• bitcoinBitcoin (BTC) $ 111,166.00
  • ethereumEthereum (ETH) $ 2,783.38
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.45
  • bnbBNB (BNB) $ 671.64
  • solanaSolana (SOL) $ 158.33
  • usd-coinUSDC (USDC) $ 0.999889
  • tronTRON (TRX) $ 0.290530
  • dogecoinDogecoin (DOGE) $ 0.182119
  • staked-etherLido Staked Ether (STETH) $ 2,780.19
  • cardanoCardano (ADA) $ 0.631114
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 111,138.00
  • hyperliquidHyperliquid (HYPE) $ 41.71
  • wrapped-stethWrapped stETH (WSTETH) $ 3,357.77
  • suiSui (SUI) $ 3.23
  • bitcoin-cashBitcoin Cash (BCH) $ 516.77
  • chainlinkChainlink (LINK) $ 14.39
  • stellarStellar (XLM) $ 0.295685
  • leo-tokenLEO Token (LEO) $ 8.97
  • avalanche-2Avalanche (AVAX) $ 19.55
  • hedera-hashgraphHedera (HBAR) $ 0.179253
  • wrapped-eethWrapped eETH (WEETH) $ 2,983.63
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • usdsUSDS (USDS) $ 0.999692
  • wethWETH (WETH) $ 2,782.39
  • the-open-networkToncoin (TON) $ 2.89
  • litecoinLitecoin (LTC) $ 90.94
  • whitebitWhiteBIT Coin (WBT) $ 46.69
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999521
  • moneroMonero (XMR) $ 324.94
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 111,047.00
  • polkadotPolkadot (DOT) $ 3.68
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.43
  • uniswapUniswap (UNI) $ 8.31
  • pepePepe (PEPE) $ 0.000011
  • aaveAave (AAVE) $ 296.06
  • pi-networkPi Network (PI) $ 0.476667
  • daiDai (DAI) $ 1.00
  • bittensorBittensor (TAO) $ 350.68
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • aptosAptos (APT) $ 4.62
  • crypto-com-chainCronos (CRO) $ 0.093931
  • nearNEAR Protocol (NEAR) $ 2.37
  • okbOKB (OKB) $ 48.41
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • internet-computerInternet Computer (ICP) $ 5.19
  • jito-staked-solJito Staked SOL (JITOSOL) $ 192.43
  • ethereum-classicEthereum Classic (ETC) $ 17.69
  • ondo-financeOndo (ONDO) $ 0.852330
  • susdssUSDS (SUSDS) $ 1.06
  • usd1-wlfiUSD1 (USD1) $ 0.999338
  • kaspaKaspa (KAS) $ 0.081073
  • mantleMantle (MNT) $ 0.605072
  • cosmosCosmos Hub (ATOM) $ 4.34
  • vechainVeChain (VET) $ 0.022702
  • fasttokenFasttoken (FTN) $ 4.45
  • gatechain-tokenGate (GT) $ 16.03
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.209218
  • ethenaEthena (ENA) $ 0.292575
  • official-trumpOfficial Trump (TRUMP) $ 9.20
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.703636
  • arbitrumArbitrum (ARB) $ 0.360828
  • render-tokenRender (RENDER) $ 3.44
  • bonkBonk (BONK) $ 0.000023
  • skySky (SKY) $ 0.082118
  • algorandAlgorand (ALGO) $ 0.195300
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,780.01
  • filecoinFilecoin (FIL) $ 2.44
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 110,820.00
  • quant-networkQuant (QNT) $ 111.10
  • worldcoin-wldWorldcoin (WLD) $ 0.931959
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.63
  • binance-staked-solBinance Staked SOL (BNSOL) $ 168.18
  • sei-networkSei (SEI) $ 0.266778
  • usdtbUSDtb (USDTB) $ 0.999537
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998599
  • spx6900SPX6900 (SPX) $ 1.55
  • kucoin-sharesKuCoin (KCS) $ 11.23
  • jupiter-exchange-solanaJupiter (JUP) $ 0.461959
  • usdt0USDT0 (USDT0) $ 0.999807
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,915.91
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,174.12
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.019413
  • nexoNEXO (NEXO) $ 1.24
  • celestiaCelestia (TIA) $ 1.72
  • fartcoinFartcoin (FARTCOIN) $ 1.17
  • flare-networksFlare (FLR) $ 0.016399
  • xdce-crowd-saleXDC Network (XDC) $ 0.069909
  • injective-protocolInjective (INJ) $ 11.11
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • blockstackStacks (STX) $ 0.696461
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.63
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,977.85
  • optimismOptimism (OP) $ 0.594501
  • sonic-3Sonic (S) $ 0.319833
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,864.99
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 111,098.00
  • tokenize-xchangeTokenize Xchange (TKX) $ 12.60
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999145
  • dogwifcoindogwifhat (WIF) $ 0.966773
