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

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/38679
Published: 2026-10-23T04:36:21.000Z
Updated: 2026-10-23T04:36:21.000Z
Section: Investing

> HYPE leads the token holder yield list, while CAKE tops adjusted earnings yield. The measures account for protocol cash flows and token supply growth.

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.