Grayscale Research Chief Says Solana May Be an Overlooked Bet on Tokenization
Grayscale’s Zach Pandl argues that Ethereum, Solana and BNB Chain could underpin a multitrillion-dollar shift toward tokenized assets, even as investors focus on newer crypto narratives.
Solana may be one of crypto’s most overlooked long-term opportunities as financial institutions move more assets and activity on-chain, according to Grayscale Head of Research Zach Pandl. Speaking with Coinage at TOKEN2049 in Singapore, Pandl said investor enthusiasm for newer narratives could be distracting attention from the established smart-contract platforms likely to support tokenization and stablecoin growth.
Why Solana Is Not a Consensus Trade
Pandl identified Ethereum, Solana and BNB Chain as core infrastructure that crypto investors may be underweighting. He said crypto-native market participants are increasingly focused on assets such as Zcash and revenue-oriented products such as Hyperliquid, potentially leaving the foundational platforms aside.
“Don’t sleep on the classics — Ethereum, Solana, BNB Chain,” Pandl told Coinage.
His argument is tied to the expected expansion of blockchain-based financial infrastructure. Tokenized securities, tokenized deposits and stablecoins could require smart-contract platforms to provide the settlement rails connecting traditional finance with crypto-native applications.
- Smart-contract platforms: Potential infrastructure for tokenized assets and digital deposits
- Stablecoins: A prospective bridge between traditional payments and on-chain markets
- Solana: One of the established networks competing to capture institutional blockchain activity
Pandl cautioned that rising tokenization activity would not necessarily translate directly into higher token prices. The opportunity, instead, is that established networks could become increasingly important as more financial products migrate on-chain.
Trading and Privacy Expand the Opportunity Set
The discussion also covered fast-growing areas that have attracted more immediate market attention. Pandl described Hyperliquid as a leading blockchain-based trading ecosystem for perpetual futures and leveraged positions, while predicting that perpetual futures could eventually become common for both institutional and retail users beyond crypto markets.
He also highlighted privacy as a potential requirement for the next phase of blockchain adoption. As more financial activity becomes publicly visible on-chain, institutions and users may seek technology that protects transaction details across smart-contract platforms, stablecoins and derivatives markets.
Grayscale has backed that theme through its involvement with a Zcash exchange-traded fund, while competing products are also being explored. Pandl said Zcash could continue gaining market share among users who specifically demand privacy, but framed privacy as a broader layer that may extend across the crypto ecosystem.
What This Means
For Solana, the comments reinforce an institutional adoption thesis centered on infrastructure rather than short-term narrative momentum. The network is being positioned alongside Ethereum and BNB Chain as a potential settlement layer for tokenized assets, stablecoins and other blockchain-based financial products.
That outlook remains prospective, and competition among smart-contract platforms will be significant. Still, if Wall Street’s tokenization push accelerates, Solana’s role may become more visible even while market attention rotates toward privacy assets, decentralized derivatives and other emerging themes.