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,928.75
  • pax-goldPAX Gold (PAXG) $ 3,326.59
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 110,656.00
  • flokiFLOKI (FLOKI) $ 0.000094
  • story-2Story (IP) $ 3.17
  • paypal-usdPayPal USD (PYUSD) $ 0.999960
  • the-graphThe Graph (GRT) $ 0.090810
  • kaiaKaia (KAIA) $ 0.152599
  • wbnbWrapped BNB (WBNB) $ 671.19
  • clbtcclBTC (CLBTC) $ 111,643.00
  • immutable-xImmutable (IMX) $ 0.456739
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.39
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 177.66
  • vaultaVaulta (A) $ 0.523735
  • tether-goldTether Gold (XAUT) $ 3,320.06
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 3,002.77
  • msolMarinade Staked SOL (MSOL) $ 207.03
  • curve-dao-tokenCurve DAO (CRV) $ 0.568526
  • theta-tokenTheta Network (THETA) $ 0.740428
  • lido-daoLido DAO (LDO) $ 0.791284
  • ousgOUSG (OUSG) $ 111.73
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.74
  • galaGALA (GALA) $ 0.015502
  • iotaIOTA (IOTA) $ 0.174506
  • ethereum-name-serviceEthereum Name Service (ENS) $ 20.40
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.997411
  • the-sandboxThe Sandbox (SAND) $ 0.272640
  • jito-governance-tokenJito (JTO) $ 1.91
  • raydiumRaydium (RAY) $ 2.46
  • zcashZcash (ZEC) $ 40.51
  • jasmycoinJasmyCoin (JASMY) $ 0.013163
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • bittorrentBitTorrent (BTT) $ 0.00000064
  • aerodrome-financeAerodrome Finance (AERO) $ 0.733823
  • super-oethSuper OETH (SUPEROETH) $ 2,781.78
  • wrapped-hypeWrapped HYPE (WHYPE) $ 41.74
  • pyth-networkPyth Network (PYTH) $ 0.106762
  • pendlePendle (PENDLE) $ 3.72
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,975.99
  • saros-financeSaros (SAROS) $ 0.230933
  • tezosTezos (XTZ) $ 0.568684
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,941.87
  • newton-projectAB (AB) $ 0.008770
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 110,919.00
  • usual-usdUsual USD (USD0) $ 0.997639
  • tbtctBTC (TBTC) $ 111,040.00
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,782.22
  • walrus-2Walrus (WAL) $ 0.411118
  • memecoreMemeCore (M) $ 0.356899
  • flowFlow (FLOW) $ 0.353427
  • decentralandDecentraland (MANA) $ 0.287320
  • falcon-financeFalcon USD (USDF) $ 0.997575
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 111,152.00
  • syrupMaple Finance (SYRUP) $ 0.482430
  • coredaoorgCore (CORE) $ 0.515188
  • morphoMorpho (MORPHO) $ 1.60
  • apecoinApeCoin (APE) $ 0.633600
  • bitcoin-svBitcoin SV (BSV) $ 25.48
  • ripple-usdRipple USD (RLUSD) $ 0.999726
  • thorchainTHORChain (RUNE) $ 1.42
  • mog-coinMog Coin (MOG) $ 0.000001
  • based-brettBrett (BRETT) $ 0.049940
  • true-usdTrueUSD (TUSD) $ 0.997797
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,782.40
  • chain-2Onyxcoin (XCN) $ 0.014040
  • staked-hypeStaked HYPE (STHYPE) $ 41.73
  • venomVenom (VENOM) $ 0.228754
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.181785
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999803
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007608
  • dexeDeXe (DEXE) $ 7.79
  • starknetStarknet (STRK) $ 0.123514
  • heliumHelium (HNT) $ 2.38
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.004397
  • apenftAPENFT (NFT) $ 0.00000044
  • kavaKava (KAVA) $ 0.403536
  • stader-ethxStader ETHx (ETHX) $ 2,962.41
  • beldexBeldex (BDX) $ 0.060710
  • usddUSDD (USDD) $ 1.00
  • compound-governance-tokenCompound (COMP) $ 45.92
  • dydx-chaindYdX (DYDX) $ 0.568146
  • ether-fiEther.fi (ETHFI) $ 1.11
  • neoNEO (NEO) $ 5.88
  • hashnote-usycCircle USYC (USYC) $ 1.09
  • elrond-erd-2MultiversX (EGLD) $ 14.33
  • usdbUSDB (USDB) $ 0.989913
  • deepDeepBook (DEEP) $ 0.159558
  • conflux-tokenConflux (CFX) $ 0.077941
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.25
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 0.999791
  • ecasheCash (XEC) $ 0.000019
  • aioz-networkAIOZ Network (AIOZ) $ 0.324550
  • axie-infinityAxie Infinity (AXS) $ 2.30
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,071.52
  • movementMovement (MOVE) $ 0.146064
  • build-onBUILDon (B) $ 0.376257
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,782.74
  • arweaveArweave (AR) $ 5.72

