These crypto tokens could be the biggest winners from the CLARITY Act

An important story is making waves across the blockchain ecosystem. A group of crypto tokens tied to some of the industry’s largest revenue-generating applications could be positioned for a revaluation as Congress moves closer to establishing a federal rulebook for digital-asset markets. The Digital Asset Market Clarity Act, known as the CLARITY Act, would define regulatory responsibilities for crypto assets and the companies that trade them. Supporters say the legislation could give banks, asset managers, and other traditional financial firms greater confidence to conduct business on public blockchains.

Asset management firm Grayscale expects that shift to favor applications already processing transactions and collecting fees, particularly those built around trading, lending, and other financial services. Crypto Projects That Could Benefit From the Clarity Act (Source: Grayscale) The potential catalyst comes after a prolonged market downturn left many of their tokens valued at relatively low multiples of the revenue their protocols generated over the past year. The Senate Banking Committee advanced the legislation in May after the House approved an earlier version in 2025.

Market Dynamics

Grayscale said the bill could progress as soon as next month, though its timing and final provisions remain subject to negotiations in Congress. Trading tokens lead the potential winners Hyperliquid sits at the front of the group because of the scale of its derivatives business. The decentralized trading platform generated $871 million in protocol revenue over the 12 months through June 24, more than any other application in a ranking compiled by Grayscale.

HYPE, its native token, carried a circulating market capitalization of approximately $13. 46 billion, giving it a trailing revenue multiple of about 15. That valuation is higher than that of most tokens on the list, but Hyperliquid also generated almost twice as much revenue as its closest competitor.

Clearer US market-structure rules could expand the pool of assets and participants entering blockchain-based trading venues. Greater certainty over whether digital assets fall under securities or commodities regulation could also make it easier for regulated institutions to connect with on-chain markets. The opportunity extends across decentralized exchanges and trading aggregators.

Market Impact

PancakeSwap generated $322 million over the trailing 12 months, while its CAKE token had a circulating value of $425 million. That placed it near 1 times protocol revenue, among the lowest multiples in the ranking. Jupiter, a Solana-based trading aggregator, recorded $130 million of revenue and a $716 million circulating market capitalization, equivalent to about 6 times revenue.

Aerodrome generated $124 million in revenue and traded at nearly 4 times revenue, while Meteora generated $62 million in revenue and carried a valuation of only $78 million. Raydium’s $46 million in revenue compared with a $158 million circulating market value, leaving the Solana exchange token at roughly 3 times revenue. Those platforms could benefit if the legislation encourages issuers to bring more regulated assets onto blockchains.

Each new tokenized security, commodity, or fund would need markets where investors can buy, sell, and provide liquidity. Uniswap offers a different valuation profile. The decentralized exchange generated $49 million in protocol revenue, but its UNI token carried a circulating market value of about $1.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.