Dragonfly VC Says Solana And Ethereum Will Coexist As Tokenization Adoption Rises

TLDR

Table of Contents

Dragonfly VC says no single blockchain can support all tokenized asset activity.
Ethereum leads in network asset value with $183.7 billion including stablecoins.
Solana handles most crypto trading volume due to faster and cheaper transactions.
RWA.XYZ data shows Solana’s network asset value stands at $15.9 billion.

Solana and Ethereum are expected to grow side by side as tokenization gains pace, according to Dragonfly Capital. The venture firm says the market is large enough for multiple blockchains to support tokenized assets and onchain activity. While Ethereum leads in asset value, Solana plays a key role in transaction-heavy use cases. Dragonfly argues that competition will not force one network out, as demand continues to expand.

Dragonfly sees space for multiple blockchains

Dragonfly general partner Rob Hadick said Solana and Ethereum can coexist as tokenization adoption increases. He made the comments during an appearance on CNBC’s “Squawk Box” this week. Hadick rejected the idea that one blockchain must dominate the market while others fade away.

“They are both Facebook,” Hadick said when comparing blockchain competition to social media history. He explained that crypto networks are not locked into a winner-takes-all outcome. He said the scale of future onchain activity supports more than one major network.

CNBC PUT ETHEREUM VS SOLANA ON THE MAIN STAGE
They brought in Rob Hadick from Dragonfly, a top crypto-native VC that’s backed some of the biggest winners in infra and DeFi.$ETH still dominates where the economic value and TVL live. $SOL is where trading volume and fast,… pic.twitter.com/wCxtf1XAE6
— CryptosRus (@CryptosR_Us) December 25, 2025

Hadick added that tokenization could move a large share of global assets onto blockchains. This includes financial products, stablecoins, and real-world assets. Because of this growth, he said a single blockchain cannot handle all activity alone.

Ethereum leads in asset value and stablecoins

Ethereum remains the largest blockchain by network asset value. Data from RWA.XYZ shows Ethereum holds $183.7 billion in assets, including stablecoins. This reflects its early role in decentralized finance and token issuance.

Hadick said most stablecoins still operate on Ethereum. He noted that Ethereum hosts the bulk of current onchain economic activity. Many institutions also prefer Ethereum due to its long track record and security profile.

This position gives Ethereum an advantage in asset-heavy use cases. These include tokenized bonds, funds, and payment rails. The network’s role in settlement and custody remains central to the tokenization market.

Solana dominates high-volume transaction activity

Solana operates at a different end of the activity spectrum. According to Hadick, Solana processes most crypto trading volume. He said the network is better suited for rapid and frequent transactions.

Solana’s network asset value stands at $15.9 billion, based on RWA.XYZ data. While this figure is far lower than Ethereum’s, it does not reflect transaction throughput. Solana’s design focuses on speed and low costs.

This makes Solana attractive for trading platforms and consumer-facing apps. High-frequency use cases often require fast execution and minimal fees. Solana’s infrastructure supports this demand, even with lower asset balances.

No single chain can scale alone

Hadick said it is unlikely that one blockchain will dominate all use cases. He stated that no network can scale enough to support every type of activity. Different chains are likely to specialize in different functions.

“I think we’re going to see different use cases on different blockchains,” Hadick said. He added that new networks could also enter the market and gain adoption over time.

As tokenization expands, competition among blockchains is expected to continue. However, Dragonfly’s view suggests coexistence rather than displacement. Ethereum and Solana may both benefit as demand for onchain systems grows across sectors.