103 posts tagged with "Tokenization"

On January 28, 2026, the SEC issued comprehensive guidance clarifying how federal securities laws apply to tokenized stocks. The timing wasn't coincidental — Robinhood had already tokenized nearly 2,000 U.S. equities on Arbitrum, Nasdaq proposed rule changes to enable tokenized trading, and Securitize announced plans to launch issuer-authorized stocks on-chain.

The regulatory clarity arrived because the technology forced the question. Tokenized stocks aren't coming — they're here, trading 24/7, settling instantly, and challenging century-old assumptions about how equity markets operate.

But not all tokenized stocks are created equal. The SEC's guidance distinguishes two clear categories: issuer-sponsored securities representing real ownership, and third-party synthetic products providing price exposure without shareholder rights. A third hybrid model emerged through Robinhood's approach — derivatives that trade like securities but settle through traditional custody.

These three models — direct mapping, synthetic exposure, and hybrid custody — represent fundamentally different approaches to bringing equities on-chain. Understanding the distinctions determines who benefits, what rights transfer, and which regulatory frameworks apply.

Model 1: Direct Mapping (Issuer-Authorized On-Chain Equity)​

Direct mapping represents the purest form of tokenized securities: companies integrate blockchain records into official shareholder registers, issuing tokens that convey identical rights to traditional shares.

Securitize's approach exemplifies this model: companies issue securities directly on-chain, maintaining cap tables as smart contracts, and recording all ownership transfers through blockchain transactions rather than traditional transfer agents.

What Direct Mapping Provides:

Full Shareholder Rights: Tokenized securities can represent complete equity ownership, including dividends, proxy voting, liquidation preferences, and pre-emptive rights. The blockchain becomes the authoritative record of ownership.

Instant Settlement: Traditional equity trades settle T+2 (two business days). Direct-mapped tokens settle immediately upon transfer. No clearinghouses, no settlement risk, no failed trades due to insufficient delivery.

Fractional Ownership: Smart contracts enable share subdivision without corporate action. A $1,000 stock becomes accessible as 0.001 shares ($1 exposure), democratizing access to high-priced equities.

Composability: On-chain shares integrate with DeFi protocols. Use Apple stock as collateral for loans, provide liquidity in automated market makers, or create derivatives — all programmable through smart contracts.

Global Access: Anyone with blockchain wallet can hold tokenized shares, subject to securities law compliance. Geography doesn't determine accessibility, regulatory framework does.

The Regulatory Challenge:

Direct mapping requires issuer participation and regulatory approval. Companies must file with securities regulators, maintain compliant transfer mechanisms, and ensure blockchain records satisfy legal requirements for shareholder registries.

The SEC's January 2026 guidance confirmed that tokenization doesn't change legal treatment — offers and sales remain subject to registration requirements or applicable exemptions. The technology may be new, but securities law still applies.

This creates substantial barriers. Most publicly-traded companies won't immediately transition shareholder registries to blockchain. Direct mapping works best for new issuances, private securities, or companies with strategic reasons to pioneer on-chain equity.

Model 2: Synthetic Exposure (Third-Party Derivatives)​

Synthetic tokenized stocks provide price exposure without actual ownership. Third parties create tokens tracking equity prices, settling in cash or stablecoins, with no rights to underlying shares.

The SEC explicitly warned about synthetic products: created without issuer involvement, they often amount to synthetic exposure rather than real equity ownership.

How Synthetic Models Work:

Platforms issue tokens referencing stock prices from traditional exchanges. Users trade tokens representing price movements. Settlement occurs in crypto rather than share delivery. No shareholder rights transfer — no voting, no dividends, no corporate actions.

The Advantages:

No Issuer Required: Platforms can tokenize any publicly-traded stock without corporate participation. This enables immediate market coverage — tokenize the entire S&P 500 without 500 corporate approvals.

24/7 Trading: Synthetic tokens trade continuously, while underlying markets remain closed. Price discovery occurs globally, not just during NYSE hours.

Regulatory Simplicity: Platforms avoid securities registration by structuring as derivatives or contracts-for-difference. Different regulatory framework, different compliance requirements.

Crypto-Native Settlement: Users pay and receive stablecoins, enabling seamless integration with DeFi ecosystems without traditional banking infrastructure.

The Critical Limitations:

No Ownership Rights: Synthetic token holders aren't shareholders. No voting, no dividends, no claims on corporate assets. Price exposure only.

Counterparty Risk: Platforms must maintain reserves backing synthetic positions. If reserves prove insufficient or platforms fail, tokens become worthless regardless of underlying stock performance.

Regulatory Uncertainty: SEC guidance placed synthetic products under increased scrutiny. Classifying them as securities or derivatives determines which regulations apply — and which platforms operate legally.

