Grayscale Research has highlighted a group of blockchain protocols it believes are well positioned to benefit from the continued rise of tokenized assets, arguing that tokenization is becoming an important bridge between traditional capital markets and onchain infrastructure. In its April 29 analysis, the firm identified Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as key networks that could capture value as more financial assets are issued, transferred, and settled on blockchain systems.
The report frames tokenization as more than a niche crypto trend. Instead, Grayscale presents it as a structural shift in how capital markets may evolve over time. The firm wrote that a meaningful share of the roughly $300 trillion securities market, along with other asset classes such as real estate, could eventually migrate onchain. While that transition is still in its early stages, the firm sees the current momentum as significant enough to create a major long-term investment theme.
Tokenized Asset Market Expands Rapidly
According to Grayscale’s estimates, tokenized assets currently account for about $30 billion in value, representing a 217% year-over-year increase. Although that remains small compared with traditional global equity and bond markets, the pace of growth suggests that tokenization is moving from experimentation toward broader implementation.
The firm noted that tokenized assets still make up only about 0.01% of global equity and bond markets, underscoring how early the market remains. Even so, the recent expansion has been led by tangible categories with clear institutional appeal. Tokenized U.S. Treasuries account for about $15 billion, while tokenized commodities are estimated at nearly $5 billion. These categories have emerged as leading use cases, likely because they map relatively well onto blockchain-based issuance and settlement while offering investors familiar exposure.
That combination of small current size and fast growth is central to Grayscale’s argument. The market may be limited in absolute terms today, but its trajectory points to a broader transformation that could reshape how financial assets are distributed and managed.
Why These Networks Stand Out
Grayscale’s list of favored protocols reflects the different layers of infrastructure required to support tokenization. The firm does not present tokenization as a winner-take-all market dominated by one blockchain. Instead, it argues that multiple networks can benefit because each serves a distinct role in the stack.
Ethereum is highlighted for its large decentralized finance ecosystem, which gives it a strong foundation in liquidity, applications, and developer activity. As tokenized assets interact with lending, trading, and settlement systems, Ethereum’s existing network effects may help it remain a central venue for financial experimentation and deployment.
Solana, by contrast, is positioned around transaction speed and lower costs. Those characteristics could make it attractive for higher-throughput tokenized markets or use cases where users seek cheaper and faster transfers. As tokenized products scale, efficiency may become an increasingly important differentiator, giving Solana a potential advantage in certain segments.
Canton is presented as a network designed for institutional needs, particularly where privacy and permissioning are critical. Financial institutions often require more controlled environments than public blockchains can currently offer by default, and Canton’s design appears aimed at that demand.
Avalanche is recognized for enabling customizable blockchain deployments. That flexibility may appeal to enterprises or institutions that want tailored infrastructure while still retaining some connection to the broader blockchain ecosystem.
BNB Chain is described as benefiting from distribution tied to Binance. That association can provide reach, user access, and ecosystem support, factors that may matter as tokenized products seek distribution channels and liquidity.
Chainlink, meanwhile, occupies a different but critical role. Rather than serving as a primary venue for token issuance alone, it provides middleware services such as data delivery and proof of reserves across multiple networks. Grayscale specifically noted that LINK appears well positioned to gain from tokenization across adoption phases because of its chain-agnostic role.
Tokenization Could Increase Fees, Liquidity, and Developer Activity
One of the report’s central ideas is that growth in tokenized assets may translate into measurable economic activity for blockchain networks. As more assets move onchain, issuance, trading, transfers, and settlement could increase demand for blockspace on smart contract platforms. That in turn may support higher transaction fees and deeper onchain usage.
Grayscale also suggests that networks seeing stronger activity may attract more liquidity, developers, and capital over time. In other words, tokenization is not only about bringing traditional assets onto blockchains; it may also reinforce existing crypto network effects. A blockchain that becomes important to tokenized financial markets could benefit both directly, through usage, and indirectly, through stronger ecosystem development.
This is especially relevant because tokenized assets can serve as a bridge between traditional finance and decentralized applications. If tokenized Treasuries, commodities, or other securities become more common, they may eventually feed into trading venues, collateral systems, and other financial services already operating onchain. That could expand the practical role of public blockchain infrastructure beyond speculative crypto activity.
Institution-Centric Networks May Lead Early, Open Networks May Scale Later
Grayscale divides the tokenization opportunity partly along architectural lines. Institution-focused networks tend to prioritize privacy, compliance controls, and permissioned access, features that may make them more appealing during the early stages of adoption by financial firms. These design choices can help traditional institutions experiment with blockchain-based markets while maintaining operational and regulatory constraints.
Open networks, by contrast, offer transparency and broader participation. Although they may face challenges in meeting all institutional requirements today, they can enable wider access, composability, and application development. As privacy technologies and related tools improve, Grayscale believes these open ecosystems could play a larger role in the longer-term expansion of tokenized markets.
The report also points to hybrid approaches that combine elements of both models. Such frameworks may allow organizations to build customized environments while still remaining connected to larger blockchain ecosystems. In practice, this suggests that tokenization may evolve through several parallel tracks rather than one universal format.
That multi-phase perspective is important to Grayscale’s thesis. The firm argues that institution-centric networks may capture early activity, while open networks could deliver more significant upside over time as the market matures. In this context, the value created by tokenization may accrue not only to applications and service providers but also to the underlying blockchain tokens themselves, including ETH, SOL, and CC.
Chainlink’s Cross-Network Positioning
Among the names discussed, Chainlink stands out because Grayscale sees it as having relevance across multiple blockchain environments. Since tokenized assets are likely to exist on more than one network, services that connect systems, deliver trusted data, and verify reserves may become increasingly important. Chainlink’s role as middleware could allow it to benefit whether adoption is led by institution-centric chains, public blockchains, or a mix of both.
Grayscale explicitly stated that LINK appears well positioned to provide consistent exposure across adoption phases. That view reflects the possibility that tokenization will not be concentrated in a single ecosystem, making interoperability and shared infrastructure critical to the market’s development.
A Long-Term Theme Still in Early Stages
Overall, Grayscale’s analysis presents tokenization as a developing but potentially transformative trend in digital assets. The market remains small relative to traditional finance, but the reported $30 billion size and 217% annual growth rate indicate that real momentum is building. The firm’s thesis is that as tokenized Treasuries, commodities, securities, and other assets expand, the underlying blockchain infrastructure supporting them could capture growing economic value.
Rather than naming a single winner, Grayscale points to a set of networks with different strengths: Ethereum for DeFi depth, Solana for speed and cost efficiency, Canton for institution-oriented privacy, Avalanche for customization, BNB Chain for distribution, and Chainlink for cross-chain services. If tokenization continues to spread across financial markets, those protocols may each play a role in shaping the next stage of onchain capital formation.