Grayscale Crypto Protocol Ranking: Yield Analysis

Grayscale has introduced a methodology for evaluating crypto protocols based on real yield metrics for token holders. The approach considers not only nominal profit but also the impact of issuance on asset value.

The first key metric is Tokenholder Yield. It is calculated as the sum of staking rewards and token buybacks minus new issuance. A positive value indicates that the protocol returns more capital to holders than it dilutes through supply expansion. A negative result signals that issuance and unlocks outweigh capital returns.

The second important metric is Adjusted Earnings Yield. This indicator evaluates the attractiveness of a protocol relative to its market capitalization. The inflation of supply caused by an increase in circulating tokens is subtracted from this value.

This approach allows investors to rigorously evaluate the fundamental value of crypto assets, separating real economic efficiency from speculative factors.