Grayscale Flags HYPE, AAVE, UNI, SKY, and MAPLE as DeFi Tokens With “Real Value”

Grayscale Research named five DeFi tokens it says offer “real value” as crypto markets shift toward revenue and cash flow over speculation. In a June 16 report, according to BeInCrypto, the asset manager highlighted Hyperliquid (HYPE), Aave (AAVE), Uniswap (UNI), Sky (SKY), and Maple (MAPLE) as showing strong relative value based on fundamentals. Grayscale said DeFi protocols have generated nearly $25 billion in cumulative fees since 2023 and argued token value depends on how revenue is returned to holders via burns, buybacks, rebates, or staking. It said UNI and HYPE distribute almost 100% of earnings to holders, while AAVE was previously called undervalued near $75.