Changelly has published a list of what it calls the most undervalued crypto assets of 2026, naming Ondo (ONDO), Ethena (ENA), Jupiter (JUP), Pyth (PYTH), Chainlink (LINK), and Aave (AAVE). The piece frames undervaluation as a gap between token prices and on-chain or business fundamentals rather than a simple drawdown from prior highs.
According to the article, the main signals behind that gap include network usage, protocol revenue, ecosystem growth, and the size of the market a project is targeting. Changelly also notes that the data was collected in early July and may change.
RWA and synthetic dollar projects sit near the top
Ondo leads the list. Changelly describes the project as a major player in tokenized US Treasuries, with flagship products including OUSG, a tokenized Treasuries fund for qualified purchasers, and USDY, a yield-bearing stablecoin for non-US investors backed by Treasuries and bank deposits. The article says Ondo became the first crypto protocol to use BlackRock’s BUIDL fund as collateral. It also says that in July 2026, the company launched SEC-aligned tokenized equities on Ethereum, including tokenized versions of BlackRock’s IVV ETF and Micron stock.
The report also points to a major leadership event. Ondo founder and CEO Nathan Allman died unexpectedly in May 2026 at the age of 32, and longtime president Ian De Bode immediately took over as chief executive. The company said its roadmap and mission were unchanged. Changelly adds that Ondo’s total value locked climbed above $4 billion in the weeks around the announcement.
Ethena appears under the synthetic dollar theme. The article says USDe maintains its dollar peg through a delta-neutral structure that combines spot holdings with short perpetual positions on centralized exchanges. Users can stake USDe into sUSDe to receive cash flows tied to funding rates and staking rewards. Changelly states that USDe supply peaked above $14.5 billion in late 2025 before falling back to around $4 billion to $6 billion in 2026, while cumulative protocol revenue since launch exceeded $290 million. It also says Ethena’s Risk Committee has confirmed that the thresholds for activating a fee switch have been met, with a governance vote expected to move ahead. If approved, part of protocol revenue would be used for open-market ENA buybacks and distributions to staked ENA holders.
Solana routing, oracle adoption, and cross-chain rails
For the Solana ecosystem, Changelly chose Jupiter. It describes Jupiter as the largest DEX aggregator on Solana, with roughly 95% of the chain’s DEX aggregator market and more than half of total Solana DEX volume. The article says that in 2026, Jupiter launched JupUSD, a native stablecoin backed in part by BlackRock-affiliated assets, added a Polymarket-powered prediction markets feature, and received a $35 million investment from ParaFi Capital. Across these products, TVL has remained in the $2.6 billion to $3 billion range.
Pyth is presented as a case where adoption has moved faster than market cap. Changelly says the network’s pull-based oracle design has expanded to more than 120 institutions providing first-party data across 90-plus blockchains, including Jane Street, Wintermute, and Cboe Global Markets. Citing Messari, the article says Pyth Pro reached 54 active subscribers by Q4 2025, up from 8 a few quarters earlier, with annualized revenue above $1 million. It also notes that the US Department of Commerce selected Pyth to publish official GDP and macroeconomic statistics on-chain.
Chainlink is grouped under core infrastructure. The article says its CCIP product is becoming a key layer for tokenized asset transfers and data movement across blockchains. Changelly reports that in May 2026, Chainlink’s total value secured passed $110 billion. It then highlighted Project Pangea, announced at the Point Zero Forum in Zurich, involving more than 50 banks across 16 countries with over $10 trillion in assets under management, aiming for T+0 atomic settlement in the $9.6 trillion-a-day global foreign exchange market. The article also says DTCC integrated Chainlink’s Runtime Environment into its Collateral AppChain and is targeting a Q4 2026 production launch for automated 24/7 collateral management. Mastercard, it adds, has partnered with Chainlink to let its 3 billion-plus cardholders buy crypto directly on-chain. LINK is cited at around $7.80, about 85% below its all-time high of $52.99.
Aave’s revenue model and buybacks drive the valuation case
In DeFi lending, Changelly places Aave on the list as the largest protocol by both total value locked and active loan market share. The article says Aave has operated for six years without a halt and has processed more than $1 trillion in cumulative lending volume. Its current TVL is listed at around $42 billion, with about 60% of the DeFi lending market and annual protocol revenue in the $100 million to $140 million range.
Changelly’s valuation argument centers on the gap between current price and stronger current fundamentals. It says AAVE traded near $661 at its 2021 peak but now sits around $89, down roughly 86%, with a market capitalization near $1.37 billion. The article also points to the April 2026 passage of the “Aave Will Win” proposal, which redirected 100% of product revenue to the DAO, and says an active buyback program has already acquired more than 205,000 AAVE. It adds that J.P. Morgan’s Kinexys has validated institutional DeFi directly on Aave, while Standard Chartered began coverage in June 2026 and set a $3,500 price target for 2030. Changelly also flags risk: an April 2026 third-party bridge exploit involving rsETH created bad debt on Aave V3 before the situation was contained and largely recovered.
Across the full list, Changelly does not treat “undervalued” as a pure price chart story. Its picks are tied to protocol revenue, TVL, institutional integrations, tokenized real-world assets, stablecoin cash flows, oracle adoption, and cross-chain infrastructure.