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Zach Pandl: Many blockchain applications with revenue generation have attractive price-to-earnings ratios

Zach Pandl: Many blockchain applications with revenue generation have attractive price-to-earnings ratios

AiCoinAiCoin2026/06/25 03:19
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Grayscale Head of Research Zach Pandl stated that after the bear market, many revenue-generating blockchain applications have attractive valuations. Among the top 15 on-chain applications by protocol revenue (including Hyperliquid), most have single-digit price-to-earnings ratios, and these protocols are mostly related to financial use cases or staking infrastructure. With the passage of the CLARITY Act, the expected growth in on-chain transaction activity will benefit these protocols.
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