Tracking Errors: Synthetic prices may diverge from underlying stocks due to liquidity differences, platform manipulation, or settlement mechanisms. The token tracks price approximately, not perfectly.

Synthetic models solve distribution and access problems but sacrifice ownership substance. They work for traders seeking price exposure but fail for investors wanting actual equity participation.

Model 3: Hybrid Custody (Robinhood's Approach)​

Robinhood pioneered a hybrid model: tokenized representations of custodied shares, combining on-chain trading with traditional settlement infrastructure.

The company launched tokenized stocks for European customers in June 2025, offering exposure to 2,000+ U.S. equities with 24/5 trading on Arbitrum One.

How the Hybrid Model Works:

Robinhood holds actual shares in traditional custody. Issues tokens representing fractional ownership of custodied positions. Users trade tokens on blockchain with instant settlement. Robinhood handles underlying share purchases/sales in traditional markets. Token prices track real equity values through arbitrage and reserve management.

The tokens are derivatives tracked on blockchain, giving exposure to U.S. markets — users aren't buying actual stocks but tokenized contracts following their prices.

Hybrid Model Advantages:

Immediate Market Coverage: Robinhood tokenized 2,000 stocks without requiring corporate participation. Any custodied security becomes tokenizable.

Regulatory Compliance: Traditional custody satisfies securities regulations. Tokenization layer adds blockchain benefits without changing underlying legal structure.

Extended Trading: Plans for 24/7 trading enable continuous access beyond traditional market hours. Price discovery and liquidity provision occur globally.

DeFi Integration Potential: Future plans include self-custody options and DeFi access, allowing tokenized shares to participate in lending markets and other on-chain financial applications.

Infrastructure Efficiency: Robinhood's Layer 2 on Arbitrum provides high-speed, low-cost transactions while maintaining Ethereum security guarantees.

The Trade-offs:

Centralized Custody: Robinhood holds underlying shares. Users trust the platform maintains proper reserves and handles redemptions. Not true decentralization.

Limited Shareholder Rights: Token holders don't vote in corporate elections or receive direct dividends. Robinhood votes shares and may distribute economic benefits, but token structure prevents direct participation.

Regulatory Complexity: Operating across jurisdictions with different securities laws creates compliance challenges. European rollout preceded U.S. availability due to regulatory constraints.

Platform Dependency: Token value depends on Robinhood's operational integrity. If custody fails or platform encounters financial difficulty, tokens lose value despite underlying share performance.

The hybrid model pragmatically balances innovation and compliance: leverage blockchain for trading infrastructure while maintaining traditional custody for regulatory certainty.

Regulatory Framework: The SEC's Position​

The January 28, 2026 SEC statement established clear principles:

Technology-Neutral Application: The format of issuance or technology used for recordkeeping doesn't alter federal securities law application. Tokenization changes "plumbing," not regulatory perimeter.

Existing Rules Apply: Registration requirements, disclosure obligations, trading restrictions, and investor protections apply identically to tokenized and traditional securities.

Issuer vs. Third-Party Distinction: Only issuer-sponsored tokenization where companies integrate blockchain into official registers can represent true equity ownership. Third-party products are derivatives or synthetic exposure.

Derivatives Treatment: Synthetic products without issuer authorization fall under derivatives regulation. Different compliance framework, different legal obligations.

This guidance provides clarity: work with issuers for real equity, or structure as compliant derivatives. Ambiguous products claiming ownership without issuer participation face regulatory scrutiny.

Market Infrastructure Development​

Beyond individual platforms, infrastructure enabling tokenized equity markets continues maturing:

Nasdaq's Tokenized Trading Proposal: Filing to enable securities trading in tokenized form during DTC pilot program. Traditional exchange adopting blockchain settlement infrastructure.

Robinhood Chain Development: Layer 2 network built on Arbitrum Orbit, designed specifically for tokenized real-world asset trading and management. Purpose-built infrastructure for equity tokenization.

Institutional Adoption: Major financial institutions like BlackRock, Franklin Templeton, and JPMorgan launched tokenized funds. Institutional validation accelerates adoption.

Legal Framework Evolution: 2026 projects must define target investors and jurisdictions, then tailor issuer location, licenses, and offering terms to specific regulatory frameworks. Legal clarity improves continuously.

Market Growth: Global on-chain RWA market quintupled from $5B in 2022 to $24B by mid-2025. Tokenized equities represent growing share of total RWA value.

The infrastructure trajectory points toward mainstream integration: traditional exchanges adopting tokenization, major platforms launching dedicated networks, institutions providing liquidity and market-making services.

