Gray Research Director: The wave of tokenization will unfold in three stages, with institution-friendly networks likely to benefit first.

CoinGuan News on April 2: Grayscale Research head Zach Pandl said that the tokenization wave will roll out in phases, and investors should view it as a long-term roadmap rather than a single trade. Data shows that the current tokenized asset size is about $27 billion, only accounting for 0.01% of the global capital markets, but it is projected that this figure could surge to $1.9 trillion by 2033. Pandl noted that in the early stage of tokenization development, institution-friendly permissioned networks that can effectively address privacy and control concerns will be the first to stand out—such as the Canton network, which has support from major Wall Street players like Goldman Sachs. These systems are essentially direct upgrades to traditional financial infrastructure. As technology evolves, the market will enter a hybrid-model phase, with an architecture that interconnects enterprise private chains and a global-layer network. Avalanche and its subnets model are a typical example of this stage. From a long-term perspective, although current technological maturity and institutional adoption still appear insufficient, global decentralized finance will ultimately dominate the market, which makes Ethereum a more ambitious investment target for long-term positioning. In addition, Pandl emphasized that infrastructure service providers that are not tied to any specific chain, such as Chainlink, as the underlying builders of the tokenization track, may be even more attractive as investments than some public chain projects.