Grayscale: Token supply growth may dilute rewards for holders.

Grayscale released an analysis report warning that token supply growth in cryptocurrency applications could dilute holder rewards and proposing a yield-oriented valuation framework. This framework calculates yield by comparing protocol returns to market capitalization and deducting circulating supply inflation. Among the top 100 tokens by market capitalization in the FTSE Grayscale Financials Crypto Sector, HYPE holders achieved an 8.0% yield, CRV was -5.5%, and CAKE had the highest adjusted yield of 14.4% (data as of October 20). Grayscale distinguishes between buybacks and burns and values Bitcoin separately as a digital commodity.