Woofun AI reports that Grayscale published rankings for the top 15 on-chain applications by protocol revenue. Hyperliquid leads with $871 million in 12-month revenue, followed by Pump.fun at $459 million and PancakeSwap at $322 million.

Grayscale notes that several leading applications exhibit real cash flow with valuation multiples under 10x. Specifically, PUMP, CAKE, and METEORA trade at 1x, AERO at 4x, and LDO at 3x. The firm suggests these assets may present attractive opportunities as the CLARITY Act potentially advances.