Grayscale releases crypto valuation analysis, with HYPE and CAKE leading two yield rankings

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.