Key Takeaways
- • Grayscale Head of Research Zach Pandl warned investors may be overlooking Ethereum, Solana and BNB Chain as newer narratives such as Zcash and Hyperliquid draw attention, according to remarks published October 13, 2026.
- • Pandl argues the established smart contract platforms are positioned to anchor a coming tokenization wave that could involve trillions in on-chain assets.
- • Zcash rose 389% and Hyperliquid rose 100% over the past year, both outpacing ETH and SOL.
- • Pandl named three tokenization categories: stablecoins, tokenized deposits and tokenized securities.
- • Pandl acknowledged Grayscale's view is not consensus among crypto natives.
Summary
Grayscale Head of Research Zach Pandl cautioned that market participants may be overlooking Ethereum, Solana and BNB Chain, even as privacy-focused and derivatives-oriented assets attract investor attention. Speaking in an interview at the TOKEN2049 conference in Singapore, published October 13, 2026, Pandl said newer narratives around Zcash and Hyperliquid are absorbing much of the spotlight. Zcash posted a 389% increase over the past year and Hyperliquid rose 100% over the same period, both outpacing ETH and SOL. Zcash is a privacy-focused coin, while Hyperliquid is a platform built around perpetual futures, a derivative with no expiry that allows leveraged bets on price moves.
Pandl's central argument is that the established smart contract platforms are positioned to anchor a coming tokenization wave, which could involve trillions in on-chain assets. He pointed to three categories: stablecoins, tokenized deposits that place bank deposits on-chain, and tokenized securities such as stocks or bonds issued in blockchain form. He suggested that Wall Street adoption will favor platforms with deep developer ecosystems, established track records and the capacity to handle these assets at scale. According to the research accompanying his remarks, stablecoin and tokenized asset activity is expected to improve transaction efficiency and cut costs, and any platform hosting a large share of that activity could become central to a diversified crypto portfolio.
Pandl also observed that many crypto enthusiasts prioritize high-revenue projects, which can cause steady long-term positions in established platforms to be overlooked. He acknowledged that Grayscale's view, that smart contract platforms are essential to a robust crypto portfolio, is not consensus among crypto natives. The article notes that Ethereum, Solana and BNB Chain compete for the same institutional activity, so a tokenization boom would not necessarily lift all three equally. Key indicators to watch include whether stablecoin and tokenized securities activity grows on these networks and whether institutions announce products built on them.
Pandl's central argument is that the established smart contract platforms are positioned to anchor a coming tokenization wave, which could involve trillions in on-chain assets. He pointed to three categories: stablecoins, tokenized deposits that place bank deposits on-chain, and tokenized securities such as stocks or bonds issued in blockchain form. He suggested that Wall Street adoption will favor platforms with deep developer ecosystems, established track records and the capacity to handle these assets at scale. According to the research accompanying his remarks, stablecoin and tokenized asset activity is expected to improve transaction efficiency and cut costs, and any platform hosting a large share of that activity could become central to a diversified crypto portfolio.
Pandl also observed that many crypto enthusiasts prioritize high-revenue projects, which can cause steady long-term positions in established platforms to be overlooked. He acknowledged that Grayscale's view, that smart contract platforms are essential to a robust crypto portfolio, is not consensus among crypto natives. The article notes that Ethereum, Solana and BNB Chain compete for the same institutional activity, so a tokenization boom would not necessarily lift all three equally. Key indicators to watch include whether stablecoin and tokenized securities activity grows on these networks and whether institutions announce products built on them.
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