What Each Model Solves​

The three tokenization models address different problems:

Direct Mapping solves ownership and composability. Companies wanting blockchain-native equity raise capital through tokenized offerings. Shareholders gain programmable ownership integrated with DeFi. Sacrifice: requires issuer participation and regulatory approval.

Synthetic Exposure solves accessibility and speed. Traders wanting 24/7 global access to price movements trade synthetic tokens. Platforms provide immediate market coverage without corporate coordination. Sacrifice: no ownership rights, counterparty risk.

Hybrid Custody solves pragmatic adoption. Users gain blockchain trading benefits while platforms maintain regulatory compliance through traditional custody. Enables gradual transition without requiring immediate ecosystem transformation. Sacrifice: centralized custody, limited shareholder rights.

No single model dominates — different use cases require different architectures. New issuances favor direct mapping. Retail trading platforms choose hybrid custody. DeFi-native speculators use synthetic products.

The 2026 Trajectory​

Multiple trends converge:

Regulatory Maturation: SEC guidance removes uncertainty about legal treatment. Compliant pathways exist for each model — companies, platforms, and users understand requirements.

Infrastructure Competition: Robinhood, Nasdaq, Securitize, and others compete to provide best tokenization infrastructure. Competition drives efficiency improvements and feature development.

Corporate Experimentation: Early-stage companies and private markets increasingly issue tokens directly. Public company tokenization follows once legal frameworks mature and shareholder benefits become clear.

DeFi Integration: As more equities tokenize, DeFi protocols integrate stock collateral, create equity-based derivatives, and enable programmable corporate actions. Composability unlocks new financial products.

Institutional Adoption: Major asset managers allocate to tokenized products, providing liquidity and legitimacy. Retail follows institutional validation.

The timeline: hybrid and synthetic models dominate 2026 because they don't require corporate participation. Direct mapping scales as companies recognize benefits and legal frameworks solidify. By 2028-2030, substantial publicly-traded equity trades in tokenized form alongside traditional shares.

What This Means for Investors​

Tokenized stocks create new opportunities and risks:

Opportunities: 24/7 trading, fractional ownership, DeFi integration, global access, instant settlement, programmable corporate actions.

Risks: Platform custody risk, regulatory uncertainty, liquidity fragmentation, counterparty exposure (synthetics), reduced shareholder rights (non-issuer tokens).

Due Diligence Requirements: Understand which tokenization model your platform uses. Direct mapped tokens provide ownership. Synthetic tokens provide price exposure only. Hybrid tokens depend on platform custody integrity.

Verify regulatory compliance. Legitimate platforms register securities offerings or structure compliant derivatives. Unregistered securities offerings violate law regardless of blockchain innovation.

Evaluate platform operational security. Tokenization doesn't eliminate custody risk — it changes who holds keys. Platform security determines asset safety.

The Inevitable Transition​

Equity tokenization isn't optional — it's infrastructure upgrade. The question isn't whether stocks move on-chain, but which model dominates and how quickly transition occurs.

Direct mapping provides the most benefits: full ownership, composability, instant settlement. But requires corporate adoption and regulatory approval. Synthetic and hybrid models enable immediate experimentation while direct mapping infrastructure matures.

The three models coexist, serving different needs, until direct mapping scales sufficiently to dominate. Timeline: 5-10 years for majority public equity tokenization, 2-3 years for private markets and new issuances.

Traditional equity markets operated with paper certificates, physical settlement, and T+2 clearing for decades despite obvious inefficiencies. Blockchain makes those inefficiencies indefensible. Once infrastructure matures and regulatory frameworks solidify, momentum becomes unstoppable.

2026 marks the inflection point: regulatory clarity established, infrastructure deployed, institutional adoption beginning. The next phase: scale.

BlockEden.xyz provides enterprise-grade infrastructure for Web3 applications, offering reliable, high-performance RPC access across major blockchain ecosystems. Explore our services for tokenized securities infrastructure and institutional blockchain support.

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Sources:

• SEC Statement on Tokenized Securities
• Robinhood Adds 500 Tokenized Stocks on Arbitrum
• Nasdaq Proposes Tokenized Securities Trading
• Securitize to Launch Real Stocks Onchain
• SEC Clarifies Rules for Tokenized Stocks
• Five Years After GameStop, Robinhood CEO Wants Tokenized Stocks Trading 24/7
• What Is RWA Tokenization? A Full Guide for 2026
• 4 Industries Real-World Asset Tokenization Could Transform in 2026
• Legal Guide to Real-World Assets Tokenization
• SEC Staff Unveils Playbook for Tokenized Securities
• Robinhood Pushes Deeper Into Crypto with Own Blockchain
• Robinhood Chain and Tokenized Stocks for EU Customers
• Tokenized Real-World Assets: Why Institutions Are Moving On-Chain

When Galaxy Digital chose Solana to tokenize its Nasdaq-listed shares, it wasn't just another blockchain experiment. It was a bet that Solana's architecture could handle what traditional finance desperately needs: institutional-grade speed at consumer-grade costs. That bet is paying off spectacularly. As of January 2026, Solana's real-world asset (RWA) ecosystem hit an all-time high of $873 million, marking a 325% surge from the $200 million recorded at the start of 2025.

