"Solana–Ethereum tokenization competition likely to coexist…Single-chain market dominance will be difficult"
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- Venture capital industry said Solana and Ethereum are likely to coexist and grow in the tokenization market.
- Currently, Ethereum maintains the lead in stablecoins and network asset value, while Solana shows strengths in high transaction processing performance.
- Market participants are focusing on the possibility of role-sharing and coexistence of multiple blockchains rather than a single blockchain monopoly.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Venture capital industry analysis says Solana and Ethereum can coexist in the blockchain competition surrounding the tokenization market. It is assessed that as asset tokenization and on-chain economic activity expand, it is more likely that each chain will divide roles and grow rather than a single blockchain monopolizing the market.
On the 25th (local time), according to Cointelegraph, Dragonfly general partner Rob Hadick said in an interview with CNBC, "There is enough room in the tokenization market," and "Solana and Ethereum can grow together without pushing each other out." Hadick compared the competitive structure of the two blockchains to past social media platforms. He said, "They are both close to Facebook," and explained, "It will not be a structure where one disappears and only the other remains." He argued that in an environment where most assets are tokenized and meaningful economic activity occurs on-chain, multiple blockchains are needed simultaneously.
He analyzed that the center of on-chain economic activity is currently Ethereum. Hadick explained that most stablecoins are issued on an Ethereum basis and that Ethereum maintains an advantage in terms of network asset value. According to RWA.xyz, the network asset value of Ethereum, including stablecoins, is about $183.7 billion.
By contrast, Solana shows strengths in transaction processing. Hadick said Solana is optimized to handle high transaction volumes and is competitive in use cases centered on transaction flow. By the same measure, Solana's network asset value is about $15.9 billion.
Hadick noted that it is structurally difficult for a single blockchain to meet all demand. He said, "No single chain can scale sufficiently on its own to take on all roles," and "Each blockchain will divide roles centered on different use cases." He added that the possibility of a new blockchain emerging and taking market share cannot be ruled out.
In fact, some crypto asset platforms are adjusting blockchain choices according to business strategies. Fantasy sports-based crypto asset platform Sorare announced in October last year that it would move from Ethereum, which it had used for six years, to Solana for reasons of scalability and a more consumer-friendly environment. However, Sorare CEO Nicolas Julia described it as an upgrade and said that trust in Ethereum remains intact.
The market places weight on the possibility that as tokenization competition intensifies, the ecosystem will evolve toward multiple blockchains coexisting and leveraging their own strengths rather than a single-winner structure.
