# Grayscale Ranks Ethereum First Across Five Smart Contract Measures By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/52113 Published: 2026-11-09T06:43:49.000Z Updated: 2026-11-09T06:43:49.000Z Section: Investing > Its Nov. 6 assessment puts Ethereum at about half of the total stablecoin market and roughly 40% of the tokenized-asset market. 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](). ## Links in this article - [Grayscale’s discussion of Ethereum across four digital-finance areas](https://www.tokenpost.com/news/insights/51889)