Grayscale released two valuation rankings today, calculating “shareholder returns” for crypto assets for the first time: HYPE led in tokenholder yield at 8.0%, followed closely by LIT at 7.9%, and CAKE at 2.6%. On adjusted earnings yield, CAKE moved ahead at 14.4%, followed by LIT at 14.1% and HYPE at 9.8%. There are cautionary examples too: CRV at -5.5% and JUP at -2.6%—token issuance dilution has wiped out all the staking rewards and buybacks. Grayscale put it plainly: for the first time, many tokens can be valued based on cash flow and profits, rather than just stories. Bull markets are about narratives; bear markets show who is actually buying back tokens with real money. $HYPE $CAKE / #Grayscale #DeFi #Valuation