Ethereum (ETH) is leaping beyond its primary role as the second-largest digital currency by market cap as it is outpacing some S&P 500 firms in a unique metric. According to an update from crypto analytics platform Token Terminal, Ethereum is currently ranked 16th in terms of buyback yield.
According to the list shared by the platform, Ethereum outshines some big names on the list, including Elon Musk’s electric car manufacturing giant Tesla Inc and multinational banking giant JPMorgan Chase. This feat shows Ethereum goes beyond just its role as a smart contracts enabler; it also has what it takes to compete when profiled as a finance-based tech entity.
One intriguing observation pointed out by Token Terminal regarding the impressive stat is that compared to the average age of firms on the list, which is 44 years, Ethereum is only about nine years old. While firms like JPMorgan Chase went live way back in 1799, Ethereum made its emergence in 2015.
With this difference, Token Terminal pointed out how lucrative internet-native business can be, especially when their respective innovations are allowed to gain free expression.
Ethereum changes Web3 game
Every company on the buyback yield list has something unique they bring to the table. The same holds for Ethereum. While JPMorgan is regarded as the biggest bank in America, Alphabet Inc., the company that tops the chart, is a tech and Cloud Services giant.
Ethereum operates as a smart contract enabler, pioneering a move for innovators to build decentralized applications that have helped it grow its decentralized finance (DeFi) Total Value Locked (TVL) to $92.74 billion.
Besides Bitcoin (BTC), Ethereum is the second-most-backed crypto project in terms of whale holdings. While it is the de facto leader in Web3 adoption, it has a series of upgrades to enhance its functionalities in the market overall.
Read More: Ethereum (ETH) Outranks S&P 500 Giants in This Key Metric
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