Grayscale Ranks Crypto Assets by Tokenholder Yield
A new research report from Grayscale evaluates 10 crypto assets based on their tokenholder yield and adjusted earnings yield.
Updated on Oct. 23, 2026 in Corporate Finance
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Grayscale has published a new report ranking 10 major crypto assets according to their tokenholder yield and adjusted earnings yield metrics. The analysis reveals that while some protocols generate significant returns, half of the top 10 assets currently face negative holder yields due to token dilution.
Why it matters
The report clarifies how protocol earnings and aggressive token issuance impact long-term value for investors. By isolating yields from trading and lending fees, the data highlights which platforms are successfully rewarding stakeholders versus those that are diluting them.
Hyperliquid leads with an 8.0% tokenholder yield, while PancakeSwap tops the adjusted earnings yield list at 14.4%. Conversely, Curve Finance reports a negative tokenholder yield of -5.5%, illustrating the impact of token issuance outweighing rewards.
The players
Grayscale
Grayscale is a prominent digital currency asset management firm that provides institutional and private investors with exposure to cryptocurrency markets.
PancakeSwap
PancakeSwap is a decentralized exchange operating on multiple blockchain networks that facilitates token swapping and liquidity provision.
Hyperliquid
Hyperliquid is a decentralized finance protocol focused on high-performance derivatives trading and liquidity management.
Curve Finance
Curve Finance is a decentralized exchange liquidity pool designed for stablecoin trading and low-slippage asset swaps.
Jupiter
Jupiter is a decentralized exchange aggregator that routes trades across various liquidity sources to optimize swap pricing.
The details
Tokenholder yield is calculated by combining staking rewards and buybacks before subtracting newly issued tokens. Protocols generate these earnings primarily through trading and lending fees, though high issuance rates frequently lead to negative net returns for holders.
Timeline
Grayscale published the research report on October 23, 2026.
Market Dynamics
This research follows a pattern set by the historical trend of tokenomics-driven dilution in decentralized finance. The findings update how investors track the impact of inflation against staking rewards in an increasingly competitive market for capital.
Investors can use these yield metrics to compare the actual profitability of decentralized protocols beyond market price fluctuations. The data highlights which assets effectively return value through staking rather than relying on high-dilution token issuance models.
The takeaway
Understanding the difference between raw earnings and net dilution is essential for evaluating decentralized finance projects. Investors should prioritize protocols where staking rewards and buybacks consistently outperform the rate of new token issuance.
Further reading
For more on market analysis, see our coverage of Corporate Finance.
Live Poll
Do you prioritize protocol earnings and cash flow metrics when deciding which crypto assets to hold?
