Grayscale research head: crypto assets should be valued on cash flows, not just narrative
- —Pandl: BTC is a digital commodity and a decentralized alternative to fiat
- —On-chain apps generate fee revenue from trading and lending that can be valued
- —Top-10 tokenholder yield: HYPE, LIT, CAKE, AERO, UNI, RAY, PENDLE, AAVE, JUP, CRV
- —Adjusted earnings yield top-10 is led by CAKE, LIT and HYPE
Why it matters: The framework imports fundamental valuation from traditional finance and could shift demand toward protocols with real revenue.
Source: PANews