Zach Pandl: Many profitable blockchain applications have attractive P/E ratios

Grayscale research director Zach Pandl stated that after the bear market, many revenue generating blockchain applications have attractive valuations, with most of the top 15 on chain applications (including Hyperliquid) ranked by protocol revenue having price to earnings ratios in single digits, 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 trading activity will benefit these protocols.