in the standard Fortune code 40 Recently launched, the media company ranked the top 5 companies in the crypto space in 8 categories.
Categories include centralized finance (CeFi), traditional finance (TradFi), venture capital, NFT, data, infrastructure, DeFi, and protocols.
To identify the top 40 companies, Fortune magazine used a variety of empirical data as well as a Researchscape survey of more than 200 financial executives. Fortune called the results “fair and rigorous.”
Top 40 Cryptocurrency Companies by Category
The criteria ranks the Ethereum Foundation as the top protocol, followed by Bitcoin. Polygon Labs (the company developing Ethereum scaling solutions) and Solana Foundation (the non-profit responsible for developing the Solana ecosystem) ranked third and fourth, respectively. Offchain Labs, the company behind ethereum scaling solutions provider Arbitrum, ranked fifth in the protocol category.
Coinbase tops the CeFi category, followed by Binance and Kraken. Galaxy Digital, led by Mike Novogratz and stablecoin issuer USDC Circle, came in fourth and fifth on the benchmark scale.
The integration of PayPal with MetaMask puts the company at the top of the TRADIFI category, which ranks among the top 5 innovative companies in blockchain technology. Robinhood, a stock trading platform that allows cryptocurrency trading, came in second, followed by JPMorgan, which launched its own Onyx blockchain.
Fidelity, a company widely praised for allowing retirees to invest part of their retirement funds in Bitcoin, came in fourth, while Visa came in fifth.
Polychain Capital topped the venture capital category, followed by Animoca Brands and Andreessen Horowitz. The last two spots in this category belong to Pantera Capital and Blockchain Capital.
As the largest NFT marketplace, OpenSea takes the crown in the NFT category. Yuga Labs is the company that has launched some of the top NFT collections, followed by Bored Ape Yacht Club and Mutant Ape Yacht Club in second place.
The popular NFT game Axie Infinity created by Sky Mavis and the creative art NFT platform Art Blocks ranked third and fourth respectively. RTFKT, which Nike acquired in 2021, is the fifth NFT company.
In the data category, Chainalysis ranked first, followed by Coin Metrics and The Graph. Dune and Messari are also on the list.
Fortune’s benchmark also includes crypto companies that provide infrastructure for the industry. Non-custodial wallet provider Ledger tops this category. Bitcoin mining giant Genesis Digital Assets (not to be confused with bankrupt lender Digital Currency Group) came in second.
BTC mining chip developer Bitmain came in third, followed by Alchemy, which provides plug-and-play tools for building products and services on the blockchain. Cryptocurrency payment solution MoonPay came in fifth in the infrastructure category.
Ethereum is the DeFi hegemony
Fortune lists Uniswap Labs, Lido, MakerDAO, Aave, and Curve as the top five contenders in the DeFi category. It is worth noting that all DeFi applications are built on top of Ethereum.
In fact, these are the top five DeFi apps in terms of total value locked (TVL), according to DefiLlama. At the time of writing, these five DeFi applications have a TVL of over $31 billion.
Additionally, Fortune’s benchmarks show a plethora of applications on Ethereum, not to mention two of the top five protocols are these blockchain scaling services.
Ethereum’s hegemony is likely a result of the network controlling nearly 70% of all DeFi activity.
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According to Cryptoslate