Grayscale research head Zach Pandl says investors may be overlooking Ethereum, Solana and BNB Chain while newer narratives around Zcash and Hyperliquid draw attention. He argues the established smart contract platforms are positioned to anchor a coming tokenization wave. Pandl acknowledges that many crypto natives do not share the view.
Grayscale's head of research cautioned that market participants may be overlooking Ethereum, Solana and BNB Chain. Zach Pandl says newer assets such as Zcash and Hyperliquid are soaking up the spotlight. His argument is that the established smart contract platforms are positioned to anchor a coming wave of tokenization that could involve trillions in on-chain assets.
Pandl points to stablecoins, deposits and securities
Pandl made the remarks in an interview at the TOKEN2049 conference in Singapore, published on October 13, 2026. He said privacy features and perpetual futures platforms are captivating many investors, and he does not dispute the excitement. He thinks it risks pulling focus from the infrastructure Wall Street will need.
He tied the argument to an expected tokenization boom and named three categories: stablecoins, tokenized deposits and tokenized securities. Pandl also noted that many enthusiasts seem to prioritize projects that generate high revenue.
Newer tokens have outpaced ETH and SOL
The short-term numbers favor the newcomers. Zcash posted a 389% increase over the past year, while Hyperliquid rose 100% over the same stretch. Both outpaced ETH and SOL.
Zcash is a privacy-focused coin. Hyperliquid is a platform built around perpetual futures, derivative contracts with no expiry date.
Grayscale's case for the base layer
Grayscale believes smart contract platforms are essential to a robust crypto portfolio. Pandl acknowledged that this position is not a consensus among crypto natives.
Ethereum, Solana and BNB Chain also compete with each other for the same institutional activity, according to Crypto Briefing. A tokenization boom would not necessarily lift all three equally.
The thing to watch is whether stablecoin and tokenized securities activity grows on these networks, and whether institutions start announcing products built on them.
Source: Crypto Briefing
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