Zach Pandl, Head of Research at Grayscale, predicts significant growth in the tokenization market, which currently stands at $27 billion, representing a mere 0.01% of global capital markets. Pandl forecasts the market could expand to $19 trillion by 2033, evolving through a phased development approach. In the initial phase, institutionally governed permissioned networks like Canton Network are expected to dominate. As the market matures, hybrid models may emerge, with networks such as Avalanche, known for its subnet architectures, likely to gain traction. Ultimately, Ethereum could become the backbone of global decentralized finance, although its adoption may progress more slowly.