Grayscale Ranks HYPE First for Token Holder Yield and CAKE for Adjusted Earnings Yield

Grayscale’s crypto rankings put HYPE first for token holder yield and CAKE first for adjusted earnings yield, using separate calculations that compare protocol-related value with circulating market capitalization and account for token supply growth.

The token holder yield ranking lists HYPE, LIT, CAKE, AERO, UNI, RAY, PENDLE, AAVE, JUP and CRV, in that order. The measure adds staking rewards and buybacks, subtracts the value of new token issuance, and compares the result with circulating market capitalization.

The adjusted earnings yield ranking places CAKE, LIT, HYPE, RAY, AAVE, JUP, SKY, UNI, AERO and PENDLE. It compares protocol earnings with circulating market capitalization, then subtracts the circulating supply inflation rate to account for token dilution.