These crypto tokens could be the biggest winners from the CLARITY Act
A gaggle of crypto tokens tied to a few of the business’s largest revenue-generating functions could be positioned for a revaluation as Congress strikes nearer to establishing a federal rulebook for digital-asset markets.
The Digital Asset Market Clarity Act, generally known as the CLARITY Act, would outline regulatory tasks for crypto belongings and the firms that commerce them. Supporters say the laws could give banks, asset managers, and different conventional monetary companies better confidence to conduct enterprise on public blockchains.
Asset administration agency Grayscale expects that shift to favor functions already processing transactions and accumulating charges, notably these constructed round buying and selling, lending, and different monetary companies.
The potential catalyst comes after a protracted market downturn left a lot of their tokens valued at comparatively low multiples of the income their protocols generated over the previous 12 months.
The Senate Banking Committee advanced the legislation in May after the House authorized an earlier model in 2025. Grayscale stated the bill could progress as quickly as subsequent month, although its timing and last provisions stay topic to negotiations in Congress.
Trading tokens lead the potential winners
Hyperliquid sits at the entrance of the group due to the scale of its derivatives enterprise.
The decentralized buying and selling platform generated $871 million in protocol income over the 12 months by way of June 24, greater than some other utility in a rating compiled by Grayscale.
HYPE, its native token, carried a circulating market capitalization of roughly $13.46 billion, giving it a trailing income a number of of about 15. That valuation is greater than that of most tokens on the checklist, however Hyperliquid additionally generated virtually twice as a lot income as its closest competitor.
Clearer US market-structure guidelines could broaden the pool of belongings and members getting into blockchain-based buying and selling venues. Greater certainty over whether or not digital belongings fall below securities or commodities regulation could additionally make it simpler for regulated establishments to attach with on-chain markets.
The alternative extends throughout decentralized exchanges and buying and selling aggregators.
PancakeSwap generated $322 million over the trailing 12 months, whereas its CAKE token had a circulating worth of $425 million. That positioned it close to 1 occasions protocol income, amongst the lowest multiples in the rating.
Jupiter, a Solana-based buying and selling aggregator, recorded $130 million of income and a $716 million circulating market capitalization, equal to about 6 occasions income. Aerodrome generated $124 million in income and traded at almost 4 occasions income, whereas Meteora generated $62 million in income and carried a valuation of solely $78 million.
Raydium’s $46 million in income in contrast with a $158 million circulating market worth, leaving the Solana exchange token at roughly 3 occasions income.
Those platforms could profit if the laws encourages issuers to convey extra regulated belongings onto blockchains. Each new tokenized safety, commodity, or fund would want markets the place buyers can purchase, promote, and supply liquidity.
Uniswap gives a unique valuation profile. The decentralized change generated $49 million in protocol income, however its UNI token carried a circulating market worth of about $1.78 billion, equal to 37 occasions income and the highest a number of amongst the 15 protocols.
That premium suggests buyers already assign substantial worth to Uniswap’s model, market place, and prospects for future charge technology.
It additionally means the token could have much less room for a valuation-driven rebound than opponents buying and selling at decrease multiples, until regulatory readability produces a major enhance in exercise or strengthens the connection between protocol charges and UNI holders.
Pump.fun, the Solana-based memcoin launchpad, ranked second general with $459 million in annual protocol income and a circulating market capitalization of $456 million.
While the Solana-based platform is much less immediately tied to institutional finance, clearer guidelines round digital-asset issuance and buying and selling could nonetheless have an effect on its enterprise.
Its roughly 1-times income a number of displays each the scale of its charge technology and investor doubts about whether or not exercise related to speculative token launches can stay sturdy by way of altering market cycles.
Aave and Sky could achieve from tokenized credit score
Lending protocols could profit from the subsequent stage of on-chain adoption as tokenized belongings transfer past buying and selling and develop into collateral for loans.
Aave generated $125 million in trailing protocol income. Its AAVE token had a circulating market capitalization of roughly $1.17 billion, putting its a number of close to 9.
The protocol permits customers to borrow and lend digital belongings by way of automated markets. An enhance in regulated stablecoins, tokenized funds, and blockchain-based securities could broaden the pool of belongings obtainable as collateral and entice extra debtors and lenders to its markets.
Institutional participation could be notably vital. Banks and asset managers getting into public blockchains would require credit score markets, collateral-management programs, and sources of liquidity alongside buying and selling venues.
