Tokenization Will Let Ethereum and Solana Coexist — Dragonfly’s Rob Hadick
Dragonfly Capital partner Rob Hadick told CNBC that tokenization will enable multiple public blockchains — notably Ethereum (ETH) and Solana (SOL) — to grow alongside each other rather than one eliminating the other. Hadick argued different chains will serve distinct use cases: Ethereum currently hosts far more stablecoins and institutional tokenized money-market funds (examples cited: BlackRock’s BUIDL, Fidelity’s FYHXX, JPMorgan’s MONY), while Solana captures higher trading volume, lower fees and is optimized for fast transaction flows, suiting scalable trading applications. Market-data cited (RWA.XYZ) put Ethereum’s on-chain market value including stablecoins at about $183.7 billion versus Solana’s $15.9 billion. Hadick said no single public blockchain can scale to serve every use case and predicted public chains will remain central despite banks’ interest in private networks; he also left open the possibility of new chains emerging. The reporting notes practical migration examples — Sorare and Render moving parts of their infrastructure to Solana and Galaxy Digital swapping ETH for SOL to build a sizable SOL treasury — suggesting an industry trend toward blockchain-specific roles rather than winner-takes-all dominance. For traders, the takeaway is clear: expect ongoing multi-chain demand, differentiated value propositions for ETH and SOL, and continued flow-based activity favoring high-throughput networks.
Neutral
The news frames tokenization as supportive of a multi-chain ecosystem rather than being directly price-driving for a single token. Positive developments for both ETH and SOL are described: Ethereum’s dominance in stablecoins and institutional tokenized funds underlines its role as settlement and asset-hosting layer, while Solana’s higher throughput and lower fees attract trading activity and migrations by projects and treasuries. These are supportive fundamentals but not immediate catalysts for large directional moves. Short-term, mentions of migrations and treasury swaps (e.g., Galaxy Digital exchanging ETH for SOL) can trigger episodic buying pressure in SOL and selling pressure in ETH, creating temporary volatility. Long-term, clearer on-chain product-market fit for each chain (asset custody and tokenized funds on Ethereum; high-frequency, low-fee trading on Solana) could sustain gradual portfolio allocation to SOL alongside ETH, supporting structural demand. Net effect: balanced — positive for both ecosystems’ narratives but not decisively bullish for only one token, so classify as neutral for single-asset price impact.