Asset tokenization is seen as a rare intersection between traditional finance and the crypto market, and which blockchain will ultimately emerge as the winner is a subject of much discussion. However, Rob Hadick, a partner at Dragonfly, believes that this competition is not like the Facebook vs. MySpace debate of the past, but rather a future where "two Facebooks coexist."
Given the surge in on-chain economic activity and the diversification of application scenarios, each blockchain will be able to support global asset flows, and Ethereum and Solana will flourish in their respective fields.
The winner is not a single choice: the tokenization race will be different from the Web2 competition model.
In a recent interview on CNBC's Squawk Box , Dragonfly's Rob Hadick directly refuted the "winner-takes-all" Web2 competitive model, emphasizing that with asset tokenization, transaction automation, and perpetual contracts, the tokenization market will far exceed the capacity of any single platform or infrastructure.
If you believe that most assets will be tokenized in the future, then it's impossible for there to be only one chain.
He believes that the market itself is highly scalable, and that chains are not in competition with each other, but rather will be interconnected and complementary like different financial infrastructures.
Each developing independently: Ethereum controls core financial functions, while Solana handles high-speed transactions.
Hadick's analysis suggests that the majority of the on-chain economy is still based on Ethereum, with most stablecoins, DeFi protocols, and institutional assets using it as their primary platform, making it the backbone of the financial network. In terms of transaction volume, Solana has established a completely different positioning: faster throughput, cheaper gas, and better suitability for large-scale C-end users and high-frequency trading.
However, the data still reveals a significant gap between the two: Ethereum's tokenized assets are worth approximately $12.5 billion, while Solana's are worth $830 million, accounting for 66.1% and 4.4% respectively.
Users will cross-chain, and so will platforms: Real-world examples accelerate the realization of multi-chain technology.
Multi-chain coexistence is not just a theory; market behavior is also validating it. For example, Sorare, a sports gaming platform that had been built on Ethereum for six years, announced its migration to Solana this year to meet the transaction speed and efficiency requirements of gaming and consumer applications.
However, Sorare's CEO still believes in the perpetual value of Ethereum and views this migration as an upgrade rather than an escape.
A Greater Multi-Chain Future: New Chains Still Have Room to Divide the Market
Hadick concluded by pointing out that the future under the trend of tokenization of everything will not only consist of the two blockchains mentioned above, but rather "multiple chains coexisting." Regardless of whether it's the old or new L1, there are still opportunities to enter niche markets and occupy specific circulation or application scenarios.
For him, the distribution of blockchain will not be based on brand preference, but rather on the natural selection of the market according to local conditions. Ultimately, it will resemble different levels of infrastructure in the financial system, each handling different assets, users, and transaction needs, leading to specialization rather than elimination in competition.
Which blockchain narrative will win in the tokenization story? Dragonfly VC: The answer is not an either/or choice. This article first appeared on ABMedia .
