Grayscale Names 5 DeFi Altcoins With Real Utility
Grayscale Research, in a June 16 report, named five DeFi tokens it says have “real utility” based on fundamentals: Hyperliquid (HYPE), Aave (AAVE), Uniswap (UNI), Sky (SKY), and Maple (MAPLE). The firm argues DeFi fees and cash-flow-like models are increasingly driving token value. It cited nearly $25 billion in cumulative DeFi fees since 2023 and said AAVE was undervalued near $75.
How this was made
The 30-second read
Why it matters
The article is primarily a fundamentals-oriented endorsement of five DeFi tokens, with tokenomics examples (fee-to-burn, earnings distributions, collateral-backed stablecoin utility) but no new protocol events.
Market read
Could marginally support a “fundamentals” rotation within DeFi, but it is not a new catalyst (no new filings, deals, or protocol changes).
What to watch
The article doesn’t provide new, verifiable protocol metrics (fees, burn rates, holder distributions) or governance changes; price levels cited may already reflect prior expectations.
Background
Grayscale Research published a June 16 report arguing DeFi tokens should be valued more like financial assets due to revenue and cash-flow mechanics.
Ticker impact
Grayscale flags Hyperliquid as having strong relative value, citing fee-to-buyback-and-burn mechanics that return value to holders.
Mild positive bias; any move likely driven by sentiment/positioning rather than new protocol-specific disclosures.
The article is an analyst-style research call with specific tokenomics claims, but it does not disclose new on-chain results or regulatory/contract events.
Grayscale names Aave as undervalued, positioning AAVE as a fundamentals-driven DeFi lender with compressed multiples.
Moderate positive bias near-term if the market treats the report as a read-through for DeFi lending.
The text provides a specific valuation reference (near $75) but no fresh earnings/on-chain datapoint beyond general fee-generation history.
Grayscale highlights Uniswap as standing out because it returns almost all earnings to holders via transparent DeFi payout models.
Mild positive bias; likely more relative-performance support than a fundamental re-rate catalyst.
The article is a research endorsement with tokenomics framing, not a new protocol change, governance decision, or measured revenue update.
Grayscale flags Sky, arguing its collateral-backed stablecoin keeps finding product-market fit, supporting the token’s utility case.
Small-to-moderate positive bias, contingent on broader risk-on crypto flows.
The article provides qualitative claims and a spot price level, but no new stablecoin metrics, issuance/redemption data, or regulatory developments.
Market effects
Reinforces a DeFi-wide rotation toward revenue/cash-flow token economics, potentially improving relative sentiment for fee-generating protocols.
No specific regional linkage beyond general crypto market risk appetite.
Broadly relevant to global crypto positioning; no jurisdiction-specific regulatory or macro trigger cited.
Counterpoint
A research list may not change actual token cash flows; traders could fade the call if on-chain fee growth or burn/rebate execution doesn’t accelerate.
Key entities
- asset_manager_researchGrayscale Research
Published a June 16 report naming five DeFi tokens as having strong relative value based on fundamentals.
- crypto_protocolHyperliquid
Grayscale cites fee routing into buying and burning HYPE as a value-return mechanism.
- crypto_protocolAave
Grayscale calls AAVE undervalued near $75 and highlights its role as a large DeFi lender.
- crypto_protocolUniswap
Grayscale says UNI returns almost all earnings to holders via transparent payout models.
- crypto_protocolSky
Grayscale points to SKY’s collateral-backed stablecoin and ongoing product-market fit.
