—are now trading at attractive trailing 12-month multiples, many of them at single digits,” Pandl said.
Pandl added that most of these applications carry low operating expenses. As a result, they screen cheaply when valued on earnings or cash flows rather than solely on the token price.
Nearly all of the top 15 revenue protocols serve financial use cases. The list also includes supporting utilities such as oracles and staking infrastructure.
Pandl framed the CLARITY Act as the catalyst. The bill would bring a rulebook to digital assets and could lift onchain transaction activity.
“Specifically, CLARITY will help drive growth in tokenized assets and onchain finance,” Pandal wrote. “Many revenue-producing crypto assets are trading at low multiples ahead of potential passage of the CLARITY Act, creating an attractive entry point for fundamental investors, in our view.”
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The CLARITY Act Timeline
Meanwhile, the Digital Asset Market Clarity (CLARITY) Act passed the House in July 2025. The Senate Banking Committee then advanced it by a 15-9 vote in May 2026.
However, the bill continues to face several hurdles. While tensions over stablecoin yield provisions between banks and crypto industry groups were a major sticking point earlier in the process, disagreements over the ethics language and developer protections in Section 604 remain key issues now.
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Still, Senator Cynthia Lummis recently indicated negotiations have been “hardcore,” with a final text potentially released by July 4. It remains unclear whether the latest draft will resolve the issues that have slowed the bill’s path forward.
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