Grayscale's head of research, Zach Pandl, warned that investors may be overlooking Ethereum, Solana and BNB Chain as attention shifts toward newer crypto narratives. He argued that interest in assets such as Zcash and Hyperliquid could distract from platforms built for tokenization, according to Crypto Briefing.

Pandl spoke during an interview at the TOKEN2049 conference in Singapore, and his comments were published on October 13, 2026. His argument centers on the idea that established smart contract platforms are positioned to anchor a coming wave of tokenization, which could involve trillions of dollars in on-chain assets.

The warning comes at a moment when market participants are chasing returns in newer corners of the crypto market. Pandl's view is that this rotation toward recent narratives could prove costly for investors who lose sight of the infrastructure plays, according to Crypto Briefing.

Tokenization thesis

Pandl tied his warning to an expected boom in tokenization, the process of representing real-world financial assets as tokens on a blockchain. That includes stablecoins, the dollar-pegged tokens already used widely across crypto, as well as tokenized securities such as stocks or bonds issued in blockchain form.

Stablecoins and tokenized assets are expected to improve transaction efficiency and reduce costs. A platform that hosts a significant portion of that activity could emerge as a core holding in a diversified crypto portfolio, according to research findings that accompanied Pandl's remarks.

Pandl argued that Wall Street will seek out blockchain networks with deep developer ecosystems, proven track records and the capacity to handle stablecoins and tokenized securities at scale once institutional adoption arrives. Ethereum, Solana and BNB Chain fit that description in Grayscale's view, and they are among the most widely used smart contract networks.

The thesis rests on the idea that trillions of dollars in assets could move on-chain. If that happens, the platforms hosting that activity would become central pieces of the financial system, according to the research findings.

Market attention elsewhere

Newer narratives around assets like Zcash and Hyperliquid are currently soaking up the spotlight. Investors are gravitating toward privacy-focused tokens and platforms built for perpetual futures trading, according to Crypto Briefing.

Zcash gained 389% over the past year. Hyperliquid operates as a venue for perpetual futures, derivative contracts that have no expiry date and allow traders to speculate on price movements using leverage.

Pandl does not dispute the appeal of these newer projects. He thinks the focus on them risks pulling attention from the infrastructure Wall Street will need, according to Crypto Briefing.

Privacy features and perpetual futures platforms are captivating a lot of investors right now. That enthusiasm is understandable given the returns some of these assets have posted, but Pandl sees a risk in letting that excitement overshadow longer-term positioning.

Revenue versus infrastructure

Pandl also flagged a dynamic within crypto culture itself. Many enthusiasts seem to prioritize projects that generate high revenue, he noted.

That preference for high-revenue projects means steady, long-term bets on established platforms can be overlooked. His argument is essentially a reminder about time horizons, with a thesis focused on where value may accrue if tokenization scales the way proponents expect.

The emphasis on revenue generation creates an environment where patient capital allocated to infrastructure can slip through the cracks. Pandl's point is that this dynamic may cause investors to miss the platforms best positioned for the next phase of institutional adoption.

Grayscale's position

Grayscale has long presented itself as a link between the crypto sector and traditional finance. Pandl's comments align with that broader positioning, according to Crypto Briefing.

The asset manager views smart contract platforms as a necessary component of any well-constructed crypto portfolio. Pandl was candid that Grayscale's view is not universally shared, and he acknowledged that this position is not a consensus among crypto natives.

Pandl himself admitted that plenty of crypto natives would bet against him. Until tokenization activity materializes on these networks, he is taking a position that runs counter to current market sentiment, which favors newer narratives over established infrastructure, according to Crypto Briefing.

Competition among platforms

Pandl grouped Ethereum, Solana and BNB Chain together, but the three networks are rivals vying for the same institutional business. A tokenization boom would not necessarily lift all three equally.

The key signal to monitor is whether stablecoin and tokenized securities activity actually increases on these networks, and whether financial institutions begin unveiling products built on top of them. That will determine whether Pandl's thesis plays out as expected.

Each of the three platforms has its own strengths and weaknesses when it comes to attracting institutional activity. The competition among them means that even if tokenization takes off, the benefits may not be distributed evenly across all three networks.

Conclusion

Grayscale's research head Zach Pandl argued that Ethereum, Solana and BNB Chain are being overlooked as investors chase newer narratives like Zcash and Hyperliquid. He tied the warning to an expected tokenization wave that could bring trillions in assets on-chain, with established smart contract platforms positioned to benefit. The next concrete step is watching whether stablecoin and tokenized securities activity grows on these networks and whether institutions announce products built on them.

Frequently Asked Questions

What did Grayscale's Zach Pandl say about Ethereum and Solana?

Zach Pandl, Grayscale's head of research, warned that investors may be overlooking Ethereum, Solana and BNB Chain. He argued that buzz around newer assets like Zcash and Hyperliquid could distract from platforms built for tokenization, according to Crypto Briefing.

Where did Pandl make his comments about tokenization?

Pandl spoke during an interview at the TOKEN2049 conference in Singapore. His remarks were published on October 13, 2026.

What is tokenization in crypto?

Tokenization refers to the process of representing real-world financial assets as tokens on a blockchain. That includes stablecoins, which are dollar-pegged tokens already used widely across crypto, and tokenized securities such as stocks or bonds issued in blockchain form.

How much did Zcash gain over the past year?

Zcash posted a 389% increase over the past year, according to Crypto Briefing. The privacy-focused token is among the newer narratives currently capturing investor attention.

Why does Grayscale think smart contract platforms matter for portfolios?

Grayscale believes smart contract platforms are essential to a robust crypto portfolio. The firm argues that when Wall Street adopts blockchain technology, it will want platforms with deep developer ecosystems, established track records and the ability to handle stablecoins and tokenized securities at scale.