Gray Research Director: The tokenized market will develop in phases, with investment opportunities showing a "gradient release."

According to CoinDesk, Grayscale's research director Zach Pandl stated that the current tokenization market is still in its early stages, with a scale of about $27 billion, accounting for only about 0.01% of the global capital markets. However, it is expected to grow to nearly $19 trillion by 2033, with the tokenization market developing in phases and investment opportunities presenting a "gradient release."

In the early stages, permissioned networks likely dominated by institutions, such as Canton Network, are expected to prevail; in the mid-term, a hybrid model may emerge, with networks like Avalanche that have subnet structures likely to benefit; in the long term, Ethereum may support global decentralized finance, but the pace of implementation is relatively slow.