Tokenization Is Too Big for Just One Blockchain
As tokenization of real-world assets accelerates, the idea of a single blockchain dominating the entire market is increasingly unrealistic. According to Rob Hadick, general partner at Dragonfly, both Ethereum and Solana are positioned to succeed, rather than compete in a winner-takes-all battle.
Speaking on CNBC’s Squawk Box, Hadick dismissed comparisons that frame blockchain competition as a Facebook-versus-MySpace scenario.
“They are both Facebook,” Hadick said, emphasizing that the market opportunity is large enough to support multiple leading networks.
Why One Chain Can’t Do Everything
Hadick explained that if investors believe most assets will eventually be tokenized — from equities and bonds to funds and commodities — then economic activity onchain will expand far beyond what a single blockchain can handle.
“There’s a lot of room in this market,” he said. “If you believe that most assets are going to be tokenized […] you can’t just have one blockchain.”
This view aligns with a growing industry consensus that specialization, not monopoly, will define the next phase of blockchain infrastructure.
Ethereum’s Strength: Capital and Stablecoins
Ethereum currently dominates in terms of network asset value, especially when stablecoins are included. According to data from RWA.XYZ, Ethereum’s total onchain asset value stands at approximately $183.7 billion, far surpassing Solana’s $15.9 billion.
Most stablecoins still reside on Ethereum, and the network remains the primary settlement layer for high-value transactions, decentralized finance, and institutional activity.
This concentration of capital gives Ethereum a strong advantage in areas where security, composability, and regulatory integration are critical.
Solana’s Advantage: Speed and Trading Volume
While Ethereum leads in asset value, Hadick pointed out that Solana excels in transaction throughput and trading volume.
Solana’s architecture makes it well-suited for:
- High-frequency trading
- Consumer-facing applications
- Real-time, low-cost transactions
This optimization has made Solana increasingly attractive for platforms that prioritize user experience and scale, particularly in gaming, NFTs and consumer finance.
Different Use Cases, Different Chains
Rather than converging on a single winner, Hadick expects blockchains to specialize.
“I think we’re going to see different use cases on different blockchains,” he said, adding that new networks could still emerge and take market share as technology evolves.
This modular view suggests a future where:
- Ethereum anchors institutional-grade finance and settlement
- Solana powers high-speed consumer and trading applications
- Other chains fill niche or regional roles
Platforms Are Already Moving Between Chains
Real-world behavior supports this thesis. Crypto platforms are increasingly chain-agnostic, switching networks as their operational needs change.
Fantasy sports platform Sorare, for example, announced in October that it would migrate from Ethereum to Solana after six years. The move was driven by scalability needs and Solana’s consumer-focused ecosystem.
Despite the migration, Sorare’s leadership emphasized continued confidence in Ethereum, describing the move as an “upgrade” rather than a rejection.
Portfolio Reality Reflects Multi-Chain Thinking
Institutional portfolios also reflect this diversified outlook.
According to Anthony Bassili, president of Coinbase Asset Management, Bitcoin and Ethereum typically occupy the top two positions in average crypto portfolios, while Solana is increasingly viewed as a potential third core holding.
This positioning suggests investors are already preparing for a multi-chain future, rather than betting on a single dominant platform.
Tokenization Will Be a Multi-Winner Market
As tokenized assets grow into a multi-trillion-dollar market, the infrastructure supporting them will likely mirror the broader internet — decentralized, layered and competitive.
Ethereum and Solana may approach the problem from different angles, but Dragonfly’s view is clear: there’s room for both, and possibly more, as tokenization reshapes global finance.
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