The asset manager identifies Hyperliquid, Aave, Uniswap, Sky, and Maple as protocols generating real revenue amid shifting crypto valuations.
Grayscale Research has identified five decentralized finance tokens it views as undervalued based on fundamentals. The firm named Hyperliquid (HYPE), Aave (AAVE), Uniswap (UNI), Sky (SKY), and Maple (MAPLE) in a June 16 report, citing their revenue models and cash flow potential.
DeFi protocols have generated nearly $25 billion in cumulative fees since 2023, with rising on-chain activity across exchanges and lending platforms. Grayscale notes that price multiples in DeFi lending have compressed, signaling maturing business models trading at attractive valuations.
The report emphasizes that token value is driven by revenue distribution mechanisms like burns, buybacks, and staking. Uniswap and Hyperliquid stand out for returning nearly all earnings to holders through transparent payout models, while Hyperliquid’s fee-burning mechanism has propelled it into the top 10 by market cap this year.