Gate News message. On April 1, Grayscale research chief Zach Pandl said the current tokenization market is still in its early stage, with a size of about $27 billion, representing only about 0.01% of the global capital markets. But it is expected to grow to nearly $1.9 trillion by 2033. Pandl believes the tokenization market will advance in stages, and investment opportunities will show a “staged release” characteristic. In the early stage, networks with permissioned models that are more likely to be institution-led are more likely to win, such as Canton Network. In the mid-term or when transitioning into a hybrid mode, networks with subnet structures, such as Avalanche, are expected to benefit. In the long run, Ethereum may host global decentralized finance, but the rollout pace is relatively slower.