Grayscale outlined an earnings-based way to value income-generating crypto protocols in an analysis published Oct. 21. It compares protocol earnings and returns to tokenholders with circulating market value, while accounting for new token supply that can offset buybacks and staking rewards.
In Grayscale’s charts of selected financial-sector tokens, HYPE had the highest tokenholder yield at 8.0%, while CAKE had the highest adjusted earnings yield at 14.4%, using data as of Oct. 20. The charts covered tokens in the sector’s top 100 by circulating market cap, excluded centralized projects and showed 10 protocols for each measure. Grayscale treated bitcoin separately, arguing that it should be valued as digital gold.
