Which blockchain will be the winner of the tokenization narrative? Crypto venture capital firm Dragonfly: The answer is not a binary choice.

Dragonfly partner Rob Hadick believes that asset tokenization will not be a winner-takes-all scenario, and Ethereum and Solana will each thrive within a multi-chain architecture.

Asset tokenization is seen as a rare intersection between traditional finance and the crypto market. Which blockchain will become the ultimate winner is also a hot topic of discussion. However, Dragonfly partner Rob Hadick believes that this competition is not a binary choice like Facebook versus MySpace, but rather a future where “two Facebooks coexist.”

Given the rise of on-chain economic activities and diversified application scenarios, each blockchain will be able to support global asset flows, with Ethereum and Solana thriving in different fields.

The winner is not a single-choice question: tokenization competition will differ from Web2 competition models

Recently, Rob Hadick of Dragonfly directly dismissed the Web2-style competition model of “winner-takes-all” during an interview on CNBC’s Squawk Box, emphasizing that as assets go on-chain, transactions become automated, and contracts become perpetual, the scale of the tokenization market will far exceed what any single platform or infrastructure can accommodate:

If you believe that most assets will be tokenized in the future, then it’s impossible for only one chain to exist.

He believes that the market itself is highly scalable, and chains are not in competition with each other but will connect and complement each other like different financial infrastructures.

Each develops independently: Ethereum controls core finance, Solana handles high-speed transactions

Hadick analyzes that the current on-chain economic scale still primarily resides on Ethereum, with most stablecoins, DeFi protocols, and institutional assets anchored there, making it the backbone of finance. In terms of transaction volume, Solana has established a completely different positioning—faster throughput, cheaper gas fees, and better suited for large-scale consumer applications and high-frequency trading.

Image source: RWA.xyz

However, data still reveals a significant gap between the two. The value of tokenized assets on Ethereum is approximately $12.5 billion, while on Solana it is $830 million, accounting for 66.1% and 4.4%, respectively.

Users will cross chains, and platforms will too: real-world cases accelerate multi-chain reality

Multi-chain coexistence is not just a theory; market behavior is also validating it. For example, Sorare, a sports gaming platform built on Ethereum for six years, announced this year that it would migrate to Solana to meet the transaction speed and efficiency needs of gaming and consumer-grade applications.

However, Sorare’s CEO still recognizes Ethereum’s sustainable value and confidence, viewing this migration as an upgrade rather than an escape.

A bigger multi-chain future: new chains still have room to share

Finally, Hadick pointed out that the future of the trend of everything being tokenized will not be limited to the two blockchains mentioned above, but rather a “multi-chain coexistence.” Whether new or old L1s, there are opportunities to penetrate niche markets and occupy specific circulation or application scenarios.

For him, the distribution of blockchains will not be driven by brand preference but will naturally be chosen by the market based on local conditions. Ultimately, it will resemble different layers of infrastructure in the financial system, each handling different assets, users, and transaction needs, leading competition toward division of labor rather than elimination.

• This article is reprinted with permission from：《Chain News》
• Original title: 《Which blockchain will win in the tokenization narrative? Dragonfly VC: The answer is not a binary choice》
• Original author: Crumax