Native cryptocurrency Aave could hit $175 in a one-year base case as asset managers increasingly apply customary finance pricing models to decentralized finance (DeFi) tokens, according to a novel report from Grayscale Research.
Digital Asset Manager he said Aave could generate approximately $60 million in net revenue in 2026, and the token’s current fair value is between $80 and $100. The analysis used discounted cash flows, earnings multiples and comparisons with banks and fintech companies. According to CoinGecko, Aave’s share price was $75 on Thursday.
Grayscale said Aave’s revenues grew more than sixfold from 2023 to 2025, while the protocol operates at an estimated 50% margin. She argued that Aave’s lending business, GHO stablecoin and institutional products could support future earnings growth.
However, protocol revenue alone does not guarantee the token’s value, the study added. Fees may be paid to liquidity providers, used to cover operational costs, or retained by a decentralized autonomous organization, while token holders generally lack legally enforceable claims to shareholders.
Grayscale’s analysis applies valuation methods commonly used by stocks, banks and fintech companies to the DeFi protocol, reflecting the company’s view that some crypto assets generate sufficiently measurable revenues and profits that can be assessed using customary financial frameworks.
Total DeFi fees. Source: Grayscale Research
CoinShares uses long-term pricing models for HYPE and Ether
CoinShares has occupied a similar approach to Hyperliquid’s HYPE token and Ether (ETH), using protocol fees, self-redemptions and other economic factors to create a long-term valuation framework. In the asset manager’s base case scenario for 2031, the value of HYPE is $147 and ETH is $4,935, although most of the projected value of ETH comes from the token’s collateral and monetary role rather than cash flow.
CoinShares described Hyperliquid as a more direct example of value accumulation at the token level, as 99% of protocol fees are used to redeem HYPE via the relief fund. In the case of Ether, a sum-of-the-parts model was used, combining projected cash flows with higher cash premium and collateral.
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The valuation by Grayscale and CoinShares comes as some financial institutions forecast stronger growth in DeFi markets.
Standard Chartered forecasts that tokenized assets could grow DeFi assets to $2.7 trillion by 2030. The bank said Uniswap could become a prime destination for tokenized markets, adding that customary financial partnerships could support Uniswap attract more activity.
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