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Ethereum enters the top 100 most valuable entities

Photo of: Joseph Stone
by Joseph Stone

Thanks to the soaring price of Ether in recent days, it has now been included in the prestigious ranking of the 100 largest financial assets. Is it the justification to DeFi’s $20 billion milestone? Not necessarily.

Bitcoin’s capitalization is growing day by day. The price of the cryptocurrency is setting new records, climbing even beyond 37,000 dollars. And for JPMorgan, its long term value could reach $146,000.

But Bitcoin is not the only crypto-active on the rise. Ether can hope to match or even surpass its historical record. Its price is already close to $1,100. The total capitalization of the token thus exceeds $130 billion

According to CompaniesMarketCap, ETH ranks 97th in the ranking of major assets. In terms of capitalization, it overtakes the market valuation of groups such as Citigroup or Philip Morris. Bitcoin ranks 11th.

Ethereum’s leap in recent weeks partly explains the size of the assets mobilized today in the DeFi protocols. On Wednesday, January 6, the Total Value Locked (TVL) of decentralized finance thus exceeded 20 billion dollars.

At the beginning of November, cryptocurrencies blocked in DeFi services reached $10 billion. This figure doubled in just two months. And according to DeFi Pulse, the most popular protocol is Maker with nearly 4 billion.

The former number one in decentralized finance, Dex Uniswap, is in third place with $2.47 billion. It therefore ranks behind the Aave loan project ($2.64 billion). But isn’t TVL’s growth due solely to the price of Ether?

For the most part, yes, more than an acceleration of adoption. Indeed, ETH is gaining more than 40%. Ethereum is the reference token for DeFi projects. Nevertheless, the number of tokens is decreasing compared to October.

The DeFi protocols accumulate about 6.8 million ETH. A few months ago, this figure was 9.44 million. This decrease can be explained by the successful staking on Ethereum 2.0. The staking contract thus hosts more than 2 million Ether.