The greyscale investment published a list of 15 high-income encrypted protocols that were applied on the chain in order of the agreed income. The report found that while some of the projects had generated stable chain revenues, the current valuation did not fully reflect their profitability.

This list includes HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI and RY. The greyscale emphasizes that the statistical focus is on agreements that directly depend on the activities of the chain of users for income, rather than on projects that simply rely on the representation of currency.

Multiple agreements are still undervalued

The greyscale states that a number of head income-type agreements still have a single-digit income multiplier over the past 12 months. This level is, in its view, relatively low, especially when some of the agreements remain product-to-product, user growth and cash flow generation.

One reason given in the report is that the operational costs of block-chain agreements are generally lower than those of traditional enterprises. They do not require large staff size, office space or complex business structures, so that a higher proportion of profits or cash flows can be retained in the agreed income.

Hyperliquid top income scale

In this list, Hyperliquid is classified as the most prominent income-type agreement by greyscale. According to the report, this permanent contract trading platform achieved approximately $800 million in revenues in 2025, one of the highest-income agreements for the entire encryption industry.

  • Hyperliquid: Revenue of about $800 million in 2025
  • Aave, Uniswap: listed as a focus agreement
  • 15 projects: ranking by agreed income Organisation

Greyscale also refers to Aave and Uniswap separately. The report concluded that the two DeFi agreements remained a decentrized lending and trading representation project, but that their current valuation might still offer a discount compared to income performance and long-term growth space.

U.S. regulatory expectations or increases

Greyscale also mentioned that the United States ' CARITY Act could contribute to the development of monetized assets and the broader chain financial system if it promoted greater clarity in encryption regulation. For decentralised transactions, lending, pledge, liquidity provision and block chain infrastructure-related agreements, this implies an increase in potential transaction activity and adoption.

The core judgement of the report is that, after a longer period of market adjustment, a number of chains that already have real income are being applied and may be being disconnected from their fundamentals. According to greyscale, this valuation gap provides an observation window for investors interested in the fundamentals.