What do you believe is the single most important factor driving up the cost of living in Nigeria?

Asset management firm Ark Invest expressed belief in the transformative potential of the Ethereum ETH/USD network for the financial services industry.

The paper highlighted Ethereum’s position as an “institutional-grade asset” with yield-bearing potential.

“Our research suggests that, as an asset, ETH is beginning to develop attributes in the digital asset space similar to those of U.S. Treasury bills,” the paper read.

Ark Invest added that ETH and its staking yield were becoming benchmarks, or reference indicators, within the digital asset industry, used to evaluate other Layer 1s, risk profiles, and returns.

Furthermore, the paper noted that the network was setting “meaningful value” by virtue of its large market capitalization and millions of monthly active users.

This thoughtful paper by @LorenzoARK explains why @ARKInvest believes that the Ethereum network is a big idea that will transform the financial services industry. https://t.co/LX5REhA1kh — Cathie Wood (@CathieDWood) October 15, 2024

As of this writing, around 34.223 million ETH was staked in the network, representing more than 28% of the asset’s circulating supply, according to Staking Rewards. The annualized average yield rate across the network was 3.46%.

See Also: Elon Musk’s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets

Why It Matters: The latest endorsement reflected Wood’s earlier bullish prediction on Ethereum. Earlier this year, at the Big Ideas investor conference, Wood projected that Ethereum’s market capitalization could reach $20 trillion by 2032, translating to a per-token price of over $166,000.

Interestingly, Ark Investment withdrew from launching an exchange-traded fund (ETF) directly investing in Ether, choosing to focus on a spot Bitcoin BTC/USD ETF i.e, ARK 21Shares Bitcoin ETF ARKB.

Despite this, Wood’s recent tweet suggests that Ark Invest continues to explore ways to expose investors to Ethereum technology, recognizing its potential to reshape the financial services industry.

Price Action: At the time of writing, Ether was broadly unchanged at $2,614.69, up just 0.19% in the last 24 hours, according to data from Benzinga Pro.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

• Read More