Grayscale has published a report evaluating crypto assets based on tokenholder yield and adjusted earnings yield. The firm suggests that unlike Bitcoin, many digital assets can be valued through cash flows generated by trading and lending fees.
Hyperliquid (HYPE) tops the tokenholder yield ranking with 8.0%, followed by Lighter (LIT) at 7.9%. However, the report highlights that five of the top 10 tokens in this category show negative yields due to token dilution, where issuance exceeds staking rewards and buybacks.
In the adjusted earnings yield category, PancakeSwap (CAKE) leads with 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%. Grayscale notes that a protocol's profitability does not guarantee positive returns for tokenholders, as seen with Jupiter (JUP).
Zach Pandl, head of research at Grayscale, emphasizes that while Bitcoin functions as digital gold, other crypto assets should be analyzed through their economic fundamentals rather than market narratives alone.
