Solana and Ethereum Can Coexist in Tokenization Race: Dragonfly VC
- Dragonfly VC says Solana and Ethereum will both thrive in tokenization
- No single blockchain can dominate all onchain activity
- Ethereum leads in stablecoins and asset value, while Solana dominates trading volume
- Different blockchains will specialize in different use cases
- Platforms are already switching chains based on performance and user needs
Solana and Ethereum are both positioned to succeed in the race to tokenize real-world and digital assets, with neither blockchain likely to push the other out of the market, according to Dragonfly Capital general partner Rob Hadick.
Speaking on CNBC’s Squawk Box, Hadick rejected the idea that the tokenization boom will crown a single dominant blockchain. When asked which network would emerge as the “Facebook” of crypto while others fade like MySpace, Hadick said the comparison misses the point. In his view, both Solana and Ethereum can occupy leading positions at the same time.
Hadick argued that if tokenization continues to expand and more economic activity moves onchain, the market will be far too large for a single network to handle alone. The scale and diversity of assets expected to be tokenized make blockchain coexistence not just possible, but necessary.
Different Chains, Different Strengths
While Ethereum currently anchors most onchain economic activity, Hadick acknowledged that Solana excels in areas where speed and throughput matter most. Most stablecoins today are issued on Ethereum, reinforcing its role as the backbone for tokenized assets and institutional-grade activity.
Solana, by contrast, processes the highest trading volumes across major blockchains, making it better optimized for high-frequency transactions and consumer-facing applications. This distinction is also reflected in network asset values, with Ethereum holding roughly $183.7 billion in assets compared to Solana’s $15.9 billion, according to RWA.XYZ data.
Rather than viewing this gap as a weakness, Hadick framed it as evidence that blockchains are naturally specializing. In his view, no single network can scale enough to serve every possible use case, especially as tokenization expands across financial markets, gaming, payments and consumer apps.
Platforms Already Switching Chains
The market is already showing signs of this multi-chain future. Crypto platforms increasingly move between blockchains as their needs evolve, prioritizing scalability, cost efficiency or user experience depending on their business model.
Fantasy sports platform Sorare announced in October that it would migrate from Ethereum to Solana after six years, citing Solana’s scalability and stronger consumer-oriented ecosystem. The move will see more than 10 sports games and their associated trading cards transition to the network.
Despite the migration, Sorare CEO Nicolas Julia emphasized continued confidence in Ethereum, describing the shift as an upgrade rather than a rejection of the Ethereum ecosystem. The decision reflects a broader trend of pragmatic chain selection rather than ideological loyalty.
A Multi-Chain Future Takes Shape
Institutional players are also signaling openness to multiple blockchains. Anthony Bassili, president of Coinbase Asset Management, recently said that while Bitcoin and Ether dominate most crypto portfolios, Solana is increasingly seen as a potential third major allocation.
As tokenization accelerates, industry leaders expect different blockchains to carve out distinct roles rather than compete in a zero-sum battle. According to Dragonfly, the future of onchain finance is not about one winner, but about an interconnected ecosystem where multiple networks thrive side by side.
