Grayscale: HYPE, PUMP, and CAKE rank among the top three in on-chain application revenue, with multiple project valuations below 10x

Grayscale posted the current protocol revenue rankings of the top 15 on-chain applications, with Hyperliquid (HYPE) ranking first with $871 million in 12-month protocol revenue, followed by Pump.fun (PUMP, $459 million) and PancakeSwap (CAKE, $322 million).

The accompanying image shows that some leading applications already have real cash flow and lower operating costs, but their current valuation multiples remain low. For example, the revenue multiples for projects like PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.

Grayscale stated that in the context of the CLARITY Act potentially advancing in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations may become attractive investment opportunities.