The debate over which blockchain will dominate tokenized finance may be built on the wrong assumption entirely.
Instead of a single winner emerging, the next phase of crypto could resemble a shared digital economy where different chains excel at different jobs.
Key Takeaways
Tokenization is expanding the market, not creating a winner-takes-all battle.
Ethereum and Solana are evolving toward different economic roles.
No single blockchain can scale to support all onchain activity.
That is the view of Rob Hadick, who believes the tokenization boom is expanding the market rather than compressing it into a zero-sum fight. As more assets move onchain, the demand created is far larger than what any single network could realistically absorb.
Tokenization changes the rules of competition
Tokenization is not just another crypto trend. If equities, bonds, commodities, and real-world assets increasingly exist on blockchains, the scale of activity multiplies dramatically. In that scenario, infrastructure becomes about capacity and specialization, not supremacy.
From this perspective, the idea that one blockchain could replace all others breaks down quickly. Settlement layers, trading venues, consumer apps, and institutional rails all place different demands on a network. Trying to serve all of them equally would stretch even the most advanced architecture beyond its limits.
Two blockchains, two economic roles
The current market already reflects this split. Ethereum has positioned itself as the core settlement and capital layer of crypto. Stablecoins, tokenized assets, and long-term value tend to accumulate there, reinforcing its role as the financial backbone of onchain activity.
Meanwhile, Solana has leaned into speed and efficiency. Its design favors fast execution and high-volume activity, making it attractive for trading-heavy use cases, consumer applications, and products that depend on low fees and rapid finality.
Rather than overlapping completely, the two networks are drifting toward complementary functions within the same ecosystem.
Why a single-chain future is unlikely
One of the biggest constraints facing blockchains is scale. Even optimistic assumptions about throughput improvements run into trade-offs involving decentralization and security. As economic activity grows, fragmentation becomes a feature, not a flaw.
Hadick expects this fragmentation to deepen over time, with different blockchains hosting different slices of the tokenized economy. He also sees room for entirely new networks to emerge, especially as use cases evolve and technology advances.
Builders follow users, not ideology
Application behavior offers a preview of that future. Projects increasingly treat blockchains as infrastructure choices rather than ideological commitments, switching networks as their priorities shift.
Fantasy sports platform Sorare is a clear example. After years on Ethereum, the company opted to migrate much of its activity to Solana, citing scalability and user experience as key factors. Notably, the move was framed as an upgrade rather than an abandonment, reflecting a pragmatic approach to blockchain selection.
Coexistence over conquest
From an investment and infrastructure standpoint, the implication is straightforward. Tokenization does not require Ethereum to lose for Solana to win – or vice versa. Both can expand simultaneously as onchain finance grows more complex and more global.
Instead of a replay of past tech platform wars, the tokenization era is shaping up to be a multi-chain economy, where dominance is measured by relevance to specific use cases, not by total elimination of competitors.
