- HYPE leads tokenholder yield at 8.0%, followed by Lighter (LIT) at 7.9%, according to Grayscale’s rankings.
- CAKE tops adjusted earnings yield at 14.4%, ahead of LIT at 14.1% and HYPE at 9.8%.
- Five of the 10 ranked tokens have negative tokenholder yields, highlighting the potential impact of token dilution.
Grayscales newest list of crypto assets shows a difference between how profitable a protocol is and what returns token owners actually get. Hyperliquid with the symbol HYPE has the return for token owners at 8.0%. PancakeSwap with the symbol CAKE has the adjusted earnings yield at 14.4%.
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: https://t.co/mlaf3UvXIa
— Grayscale (@Grayscale) October 22, 2026
In X post, list shows that investors might need to look past the price of tokens and the income from the protocol to see if the crypto assets create lasting value, for the people who own them.
HYPE Leads Tokenholder Yield Ranking At 8.0%
According to Grayscale’s analysis, HYPE records the highest tokenholder yield among the 10 listed assets, narrowly ahead of Lighter (LIT) at 7.9%. CAKE sits third with a 2.6% share. Then Aerodrome (AERO) follows at 0.9%. Uniswap (UNI) at 0.8%.
Five tokens in the ranking show negative tokenholder yields. Curve Finance (CRV) is at the point with -5.5% while Jupiter (JUP) is at -2.6%.
Tokenholder yield measures the value that returns to holders through rewards such as staking and buybacks, after subtracting the effect of tokens. When more new tokens are issued than the rewards and buybacks tokenholder yield can become negative. Holders may feel dilution even if the protocol stays active.
CAKE Tops Adjusted Earnings Yield At 14.4%
The adjusted earnings yield ranking looks different. The adjusted earnings yield puts CAKE at the top with 14.4%. The adjusted earnings yield then places LIT at 14.1%. Hype at 9.8%. The adjusted earnings yield shows Raydium (RAY) at 4.0%. Aave (AAVE), at 3.7%.
Jupiter shows why the two numbers matter. Jupiter’s adjusted earnings yield is 3.5%. Jupiter’s tokenholder yield is negative. Protocol earnings do not always give the benefits to tokenholders.
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