Grayscale has named the top 10 crypto assets by tokenholder yield and adjusted earnings yield. HYPE leads the first ranking at 8.0%, while CAKE tops the second at 14.4%.
The report argues that investors can value many crypto assets, unlike Bitcoin, using their cash flows.
Which Crypto Tokens Actually Reward Their Holders?
Hyperliquid (HYPE) leads Grayscale’s ranking with an 8.0% tokenholder yield. Lighter (LIT) follows closely at 7.9%.
PancakeSwap (CAKE) comes third at 2.6%, followed by Aerodrome (AERO) and Uniswap (UNI).
But the rankings reveal something more troubling.
Five of the top 10 tokens have negative holder yields.
Curve Finance (CRV) sits at the bottom with -5.5%, while Jupiter (JUP) records -2.6%.
The reason is dilution.
Grayscale calculates tokenholder yield by adding staking rewards and buybacks, then subtracting newly issued tokens. When issuance outweighs those benefits, holders face dilution despite the protocol’s economic activity.
Can Crypto Be Valued Like Stocks?
Grayscale’s second ranking reveals another surprise.
PancakeSwap leads adjusted earnings yield at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%.
Jupiter offers an interesting example. Its adjusted earnings yield reaches 3.5%, yet its tokenholder yield remains negative.
A profitable crypto protocol does not automatically make its token rewarding to hold.
Grayscale’s research head, Zach Pandl, argues that Bitcoin resembles digital gold, while many other crypto assets can be valued using cash flows.
“Crypto valuations don’t have to rely on narratives alone.”
Protocols generate earnings through trading and lending fees. Buybacks and burns can help transfer that value to holders, although token issuance may offset the gains.
The rankings offer investors a way to examine the economics behind crypto valuations.
They also expose a weakness in an industry where growing revenue can coexist with disappointing returns for tokenholders.
