Grayscale’s crypto scoreboard has a twist: Earnings champs aren’t always holder champs

Grayscale’s October 22, 2026 research placed PancakeSwap ($CAKE) first in adjusted earnings yield at 14.4% and Hyperliquid ($HYPE) first in tokenholder yield at 8.0%. Lighter ($LIT) ranked second in both categories, posting a 14.1% adjusted earnings yield and a 7.9% tokenholder yield. PancakeSwap placed third in tokenholder yield at 2.6%, followed by Aerodrome ($AERO) and Uniswap ($UNI).

Grayscale’s tokenholder-yield top 10 were $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP and $CRV. Five of the listed tokens had negative tokenholder yields, with Curve Finance ($CRV) last at -5.5% and Jupiter ($JUP) at -2.6%. Grayscale calculates tokenholder yield by adding staking rewards and buybacks, then subtracting newly issued tokens, meaning issuance can dilute holders despite a protocol’s economic activity.

The adjusted earnings yield top 10 were $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO and $PENDLE. $HYPE registered 9.8%, while $JUP reached 3.5% despite recording a negative tokenholder yield. Protocols generate earnings through trading and lending fees, and buybacks and burns can help transfer value to holders, although token issuance can offset those gains.

Grayscale research head Zach Pandl argued that Bitcoin resembles digital gold while many other crypto assets can be valued using cash flows. “Crypto valuations don’t have to rely on narratives alone.” The rankings highlight cases in which a profitable crypto protocol does not automatically make its token rewarding to hold.