Tokenization Race: Solana and Ethereum to Coexist, Says Dragonfly’s Rob Hadick
According to Rob Hadick, general partner at Dragonfly, both Solana and Ethereum will succeed in the race to tokenization, and neither blockchain will displace the other from the market. Hadick’s statement suggests that the growing interest in tokenization and increasing on-chain economic activity will create room for multiple blockchains to coexist.
Hadick drew an analogy between the two blockchains and social media platforms, stating that “They’re both Facebook” when asked which blockchain will gain market dominance. He emphasized that with the increasing scope of tokenization and on-chain economic activity, it is unlikely that one blockchain will dominate the market, just like how Facebook did in the social media space.
No Single Blockchain Can Win the Tokenization Race
Hadick pointed out that most stablecoins are currently on Ethereum, which is where the majority of on-chain economic activity occurs. However, Solana handles the most trading volume and is therefore “more optimized for this type of transaction flow.” This suggests that different blockchains may specialize in different types of transactions and use cases.
Despite the significant gap in network value between Ethereum and Solana, with Ethereum’s network asset value, including stablecoins, standing at $183.7 billion and Solana’s at $15.9 billion, according to RWA.XYZ data, Hadick believes that no single chain can “scale large enough” to take on the role of a sole dominant blockchain. 
Ethereum has the largest network value among blockchain networks. Source: RWA.XYZ
Crypto Platforms Switch Between Blockchain Networks
Some crypto platforms have switched between the two blockchains as their business needs have changed. For example, fantasy sports crypto platform Sorare announced in October that it would migrate from Ethereum to Solana, citing the latter’s scalability and consumer-focused user base. Sorare CEO Nicolas Julia stated that the transition was an “upgrade,” despite still being bullish on Ethereum.
Anthony Bassili, president of Coinbase Asset Management, also mentioned that Solana (SOL) is a potential “maybe” for third place in the average crypto portfolio, after Bitcoin (BTC) and Ether (ETH). This suggests that Solana is gaining traction and may become a significant player in the crypto market.
For more information on the tokenization race between Solana and Ethereum, visit Cointelegraph for the latest updates and insights.
