The asset manager said revenue-producing protocols led by HYPE, PUMP and CAKE were trading at relatively low valuation multiples as U.S. market-structure legislation approaches.
Grayscale highlighted a group of 15 revenue-producing crypto protocols it said were trading at low multiples ahead of the CLARITY Act. The list was led by HYPE, PUMP and CAKE, pointing to a segment of the digital-asset market where investors may be watching valuation levels as U.S. crypto market-structure legislation comes into focus. Revenue-producing protocols generally refer to blockchain-based projects that generate fees or other on-chain income for their networks or token ecosystems.