Which blockchain will win in the tokenization narrative? Dragonfly VC: The answer is not a binary choice.

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 topic of much discussion. However, Dragonfly partner Rob Hadick believes that this race is not a binary choice like Facebook versus MySpace years ago, 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 respectively. Ethereum and Solana will also thrive in different fields.

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

Recently, Rob Hadick from Dragonfly discussed on CNBC’s Squawk Box, directly rejecting the Web2-style competition model of “winner takes all,” emphasizing that as assets go on-chain, transactions become automated, and perpetual contracts are established, 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.

(How will tokenization empower on-chain lending in the future: Why do researchers predict 2026 will be a turning point for DeFi?)

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

Hadick analyzed that currently, the main scale of on-chain economic activity still 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.

However, data still shows a significant gap between the two. Ethereum’s tokenized asset value is about $12.5 billion, while Solana’s is $830 million, accounting for 66.1% and 4.4%, respectively.

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

Multi-chain coexistence is not just theoretical; market behavior is also validating it. Take Sorare, a sports gaming platform built on Ethereum for six years, as an example. This year, the platform announced its migration 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.

(Nasdaq on the blockchain takes shape, Solana’s $3.6 billion total locked value, opening a new blue ocean for DEX lending markets)

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

Finally, Hadick pointed out that under the trend of universal tokenization, the future will not only involve the two aforementioned blockchains but will be a “multi-chain coexistence.” Whether new or old L1s, there are opportunities to penetrate niche markets and occupy specific circulation or application scenarios.

To him, the distribution of blockchains will not be based on brand preference but will be naturally selected by the market according to 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.

Which blockchain will win in the tokenization narrative? Dragonfly VC: The answer is not a binary choice. Originally published on Chain News ABMedia.