June 24, 2026
After a protracted bear market, many income-producing blockchain applications now appear attractively valued from a fundamental perspective. In fact, most of the top 15 onchain applications by protocol revenue—including Hyperliquid—are now trading at attractive trailing 12-month multiples, many of them at single digits (see table).1 Most protocols do not have large operating expenses, so they also look cheap when valued on earnings or cash flows.
We believe that the potential passage of the CLARTIY Act—which could happen as soon as next month—may help unlock this value. Why? Because the law, if passed, could be a boon for many of these applications by bringing a traditional finance rulebook to crypto assets.
Specifically, CLARITY will help drive growth in tokenized assets and onchain finance. And almost all of the top 15 revenue-producing protocols are related to financial use cases or closely related utilities, such as oracles and staking infrastructure. We believe they stand to benefit substantially from the expected growth in onchain transaction activity that is expected to follow the passage of the CLARITY Act.
Key Takeaway: Many revenue-producing crypto assets are trading at low multiples ahead of potential passage of the CLARITY Act, creating an attractive entry point for fundamental investors, in our view.
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