Grayscale Names WLFI: From Political Narrative to On Chain Revenue Grayscale recently listed the top 15 on chain applications in terms of protocol revenue in a tweet, which includes: Top level protocols such as HYPE, AAVE, WLFI, UNI, among which WLFI @ worldlibertyfi is worth noting It appears on the list along with market validated protocols such as Aave, Uniswap, and Hyperliquid, indicating that Grayscale has begun to re-examine WLFI from the perspectives of protocol revenue, cash flow, and on chain application value Why does Grayscale pay attention to WLFI? The core logic of Grayscale's tweet is clear: many on chain protocols are no longer purely narrative projects, but financial applications with real income They have several characteristics: User actual payment Protocol revenue can be verified on chain Cost structure is lighter than traditional companies The inclusion of WLFI in this list indicates that it has entered the "top-level on chain applications with protocol revenue" at least within Grayscale's observation framework WLFI's core advantages: 1. Significant traffic advantage Many DeFi protocol technologies are good, but no one discusses them. WLFI naturally has topicality, which is an asset in crypto itself 2. Clear business model for stablecoins If USD1 can continue to expand its scale, stablecoin reserve returns, lending spreads, and DeFi integration fees may all form sustained income 3. Incorporate institutional research into the field of vision Grayscale's inclusion of WLFI in the on chain revenue chart is itself a signal 4. May benefit from the US policy cycle If the United States enters a more friendly crypto regulatory cycle, projects like WLFI with domestic political and financial labels in the United States will be more likely to receive narrative premiums than ordinary DeFi projects