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ChainCatcher news, Grayscale posted the current top 15 on-chain applications by protocol revenue, 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 chart shows that some leading applications already have real cash flows and low operating costs, but their current valuation multiples remain low. For example, the revenue multiples of projects such as PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.
Grayscale stated that against the backdrop of the CLARITY Act potentially advancing in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations may become attractive allocation opportunities.