Grayscale: HYPE, PUMP, and CAKE rank among the top three on-chain application revenues, with the valuation multiples of many projects below 10x

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

The accompanying graphic shows that several leading applications now have real cash flow and relatively low operating costs, but current valuation multiples remain low. For example, the revenue multiples of projects like PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.

Grayscale stated that, as the CLARITY Act may move forward in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations could become attractive allocation opportunities.