CoinEx News: Grayscale Research said that its top-15 revenue protocol table, using DefiLlama, Artemis and Grayscale data as of June 24, showed many names at single-digit revenue multiples. It included Hyperliquid (HYPE), Pump.fun (PUMP), PancakeSwap (CAKE), Meteora (MET), Collector Crypt (CARDS), Raydium (RAY), Lido (LDO), Aerodrome (AERO), Sky (SKY), Jupiter (JUP), Ether.fi (ETHFI), Lighter (LIT), Aave (AAVE) and Uniswap (UNI); four were near 1x revenue.

Low multiples are not a buy signal: they can reflect real risk, weak token value capture or unstable fees. Next is the CLARITY Act, a US crypto-market bill; clearer rules would show whether these DeFi names can reprice on fundamentals, not only price momentum.