💰 WHICH CRYPTO PROTOCOLS ACTUALLY REWARD THEIR TOKENHOLDERS? Grayscale compared crypto projects by how much value they return to holders - after accounting for token dilution. 📊 Top performers: Tokenholder Yield 🥇 HYPE — 8.0% 🥈 LIT — 7.9% 🥉 CAKE — 2.6% Adjusted Earnings Yield 🥇 CAKE — 14.4% 🥈 LIT — 14.1% 🥉 HYPE — 9.8% 🔍 Where does the money come from? • hyperliquid:native (Hyperliquid): Trading fees fund market buybacks of HYPE, which are permanently removed from supply. Around 99% of eligible protocol fees go to the Assistance Fund for this mechanism. • ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 (Lighter): Exchange-related revenue supports LIT buybacks and burns, while staking rewards are paid from a token reserve. • ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 (PancakeSwap): Trading fees and revenue from products such as perpetuals, prediction markets and lotteries help fund CAKE buybacks and burns. 📈 Why does this matter? A protocol can generate huge revenue, but if it keeps issuing new tokens, holders may still lose value through dilution. Buybacks, burns and staking rewards can improve token economics - provided demand and protocol activity remain strong. The real question isn't just which token has the best narrative - it's which protocol creates value and passes it on to holders.