Grayscale Research proposed assessing crypto assets through protocol-level economic metrics alongside market narratives and ranked 10 crypto protocols using two yield measures. It treats bitcoin separately as a digital commodity. For other crypto assets, its approach considers protocol revenue and value passed to tokenholders, while accounting for token issuance and unlocks that can dilute holders’ stakes.
HYPE led the Tokenholder Yield ranking at 8%, followed by LIT at 7.9%. CAKE led Adjusted Earnings Yield at 14.4%, ahead of LIT at 14.1% and HYPE at 9.8%. The two measures assess different things: net yield to tokenholders and inflation-adjusted earnings relative to market capitalization.
