Grayscale has published rankings of the top 10 crypto assets by tokenholder yield and adjusted earnings yield, highlighting how some digital tokens can be evaluated using cash-flow metrics rather than narratives alone.
Tokenholder Yield Leaders
Hyperliquid (HYPE) leads the tokenholder yield ranking at 8.0%, followed closely by Lighter (LIT) at 7.9%. PancakeSwap (CAKE) ranks third at 2.6%, with Aerodrome (AERO) and Uniswap (UNI) also in the top five.
The full top 10 tokenholder yield list includes HYPE, LIT, CAKE, AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV.
However, five of the top 10 tokens have negative holder yields. Curve Finance (CRV) sits at the bottom with -5.5%, while Jupiter (JUP) records -2.6%. Grayscale attributes this to dilution: tokenholder yield is calculated by adding staking rewards and buybacks, then subtracting newly issued tokens. When issuance outweighs those benefits, holders face dilution despite the protocol’s economic activity.
Adjusted Earnings Yield Ranking
In the adjusted earnings yield ranking, PancakeSwap leads at 14.4%, followed by Lighter at 14.1% and HYPE at 9.8%. The full top 10 list includes CAKE, LIT, HYPE, RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE.
Jupiter offers an interesting example: its adjusted earnings yield reaches 3.5%, yet its tokenholder yield remains negative. According to Grayscale, a profitable crypto protocol does not automatically make its token rewarding to hold.
Valuing Crypto with Cash Flows
Grayscale’s research head, Zach Pandl, argues that Bitcoin resembles digital gold, while many other crypto assets can be valued using cash flows. “Crypto valuations don’t have to rely on narratives alone,” the report states.
Protocols generate earnings through trading and lending fees. Buybacks and burns can help transfer that value to holders, although token issuance may offset the gains.
The rankings offer investors a way to examine the economics behind crypto valuations. They also expose a weakness in an industry where growing revenue can coexist with disappointing returns for tokenholders.
