Grayscale: ETH, SOL, Chainlink to gain from $30B tokenization

In an April 29 report, Grayscale Research estimated tokenized assets at about $30 billion, a 217% increase year over year, and that amount represents roughly 0.01% of the roughly $300 trillion global equity and bond markets.

The firm estimated tokenized U.S. Treasuries at about $15 billion and tokenized commodities near $5 billion. Grayscale identified six protocols it views as core infrastructure for tokenized markets: Ethereum, Solana, Canton, Avalanche, BNB Chain and Chainlink.

Grayscale described each network’s role. Ethereum hosts a large decentralized finance ecosystem and broad smart-contract use. Solana offers higher transaction throughput and lower fees. Canton targets institutional users by adding privacy and permissioning features. Avalanche supports customizable blockchain deployments for specific use cases. BNB Chain benefits from distribution linked to Binance’s user base. Chainlink provides middleware services such as data feeds and proof-of-reserves across multiple chains.

The report said growth in tokenized assets so far has been led by Treasuries and commodities, and that increased issuance, trading and settlement onchain could raise blockchain activity. That activity may increase demand for blockspace and transaction fees on smart-contract platforms and could attract additional liquidity and developers to networks handling the most volume.

Grayscale framed tokenization as a multi-phase process. Institution-focused platforms may capture early adoption because of privacy and permissioning, while open networks could expand their roles as privacy solutions develop. Hybrid approaches may connect institutional systems with public ecosystems.

The report included a summary of how value could accrue: “In our view, value will accrue to the underlying blockchain tokens — including ETH, SOL, and CC — with institution-centric networks potentially capturing early activity and open networks driving longer-term upside potential,” the report wrote. It added that Chainlink’s chain-agnostic services could provide consistent exposure across adoption phases.

Grayscale noted that despite rapid percentage growth, tokenized assets remain a small share of traditional markets, while adoption appears to be accelerating.