Multiple Blockchains Can Thrive Together in Tokenization Race

As the cryptocurrency market matures and tokenization gains traction across industries, one critical question has emerged: can multiple blockchains coexist and succeed simultaneously? According to insights from Dragonfly General Partner Rob Hadick shared with CoinTelegraph, the answer is a resounding yes—and the market data increasingly supports this thesis.

The Great Divide: Ethereum and Solana’s Different Strengths

When examining the current state of blockchain adoption, Ethereum remains the dominant force in stablecoin issuance and hosts the majority of on-chain economic activity. However, this dominance in asset holdings masks a more nuanced reality about how different blockchains serve distinct purposes. As of February 2026, Ethereum’s network asset value stands at $239.91 billion in market capitalization, while Solana has captured $48.84 billion—a significant but different slice of the blockchain ecosystem.

What’s particularly revealing is that despite Solana’s lower total asset value, it processes a substantial portion of the transaction volume across the cryptocurrency market. This divergence reveals an important truth: blockchains are not competing in a single dimension. Rather, each has optimized for different use cases and user behaviors.

Why Multiple Blockchains Thrive in an Increasingly Tokenized World

Hadick’s perspective challenges the zero-sum thinking that dominated earlier cryptocurrency debates. “If you believe that most assets will be tokenized and there will be a significant amount of economic activity on-chain, you cannot just have one blockchain,” he explained. This logic is straightforward: the scale of future tokenized economic activity is so vast that no single blockchain infrastructure can serve all use cases equally well.

Different blockchains are emerging with distinct competitive advantages. Some prioritize settlement speed and throughput, attracting high-frequency traders and DeFi applications. Others emphasize security and finality, becoming the preferred home for large institutional asset holdings. Still others focus on specialized functions, from privacy-preserving transactions to application-specific optimizations.

The Road Ahead: New Entrants and Evolving Market Share

Looking to the future, Hadick suggests that the blockchain ecosystem will only become more diverse. New blockchains are likely to emerge and capture meaningful market share by identifying underserved use cases and building superior solutions. The tokenization mega-trend will provide enough economic activity to sustain multiple winning blockchains rather than create a single dominant platform.

This vision suggests that investors and builders should stop asking “which blockchain will win?” and instead focus on “how will different blockchains specialize to capture maximum value?” The data from 2026 already shows Ethereum and Solana thriving in different ways—a pattern that will likely repeat as the next generation of blockchains enters the race.