Grayscale Ranks Ethereum First Across Five Smart Contract Measures

Grayscale Research ranked Ethereum first among smart contract platforms across five measures in its Nov. 6 assessment, placing the network at about half of the total stablecoin market and roughly 40% of the tokenized-asset market.

The ranking covered stablecoin supply, tokenized assets, applications, developer activity and investment products. The assessment estimated nearly $140 billion in stablecoins on Ethereum, representing about half of the total market.

Ethereum accounted for about 40% of the tokenized-asset market, more than double the portion held by its closest competitor. Grayscale also counted more than 2,000 applications on Ethereum’s mainnet and roughly 6,000 across its Layer 2 networks.

The report placed Ethereum first for developer activity. On the investment side, U.S. exchange-traded products with Ether (ETH) exposure held more than $13 billion in assets, while open interest in Ether futures listed on CME exceeded $3 billion.

BlackRock, WisdomTree and Invesco were among the firms Grayscale identified as issuers of Ethereum-related products. The figures add rankings and market-share estimates to TokenPost’s earlier coverage of Grayscale’s discussion of Ethereum across four digital-finance areas.