Grayscale Report: Analyzing the public chain and tokenization revolution, who will be the biggest beneficiary of RWA?

1. Asset tokenization is the registration of asset ownership on blockchain infrastructure so that market participants can benefit from the functions of blockchain, such as more efficient settlement, programmability, accessibility and cost reduction.
2. The main benefits of tokenization may come from bringing together users, assets and applications on a common global platform, rather than immediate efficiency improvements.
3. From the perspective of the crypto market, the most promising may be protocols that can serve as a unified platform for tokenized assets, investors and related applications. Grayscale Research currently believes that the Ethereum blockchain is most likely to achieve this goal in the future.
4. Tokenization technology has found product-market fit in areas such as stablecoins, tokenized treasuries and tokenized credit products, but to develop beyond today's crypto-native institutions, it needs to connect more effectively with existing capital pools.
5. Tokenization may drive a large amount of blockchain activity and fee income, bringing value-added to blockchain-based tokens, especially L1 blockchains and tokenization protocols themselves in the crypto field of smart contract platforms.