Grayscale has released a ranking of protocols with the highest revenue over the past 12 months.

Hyperliquid leads the pack with $871 million, followed by Pump.fun ($459 million) and PancakeSwap ($322 million). Most of the top-ranked participants are financial protocols: DEXs, lending platforms, and derivatives.

Many of these platforms trade at a revenue multiple of 1-9x—relatively inexpensive by traditional asset standards. As an additional catalyst, Grayscale points to the potential passage of the CLARITY Act, which is expected to regulate the crypto market in the U.S.