Tokens that could benefit if Congress passes CLARITY Act

Congress is advancing the Digital Asset Market Clarity Act, known as the CLARITY Act, which would define federal rules for digital assets and assign regulatory responsibilities for tokens and firms that trade them. The House approved an earlier version in 2025 and the Senate Banking Committee advanced the bill in May; supporters and some analysts expect further congressional action in coming weeks, though final text and timing remain uncertain as lawmakers negotiate provisions.

Asset manager Grayscale compiled a ranking of protocols by trailing 12-month protocol revenue and highlighted projects that could see valuation changes if clearer rules increase institutional participation on public blockchains. Grayscale noted that banks, asset managers and other regulated firms may be more willing to transact on-chain if the law clarifies whether specific tokens fall under securities or commodities rules.

Hyperliquid led Grayscale’s list with $871 million in protocol revenue through June 24 and a HYPE circulating market capitalization of about $13.46 billion, implying a trailing revenue multiple near 15. Pump.fun recorded $459 million in revenue and a circulating market value near $456 million, roughly 1 times revenue. PancakeSwap generated $322 million in revenue while its CAKE token had a circulating value near $425 million, about 1 times revenue.

Jupiter, a Solana-based aggregator, posted $130 million in revenue and a $716 million market cap, around 6 times revenue. Aerodrome, Meteora and Raydium reported revenues between $46 million and $124 million with market valuations that imply single-digit revenue multiples.

Uniswap’s profile differs: the exchange generated $49 million in protocol revenue and its UNI token had a circulating market value near $1.78 billion, or about 37 times revenue. That multiple was the highest among the 15 protocols in Grayscale’s ranking.

In lending markets, Aave produced $125 million in trailing revenue and an AAVE circulating market cap near $1.17 billion, about 9 times revenue. Sky, previously known as Maker, generated $248 million and carried a valuation around $1.24 billion, roughly 5 times revenue. Grayscale noted that clearer rules for tokenized credit and stablecoins could affect demand for borrowing and lending infrastructure on public networks.

Staking and infrastructure providers also appear on the list. Lido Finance had $77 million in protocol revenue and an LDO market value near $216 million, about 3 times revenue. Ether.fi posted $56 million in revenue and an ETHFI market cap around $314 million, implying a multiple near 6.

Grayscale highlighted that twelve of the fifteen projects traded at single-digit multiples of trailing revenue. The firm pointed out limitations in comparing protocol revenue to corporate earnings because fees can flow to validators, liquidity providers, developers or protocol treasuries, and because locked token supplies affect circulating market-cap measures.

The CLARITY Act would not guarantee higher token prices. The effect on valuations will depend on final legislative language and on whether institutions choose to interact directly with open protocols or prefer permissioned systems and regulated intermediaries.