Grayscale Investments said several leading revenue-generating crypto protocols are trading at relatively low valuation multiples. The firm added that a potential CLARITY Act vote in the coming weeks could support growth in on-chain finance and tokenized assets. Grayscale Investments said many revenue-generating crypto protocols are trading at low valuation multiples as the CLARITY Act awaits possible Senate floor action. In a June 24 research note, the firm analyzed the 15 largest onchain applications by protocol revenue using data from DeFiLlama, Artemis, and Grayscale Investments research.