Some Crypto Protocols Trade At Just 1x Revenue – Grayscale

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Most of the top 15 onchain applications by protocol revenue are trading at “attractive trailing 12-month multiples” ahead of the US Clarity Act, and 12 of them at single digits, says Grayscale’s Head of Research, Zach Pandl.

In the latest post, Pandl argues that, looking from a fundamental perspective, many blockchain applications he describes as “income-producing” now look quite cheap, or as he “attractively valued.”

“Most protocols do not have large operating expenses, so they also look cheap when valued on earnings or cash flows.”

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Four coins at 1x

Per the table Pandl has provided, we find Uniswap at 37x revenue multiple in the past 12 months, with Hyperliquid (HYPE) at 15x. Twelve projects are in single digits and four of these are at 1x, including Pump.fun (PUMP), PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS).

All these are quite interesting when their 12-month protocol revenues and circulating market caps are taken into account.

Pandl concludes that,

“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.”

CLARITY Act is a key to unlocking value

Notably, this finding follows an extended bear market and precedes the potential passage of the CLARTIY Act in the US.

The CLARTIY Act could pass as soon as next month, and should it happen, it “may help unlock this value” as it would be “a boon for many of these applications by bringing a traditional finance rulebook to crypto assets.”

Per the Head of Research, the CLARITY Act will boost the growth in tokenized assets and onchain finance. As seen in the table above, nearly all top 15 revenue-making protocols are related to financial use cases or closely related utilities, as Pandl describes them, such as oracles and staking infrastructure.

“We believe they stand to benefit substantially from the expected growth in onchain transaction activity that is expected to follow the passage of the CLARITY Act,” Pandl says.

Meanwhile, the White House is targeting a possible signing of the Act around July 4, 2026.