What Is the Fortune Crypto 40?
In a move that’s as groundbreaking as a digital wallet’s first dollar, Fortune has unveiled its inaugural “Fortune Crypto 40.” Released on April 10, 2023, this list showcases the shining stars of the cryptocurrency universe, dividing its selections into eight categories that include everything from Traditional Finance (TradFi) to Decentralized Finance (DeFi). Think of it as the Oscars of the crypto world—if the Oscars were decided by a combination of data analysis and executive polling instead of Hollywood glitz.
The Method Behind the Madness
Fortune claims that the Crypto 40 is the first authoritative ranking based on a mélange of analysis and the insights of industry executives. Forget about names and faces; this list shines a spotlight on companies and their innovative technologies, steering clear of the usual popularity contests. According to the Fortune team, “Currently, there are no such rankings for the crypto industry,” which is a rather bold statement in a space filled with buzzwords and editorials.
Categories Galore
Let’s break it down, shall we? The Fortune Crypto 40 is divided into eight categories:
- Traditional Finance (TradFi)
- Centralized Finance (CeFi)
- Non-Fungible Tokens (NFTs)
- Venture Capital
- Data and Analytics Companies
- Infrastructure Firms
- Blockchain Protocol Firms
- Decentralized Finance (DeFi)
Within these categories, the usual suspects pop up: Coinbase, Binance, and Kraken are munching on the competition in the CeFi arena, while PayPal takes the crown in TradFi. Surprisingly, OpenSea has secured the top position in the NFT chart—most likely due to its uncanny ability to make art feel like a digital goldmine.
Surprises in the Rankings
In a twist as unexpected as seeing your grandma on TikTok, Bitcoin actually took a backseat to Ethereum in the protocol rankings. Meanwhile, Polygon edged out Solana for third place. This breath of fresh air indicates that the crypto landscape is constantly shifting, and perhaps not even Bitcoin is invincible anymore!
Ethereum Dominates DeFi
In possibly the least shocking revelation of the year, Ethereum reigned supreme in the DeFi category. All five of the champions in that realm—Uniswap Labs, Lido, MakerDAO, Aave, and Curve—rely on Ethereum’s blockchain to support their operations. Talk about being the queen bee of the blockchain hive.
Looking Forward
While this edition of the Fortune Crypto 40 mainly focuses on the heavyweights of the crypto space, the folks at Fortune promise to keep an eye on up-and-coming companies. Why? To see which relative newcomer might one day disrupt the complacent incumbents that currently rule the roost. Because let’s be honest, we all love an underdog story—especially when it’s backed by a robust blockchain.