Rob Hadick, a general partner at venture capital firm Dragonfly VC, has asserted that both Ethereum and Solana have significant room to grow and coexist within the expanding tokenization market. In an interview with CNBC's "Squawk Box," Hadick dismissed the notion of a single blockchain dominating the sector, drawing a parallel to the early days of social media where both Facebook and MySpace thrived. "If you believe that most assets are going to be tokenized and that on-chain economic activity will increase significantly, you can't just have one blockchain," Hadick stated.
The analysis highlights the distinct strengths of each network. Ethereum maintains a dominant position in stablecoin issuance and overall on-chain economic activity, with a network asset value—including stablecoins—reaching a staggering $183.7 billion, according to data from RWA.XYZ. In contrast, Solana, with a network asset value of $15.9 billion, is positioned as a blockchain optimized for high-volume transactions. "Solana handles the most trading volume, making it more optimized for that type of transaction flow," Hadick explained, emphasizing its advantages in speed and cost-effectiveness.
This specialization is driving real-world adoption and migration. A prominent example is fantasy sports platform Sorare, which announced in October 2025 its migration from Ethereum to Solana after six years. Sorare CEO Nicolas Julia framed the move as an "upgrade" to capitalize on Solana's scalability, while still expressing confidence in Ethereum's long-term potential.
Adding a layer of industry perspective, Cardano founder Charles Hoskinson separately commented on the competition. He suggested that Solana may have better short-term growth potential due to its faster upgrade cycles and leadership structure focused on speed and scalability, which has propelled it to lead in daily transaction volume. However, Hoskinson noted that Solana's Total Value Locked (TVL) and stablecoin usage are estimated to be only about one-tenth of Ethereum's size.
Hoskinson described Ethereum as a victim of its own massive success, where changes take longer due to the scale of its ecosystem. He believes Ethereum's heavy investment in research—particularly in zero-knowledge proofs and advanced scaling—positions it for long-term strength, potentially evolving into a global verification layer. The consensus from both viewpoints is clear: the tokenization market is vast enough for multiple leaders, with Ethereum and Solana carving out complementary roles based on their core technical and economic strengths.