Aave already operates a lot of that infrastructure, although the extent of its advantages would depend upon whether or not establishments use open protocols immediately or favor permissioned programs and controlled intermediaries.
Sky, the project previously known as Maker, could additionally achieve from the growth of tokenized credit score and stablecoins.
The protocol generated $248 million over the previous 12 months, the fourth-highest whole in the rating. Its SKY token had a circulating market capitalization of about $1.24 billion, equal to five occasions the protocol’s income.
Sky’s publicity to stablecoins and tokenized real-world belongings provides it a direct hyperlink to the kind of monetary exercise that Grayscale expects the laws to encourage. Greater use of blockchain-based Treasury merchandise, credit score devices, and cash-like tokens could enhance demand for the infrastructure used to subject, borrow, and settle these belongings.
President Donald Trump-backed World Liberty Financial additionally seems amongst the largest income producers, with $105 million over 12 months. Its WLFI token was valued at roughly $1.82 billion, or 17 occasions income.
That comparatively high a number of signifies that buyers are assigning worth past the protocol’s present charge technology. Its political connections and evolving product technique can also make direct comparisons with extra established lending and change protocols tough.
Staking and infrastructure could profit not directly
An enhance in on-chain monetary exercise would additionally create demand for the programs that safe blockchain networks and permit buyers to earn returns from their belongings.
Lido Finance generated $77 million in trailing protocol income, whereas its LDO token had a circulating worth of $216 million. Its 3-times income a number of locations it amongst the most cost-effective belongings in the group on that measure.
Lido offers liquid staking services, permitting customers to commit belongings to assist safe blockchain networks whereas receiving tokens that may proceed to flow into by way of decentralized finance functions.
Ether.fi operates in a associated a part of the market. The protocol generated $56 million over the interval and carried a circulating market worth of $314 million, giving its ETHFI token a a number of of about 6.
If the CLARITY Act encourages extra belongings and transactions to maneuver onto public networks, staking suppliers could profit from greater demand for blockchain safety and yield-bearing merchandise. Growth in tokenized finance could additionally create extra makes use of for liquid staking tokens as collateral throughout buying and selling and lending functions.
The impact would most likely arrive much less immediately than it might for exchanges or lending markets. Staking stays topic to separate authorized questions, whereas the last laws could not resolve each subject surrounding the therapy of staking companies or rewards.
Still, the inclusion of Lido and Ether.fi amongst the business’s largest income mills exhibits that the financial exercise behind crypto extends past buying and selling. Financial functions depend upon underlying networks, validators, and liquidity programs that will additionally broaden as transaction volumes rise.
Low Multiples Leave Room for a Repricing
The broader funding case rests on how little the market at the moment pays for the income generated by many of those functions.
Twelve of the 15 protocols in Grayscale’s rating traded at single-digit multiples of trailing income. Pump.enjoyable, PancakeSwap, Meteora, and Collector Crypt have been every valued at roughly 1 occasions income. Lido and Raydium traded at almost 3x, whereas Aerodrome was valued at 4x.
Sky, Jupiter, and Ether.fi carried multiples between 5 and 6. Lighter, an on-chain buying and selling platform that generated $50 million in income, traded at round 8x, whereas Aave stood at 9x.
Grayscale argues that the valuations look even decrease when seen in opposition to potential earnings or money movement as a result of many blockchain functions function with out the massive staffing, property, and administrative bills related to conventional firms.
The comparability has limits. Protocol income doesn’t all the time belong to token holders in the similar method company income belongs to an organization and finally helps its shareholders.
Fees can movement to validators, liquidity suppliers, builders, protocol treasuries, or customers. Some functions additionally distribute tokens to draw exercise, creating an financial price that won’t seem in headline income figures.
Circulating market capitalization can additional understate a challenge’s eventual valuation when a big portion of its token provide stays locked and scheduled for future launch.
For buyers, the strongest potential winners will due to this fact be protocols that mix income progress with a transparent mechanism for guiding financial worth towards their tokens. Those hyperlinks can embrace charge distributions, token repurchases, staking demand, or governance rights over protocol revenue.
The CLARITY Act wouldn’t assure greater costs for any of the belongings. It could, nevertheless, scale back a regulatory low cost that has restricted institutional participation and complex how buyers worth US-facing crypto tasks.
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