Grayscale research head Zach Pandl has outlined a multi-stage framework for understanding how tokenization will develop over time, arguing that it should be treated as a long-term roadmap rather than a single investment opportunity. Pandl’s view suggests that no single platform will dominate throughout the entire process. Instead, different networks are positioned to lead at distinct phases of adoption.
In the earliest stage, Pandl expects institution-focused, permissioned systems to capture the most ground. He points to the Canton Network as an example of this type of infrastructure, describing it as offering a modestly improved version of existing financial systems. These platforms are designed to meet the compliance and control requirements that large financial institutions typically demand.
As tokenization matures, Pandl anticipates a shift toward hybrid models that blend elements of both permissioned and open systems. He identifies Avalanche as a network well-suited to lead during this intermediate phase. Such platforms may appeal to a broader range of participants while still maintaining certain structural guardrails.
The final stage of the roadmap, according to Pandl, would be defined by more ambitious, globally accessible, and decentralized platforms. He singles out Ethereum as the network most likely to emerge as a leader at this advanced level of development. This stage would represent a significant departure from today’s financial infrastructure in terms of openness and reach.
Pandl’s framework implies that investors and institutions tracking the tokenization space should calibrate their expectations based on where the market currently sits along this progression. Identifying which stage is dominant at any given moment may be as important as selecting which platform to back. The roadmap approach suggests patience and adaptability will be key factors for those seeking to benefit from tokenization’s growth.
Originally reported by CoinDesk.