Wall Street Gets Ethereum’s ‘Digital Oil’, Says Etherealize Co-Founder Vivek Raman

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Wall Street Gets Ethereum's 'Digital Oil', Says Etherealize Co-Founder Vivek Raman

For well over a century, oil has been viewed as a strategic commodity, playing an essential role in transportation and manufacturing, among other critical industries. For Ethereum’s proponents, drawing comparisons has been useful—but even then, the analogy is far from perfect.

When Vivek Raman introduced Etheralize in January, the former banker and business development firm’s co-founder formalized efforts to onboard Wall Street. Part of that initiative, he recently told Decrypt, has involved “evangelization and education and marketing.”

“I always call it digital oil,” Raman said. “We think that as the crypto ecosystem evolves, people not only will want to—but will have to—hold this asset in reserves.”

Bitcoin’s proponents often portray the asset as a form of digital gold because of pre-programmed scarcity, with a maximum supply of 21 million. ETH, whether it’s being consumed to send transactions or power smart contracts, fuels Ethereum’s network. The analogy, in that sense, is among the most palatable for today’s crypto newbies.

As Raman and 19 others at Etheralize encourage financial institutions to build products on Ethereum, the ways in which the “digital oil” analogy falls short could illustrate challenges Ethereum’s community will face in cementing the network’s dominance on Wall Street, in capturing the asset’s qualities in a snappy, memorable way.

“I think it is hard to come up with the right metaphor,” Grayscale Head of Research Zach Pandl told Decrypt. “It will be interesting to see whether investors begin to appreciate the scarcity of ETH, even if they’re not yet kind of using the chain from a transactional standpoint.”

One key difference: If demand for oil increases, then more is often pumped in response, and its supply is elastic. Ethereum, on the other hand, has a maximum issuance of 1.5% a year, meaning that its supply can only grow a certain amount over a period. On top of that, transaction fees on Ethereum are burned, which can offset that growth in supply.

“Rather than having some sort of fixed cap of total supply, there’s a fixed cap of issuance per year,” Etheralize co-founder Danny Ryan, a former Ethereum Foundation researcher, told Decrypt. “There’s very much predictability.”

Another major difference between Ethereum and oil is that the latter commodity does not offer yield. Staked Ethereum, which is devoted to the network for the ability to help process transactions, currently has an estimated yield of 3% annually, according to a dashboard published on the crypto analytics platform Dune.



Within the coming years, financial institutions are expected to grow more comfortable with the practice of tokenization, in which real-world assets, such as stocks and bonds, are represented on-chain. Regulatory shifts under U.S. President Donald Trump could be a key driver.

Some firms, such as crypto exchange Kraken, are tapping Ethereum competitors like Solana for such offerings. However, several funds have been tokenized on Ethereum by staid financial firms, including BlackRock and Franklin Templeton.

As more assets come on-chain, one aspect of Ethereum’s “digital oil” analogy could become more valid. Much like oil is a neutral asset connecting myriad industries to each other, Ethereum could be seen as a non-sovereign asset for the modern financial system, Raman argued.

“In this ecosystem where the world’s assets are all tokenized by different counterparties, […] the only neutral asset that’s global, that connects all of these, is ETH,” he said. “It becomes more and more important as a global trading pair, as a strategic asset to hold if you want to stay in neutrality between all of these different tokenized assets.”

Edited by James Rubin

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