Grayscale has named the top 10 crypto assets by tokenholder yield and adjusted earnings yield. HYPE leads the first ranking at 8.0%, while CAKE tops the second at 14.4%.

The report argues that investors can value many crypto assets, unlike Bitcoin, using their cash flows.

Which Crypto Tokens Actually Reward Their Holders?

Hyperliquid (HYPE) leads Grayscale’s ranking with an 8.0% tokenholder yield. Lighter (LIT) follows closely at 7.9%.

PancakeSwap (CAKE) comes third at 2.6%, followed by Aerodrome (AERO) and Uniswap (UNI).

But the rankings reveal something more troubling.

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