Asset manager Grayscale Investments has released a list of the top 15 on-chain applications ranked by protocol revenue. The list highlights projects such as HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY.
The report focuses on protocols that are generating meaningful revenue directly from user activity on-chain.
According to Grayscale, several of the highest-earning crypto protocols are currently trading at relatively low valuation multiples. This is despite producing significant revenue. The firm noted that many of these projects are valued at single-digit trailing 12-month revenue multiples. This is often considered inexpensive compared to their growth potential.
A major reason for this is that blockchain protocols typically operate with much lower overhead costs than traditional businesses. They do not have large employee counts, office expenses, or complex operating structures. As a result, a larger share of protocol revenue can translate into earnings or cash flow.
Grayscale believes the current market environment may present an attractive entry point for investors focused on fundamentals. While crypto markets have gone through an extended bear cycle in recent years, many revenue-generating applications have continued to build products. They attract users and generate cash flows.
The firm argues that the market has not fully reflected the financial strength of some of these protocols. Consequently, this creates a potential valuation gap.
Among all 15 protocols, Hyperliquid (HYPE) clearly stands out as the revenue heavyweight. The perpetuals trading platform generated around $800 million in revenue in 2025. This makes it one of the highest-earning protocols across the entire crypto industry.
Aave (AAVE) and Uniswap (UNI) were also specifically highlighted by Grayscale. Both protocols are considered strong DeFi leaders. Yet, the firm believes they may be undervalued compared to the revenue they generate and their long-term growth potential.
The report also points to the potential impact of the CLARITY Act, which could introduce clearer crypto regulations in the U.S. In turn, this may help boost adoption of tokenized assets and broader onchain financial systems.
Since many of the top-ranked protocols are focused on decentralized trading, lending, staking, liquidity provision, and blockchain infrastructure, they could benefit significantly from increased adoption and transaction activity. This is likely if regulatory clarity improves.
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