CoinWorld News, Gray Scale Research Director Zach Pandl stated that the current tokenization market is still in its early stages, with a size of approximately $27 billion, accounting for about 0.01% of the global capital market. However, it is expected to grow to nearly $19 trillion by 2033. The tokenization market will develop in phases, with investment opportunities showing a "gradient release." In the early stage, permissioned networks led by institutions, such as Canton Network, are more likely to succeed; in the mid-term, hybrid models may emerge, with networks like Avalanche that have subnet structures expected to benefit; in the long term, Ethereum could support global decentralized finance, but the implementation pace will be relatively slow.