Research by Galaxy Digital has revealed that more than 50 non-native companies in the crypto ecosystem are using Ethereum and its Layer 2 networks to develop innovative products and services.
Despite the challenges faced recently, Ethereum remains the most popular blockchain for innovative projects. According to a recently published report by Galaxy Digital, more than 50 non-native companies in the crypto ecosystem have built products and services on Ethereum or its Layer 2 (L2) networks. These companies, which include well-known brands such as Adidas, Louis Vuitton, PayPal y Deutsche Bank, are exploring use cases with tokenized real-world assets (RWA), NFTs, and gaming tools on the blockchain.
This interest in Ethereum is due to its robustness, decentralization, and its tokenization capacity, which allow traditional companies to enter the Web3 world in a secure and scalable way. Thus, although Ethereum faces challenges in terms of cost and transaction speed, its L2 ecosystem has emerged as a key solution to overcome these limits.
The most notable cases of traditional companies on Ethereum
Among the more than 50 companies identified by Galaxy Digital in its report highlights financial institutions, fashion brands and entertainment companiesA total of 20 of them are financial institutions, of which 10 are issuing tokenized assets on Ethereum and its L2.
One of the most prominent examples is BlackRock, the world's largest asset manager, which launched the tokenized fund BUIDL on Ethereum in March 2024. This fund offers returns in US dollars with the benefits of instant settlement and interoperability between traditional financial markets and DeFi. In addition, companies such as franklin templeton and the European Investment Bank (EIB) have also issued bonds and money market funds on this blockchain.
In the entertainment field, companies such as Atari y Lamborghini are using Ethereum’s Layer 2 to develop gaming applications that incorporate NFTs. For example, Atari launched blockchain versions of its classic video games “Asteroids” and “Breakout” on the Base network, one of the main L2s in this blockchain ecosystem. These projects not only seek to attract new users, but also explore how blockchain technology can enrich gaming experiences.
Source: Galaxy Research
Ethereum's appeal to businesses
Galaxy Digital's report identifies several factors that explain why traditional companies are opting for the network. Firstly, the Ability to tokenize real assets has become a key use case. This innovation allows companies to represent physical or financial assets, such as bonds or cash, in digital form, facilitating their transparency, liquidity and access to new markets.
In addition, Ethereum offers a Mature and secure technological base. Although its mainnet faces limitations in terms of scalability, L2s have emerged as an efficient solution to process transactions faster and at a lower cost, without sacrificing the security of the mainnet. For example, ZKSync, a L2 built by MatterLabs, is already used by institutions such as Deutsche Bank to develop custom blockchain infrastructure.
Another key advantage is the decentralization. Unlike other blockchains, Ethereum does not rely on a single entity, making it more resilient and less prone to censorship. Finally, the stablecoin adoption has also played an important role in the interest of institutions. Companies such as PayPal y Robinhood have launched their own stablecoins on this blockchain, which has boosted its use for payments and financial transfers.
BUY ETHEREUMThe positive impact on the digital ecosystem
Although Ethereum has faced criticism for its performance and high gas costs, which is the unit of measurement that quantifies the computational effort needed to process a transaction on the blockchain network, adoption by traditional businesses could mark a turning point. The entry of financial institutions and global brands not only brings liquidity to the network but also validates its long-term potential.
In addition, the development of L2 has shown that this digital ecosystem can adapt to scalability needs without sacrificing its security. Projects such as Arbitum, Polygon y Base are allowing companies like Lotte Group, from South Korea, build metaverse and entertainment platforms on blockchain, attracting millions of users.
This surge in activity could also help the network regain momentum at a time when other blockchains, such as Solana, are gaining ground. With its focus on tokenization, RWAs, and gaming applications, Ethereum is positioning itself as the preferred platform for companies looking to innovate in the blockchain space.
PREPARE YOUR WALLETA key player in the blockchain ecosystem
Galaxy Digital’s report shows that Ethereum remains a key player in the blockchain ecosystem, despite the challenges it faces. With over 50 non-crypto-native companies building on its network, the blockchain is proving its versatility and potential to transform industries.
From tokenizing financial assets to developing blockchain games, the network is offering innovative solutions that attract traditional businesses. This surge in activity not only strengthens Ethereum’s position in the market, but also opens avenues for more companies to explore the possibilities of Web3.
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