Fortune Crypto 40 Selects Ethereum as Lead Protocol, Bitcoin Ranks Second

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In its new Fortune Crypto 40 benchmark, the media company ranked the top 5 companies in the crypto space in each of eight categories.

Categories include centralized finance (CeFi), traditional finance (TradFi), venture capital, non-fungible tokens (NFT), data, infrastructure, decentralized finance (DeFi), and protocols.

To find the top 40 companies, Fortune used various empirical measures as well as surveys of more than 200 financial executives conducted by Researchscape. Fortune claims the results are unbiased and rigorous.

Top 40 Crypto Companies by Category

The benchmark ranked the Ethereum Foundation as the best protocol, followed by Bitcoin. Polygon Labs, which develops Ethereum scaling solutions, and Solana Foundation, the nonprofit organization responsible for developing the Solana ecosystem, ranked third and fourth, respectively. Offchain Labs, the company behind Ethereum scaling solution provider Arbitrum, earned the fifth position in the Protocols category.

Coinbase leads the CeFi category, followed by Binance and Kraken. Circle, the issuer of stablecoins Galaxy Digital and USD Coin (USDC) led by Mike Novogratz, took the fourth and fifth positions in the benchmark.

PayPal’s integration with MetaMask put it at the top of the TradFi category, which ranked the top 5 innovative companies with blockchain technology. Stock trading platform Robinhood, which enables crypto trading, came in second, followed by JP Morgan Chase, which launched its own Onyx blockchain.

Fidelity, which received criticism for allowing retirees to invest part of their retirement funds in bitcoin, ranked fourth, while Visa took fifth.

Polychain Capital ranked first in the VC category, followed by Animoca Brands and Andreessen Horowitz. The final two spots in the category went to Pantera Capital and Blockchain Capital.

As the largest NFT marketplace, OpenSea secured the top spot in the NFT category. Yuga Labs, which launched some of the best NFT collections including Bored Ape Yacht Club and Mutant Ape Yacht Club, placed second.

Sky Mavis, creator of popular NFT game Axie Infinity, and generative art platform NFT Art Blocks placed third and fourth respectively. RTFKT, which Nike acquired in 2021, is the fifth NFT company in the benchmark.

In the data category, Chainalysis ranked first, followed by Coin Metrics and The Graph. Dune and Messari secured the other two spots.

The Fortune benchmark also included crypto companies that provide infrastructure for the industry. Non-custodial wallet provider Ledger leads the category. Bitcoin mining giant Genesis Digital Assets, not to be confused with lender Digital Currency Group which filed for bankruptcy, took second place.

Bitcoin mining chip developer Bitmain ranked third, followed by Alchemy, which provides plug-and-play tools for building products and services on blockchains. Crypto payment solution MoonPay ranked fifth in the infrastructure category.

DeFi is all about Ethereum

Fortune ranked Uniswap Labs, Lido, MakerDAO, Aave, and Curve among the top five competitors in the DeFi category. It should be noted that all DeFi applications are built on Ethereum.

In fact, according to DefiLlama data, these are the top five DeFi apps by total value locked (TVL). The five DeFi apps have over $31 billion in TVL at the time of writing, according to DefiLlama.

Additionally, the Fortune benchmark includes a large number of Ethereum-based applications, not to mention that two of the top five protocols are Ethereum scaling services.

But the focus on Ethereum may have been the result of Ethereum controlling nearly 70% of all DeFi activity.

Posted in: Aave, Bitcoin, Ethereum, Polygon, Solana, Uniswap, Binance, Coinbase, Kraken, DeFi, Exchanges, Featured, NFT

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