Grayscale Research Director: Tokenization Market Enters "Gradient Market Conditions," Institutional Chains May Benefit First

According to Zach Pandl, Grayscale's Head of Research, the current tokenization market is still in its early stages, with a size of approximately $270 billion, accounting for only about 0.01% of the global capital market. However, it is projected to grow to nearly $19 trillion by 2033. The development of the tokenization market will progress in phases, with investment opportunities showing a "gradient release." In the early stages, permissioned networks led by institutions, such as the Canton Network, are more likely to succeed. The mid-term may see a hybrid model emerge, with networks featuring subnet structures like Avalanche poised to benefit. In the long run, Ethereum may underpin global decentralized finance, but its implementation pace is relatively slower. (CoinDesk)