Rank tokens alongside Grayscale based on benefits to holders. Generating revenue and benefiting holders are two different things. Therefore, Grayscale uses the following two metrics to evaluate: • Return to holders after accounting for dilution: (Staking rewards + Buyback value - Value of newly issued tokens) / Circulating market cap. => $HYPE and $LIT lead with 8%, while the rest are modest, and even negative from rank 6 onward. • How well the project generates profits relative to its current valuation: (Protocol profits / Circulating market cap) - Circulating supply growth rate. => Most are DEX tokens, with $CAKE, $LIT, and $HYPE significantly outperforming. Grayscale emphasizes that even with buybacks and staking rewards, holders may not necessarily benefit. If the supply increases too rapidly, dilution effects can fully offset the advantages from these programs.