Ethereum is gearing up for two major network upgrades in 2026—Glamsterdam and Hegota—as it solidifies its position as the leading blockchain for stablecoins and tokenized assets. According to Bitwise Chief Investment Officer Matt Hougan, Ethereum is "the leading play on stablecoins and tokenization," a view supported by data showing the network holds 61.4% of the tokenized asset market, representing over $206 billion in on-chain value.
The network's development follows a phased roadmap, with recent upgrades like Dencun (March 2024), Pectra (May 2025), and Fusaka (December 2025) focusing on scaling via layer-2 rollups, improving wallet functionality, and enhancing data availability. The upcoming Glamsterdam upgrade, targeted for the first half of 2026, aims to increase base-layer throughput through parallel transaction execution and the integration of proposer-builder separation (ePBS). It is also expected to adjust state storage costs and may include lower ETH transfer fees.
The Hegota upgrade, slated for the second half of 2026, will focus on adopting Verkle Trees, a move that reduces data storage requirements and node hardware demands, pushing Ethereum toward a more stateless design. Other potential features include Fork-choice Enforced Inclusion Lists (FOCIL) for censorship resistance and smart-account enhancements.
Hougan highlighted a shift in the Ethereum community's focus toward users and investors, which he believes supports faster development. He also pointed to the immense growth potential in tokenization, comparing it to the early days of ETFs, with traditional assets like equities, bonds, and real estate representing trillions in addressable market value. Institutional interest is rising, with firms like BlackRock and Goldman Sachs exploring blockchain-based asset systems.
