PANews reported on April 1st, citing CoinDesk , that Zach Pandl, Head of Research at Grayscale , stated that asset tokenization should be viewed as a long-term roadmap, not a single trading opportunity, and will evolve in stages. He noted that the current approximately $ 27 billion in tokenized assets represents only about 0.01% of the global capital market, but this could increase to approximately $ 19 trillion by 2033. Pandl believes the first stage will benefit institution-friendly, permissioned networks like Canton Network , providing a "slightly upgraded" version of traditional finance; the second stage may be dominated by hybrid models like Avalanche , connecting institutional and public chains through subnets; and in the long term, it is expected to shift towards a globalized, decentralized Ethereum ecosystem. Furthermore, he mentioned that chain-agnostic infrastructures like Chainlink may be a more attractive "shovel" target.