The tokenization of real-world assets (RWAs) has become a focal point for the crypto industry in 2026, and recent statements from influential players are reigniting debates over the value of underlying blockchains like Ethereum and Solana. On July 17, Bitwise CEO Hunter Horsley shared a pointed defense of these networks, calling skepticism about their native tokens the “2026 version of the ‘blockchain, not Bitcoin’ thesis.”
Horsley argued that attempts to separate RWA infrastructure from the economic value of base-layer coins are a fundamental miscalculation. “I like tokenization and stablecoins, but I still don't see how Ethereum, Solana, etc are useful,” he framed as the flawed thinking now echoing past mistakes. His comments come as data from RWA.xyz shows Ethereum leading with $15.5 billion in distributed value across 915 projects, and Solana in third place with $3.0 billion across 707 products. Any transaction within these ecosystems—whether dividend distributions, transfers, or smart contract interactions—requires ETH or SOL for gas, directly tying their utility and value to the expanding tokenization sector.
However, behind the public defense lies a strategic bet. Bitwise has a clear interest in Hyperliquid, a decentralized trading platform whose open interest in RWA derivatives surged to a record $3.6 billion, surpassing Solana’s entire spot RWA market. Hyperliquid’s total open interest reached $11 billion, signaling explosive growth that the fund is positioned to capitalize on. This dual narrative—defending established networks while promoting a fast-rising alternative—reflects a calculated push to direct investor attention toward flexible infrastructure solutions.
Adding fuel to the discussion, venture capital giant a16zcrypto tweeted on July 15 about the significance of tokenized asset data. The tweet, which garnered 190 likes and 28 retweets, highlighted the ongoing shift in market sentiment towards tangible, real-world assets on blockchain. Although trading activity for tokenized assets remains relatively low currently, the attention from a16z and Bitwise could catalyze renewed interest, with traders monitoring potential support and resistance levels around RWA-related tokens. As tokenization trends evolve, the defense of Ethereum and Solana’s utility and the rise of platforms like Hyperliquid may reshape the landscape, reinforcing the narrative that native coins are indispensable to the on-chain economy.
