Grayscale Research has named five DeFi tokens it believes offer genuine utility as the crypto market pivots from hype to fundamentals. In a report published this week, the asset manager singled out Hyperliquid (HYPE), Aave (AAVE), Uniswap (UNI), Sky (SKY), and Maple (MAPLE) — arguing these projects generate real revenue and cash flow rather than relying on speculation. The call comes as DeFi protocols have collectively pulled in nearly $25 billion in cumulative fees from actual users since 2023, according to Grayscale.
Why fundamentals now
The report's core argument is simple: tokens that produce earnings are starting to get rewarded. Grayscale says the broader crypto market is repricing assets based on revenue and cash flow, a shift from the narrative-driven trading that dominated previous cycles. For years, DeFi tokens traded on promises. Now, with billions in fees on the books, investors can actually measure what these protocols earn.
Payout models that work
Two of the tokens stand out for their transparent payout structures. Uniswap and Hyperliquid return nearly 100% of earnings to token holders. Hyperliquid routes trading fees into buying and burning HYPE, a mechanism that helped it crack the top 10 by market cap in 2025. At the time of the report, HYPE traded near $72. Uniswap's UNI, meanwhile, changed hands around $3.30 after a 9% daily gain — its value tied directly to fee distributions.
Aave and the lending angle
Aave, the largest DeFi lender, was called undervalued by Grayscale with AAVE near $75. The protocol remains the go-to for decentralized lending, and the report sees room for price appreciation as institutional interest in DeFi lending grows. On the more niche side, Maple focuses on institutional lending and has delivered what Grayscale calls strong risk-adjusted returns.
Sky's stablecoin bet
Sky, trading around $0.06, is the smallest token on the list by price but Grayscale says its onchain collateral-backed stablecoin continues to find product-market fit. The project earlier rebranded from MakerDAO, and the report suggests its stablecoin model could gain traction as regulatory clarity improves.
The Grayscale nod doesn't guarantee price action, but it signals that even traditional asset managers are starting to value DeFi by the same metrics they'd apply to stocks — revenue, cash flow, and payout discipline. Whether the broader market follows that lead is the open question.
