Grayscale has published a crypto asset valuation analysis that ranks the top 10 tokens under two metrics: token holder yield and adjusted earnings yield. HYPE ranked first in token holder yield, followed by LIT and CAKE, while CAKE led the adjusted earnings yield list, ahead of LIT and HYPE. The token holder yield top 10 also included AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV. In the adjusted earnings yield ranking, the remaining names were RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. Grayscale said many crypto assets can be valued on the basis of cash flow. It defined token holder yield as staking rewards plus buybacks, minus the value of new issuance, measured as a share of circulating market capitalization. Adjusted earnings yield was defined as protocol earnings divided by circulating market capitalization, minus the inflation rate of circulating supply, to reflect protocol profitability after accounting for token dilution.
Grayscale has released a crypto asset valuation analysis ranking the top 10 tokens by two metrics: token holder yield and adjusted earnings yield.
Top 10 tokens under the two metrics
The top 10 for token holder yield were HYPE, LIT, CAKE, AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV.
The top 10 for adjusted earnings yield were CAKE, LIT, HYPE, RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE.
How Grayscale defined the valuation measures
Grayscale said many crypto assets can be valued based on cash flow. It said token holder yield measures holder returns as staking rewards and buyback amounts, minus the value of new issuance, as a proportion of circulating market capitalization. Adjusted earnings yield measures protocol profitability after token dilution by taking the ratio of protocol earnings to circulating market capitalization and subtracting the inflation rate of circulating supply.
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