But the numbers tell only half the story. Behind this exponential growth lies a fundamental shift in how institutions think about tokenization. Ethereum pioneered blockchain-based assets, yet Solana is capturing the lion's share of institutional deployments. Why? Because when Western Union moves $150 billion annually for 150 million customers, milliseconds and fractions of a cent matter more than narrative.

The $873M Milestone: More Than Just a Number​

Solana now ranks as the third-largest blockchain for RWA tokenization by value, commanding 4.57% of the $19.08 billion global tokenized RWA market (excluding stablecoins). While Ethereum's $12.3 billion and BNB Chain's $2+ billion lead in absolute terms, Solana's growth trajectory is unmatched. The network saw an 18.42% monthly increase in distinct RWA holders, reaching 126,236 individuals and institutions.

The composition of these assets reveals institutional priorities. U.S. Treasury-backed instruments dominate: BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) holds $255.4 million in trading market cap on Solana, while Ondo Finance's US Dollar Yield token represents $175.8 million. These aren't speculative DeFi tokens; they're institutional capital seeking yield with blockchain settlement efficiency.

Galaxy Research forecasts Solana's Internet Capital Markets will reach $2 billion by 2026, driven by over 50 new spot altcoin ETF launches in the U.S. and accelerating tokenization demand. If realized, this would position Solana as the third blockchain after Ethereum and BNB Chain to surpass $10 billion in RWA total value locked.

Western Union's $150B Bet on Solana Speed​

When a 175-year-old financial services giant selects a blockchain, the decision carries weight. Western Union's choice of Solana for its USDPT stablecoin and Digital Asset Network, slated for first-half 2026 launch, validates Solana's institutional readiness.

The rationale is straightforward: Western Union processes $150 billion in annual cross-border payments for 150 million customers across 200+ countries and territories. CEO Devin McGranahan confirmed the company "compared numerous alternatives" before selecting Solana as the "ideal fit for an institutional-level setup." The deciding factors? Solana's ability to handle thousands of transactions per second at fractions of a cent, compared to traditional remittance fees that can exceed 5-10%.

Issued by Anchorage Digital Bank, USDPT aims to offer customers, agents, and partners faster settlement and lower costs than legacy payment rails. For context, traditional international wire transfers take 3-5 business days; Solana transactions finalize in approximately 400 milliseconds. That speed differential isn't just a technical curiosity—it's a business model disruptor.

Western Union's embrace of Solana also signals pragmatism over ideology. The company didn't choose Ethereum for its decentralization narrative, nor a private blockchain for perceived control. It chose Solana because the economics work at scale. When you're moving $150 billion annually, infrastructure costs matter more than ecosystem tribalism.

Galaxy Digital's Tokenization Milestone: SEC-Registered Shares On-Chain​

Galaxy Digital's decision to become the first Nasdaq-listed company to tokenize SEC-registered equity shares directly on Solana marks another inflection point. Through its GLXY token, Class A common shareholders can now hold and transfer equity on-chain, combining public market liquidity with blockchain programmability.

This isn't just symbolism. J.P. Morgan arranged a landmark commercial paper issuance on Solana for Galaxy, demonstrating that institutional capital markets infrastructure is operational. Galaxy Research's broader $2 billion projection for Solana's Internet Capital Markets by 2026 reflects confidence that this model will scale.

Galaxy's broader market vision extends far beyond Solana's near-term $2 billion projection. Under a base scenario, the firm forecasts tokenized assets (excluding stablecoins and CBDCs) will reach $1.9 trillion by 2030, with an accelerated adoption scenario pushing this to $3.8 trillion. If Solana maintains its 4.57% market share, that implies $87-174 billion in RWA on the network by decade's end.

Ondo Finance Brings Wall Street's 24/7 Trading to Solana​

Ondo Finance's expansion to Solana in January 2026 represents the most comprehensive tokenized equities deployment to date. The platform, called Ondo Global Markets, now offers 200+ tokenized U.S. stocks and ETFs on Solana, extending beyond its earlier Ethereum and BNB Chain presence.

The range of assets spans the full Wall Street spectrum: technology and growth stocks, blue-chip equities, broad-market and sector ETFs, and commodity-linked products. Each tokenized security maintains 1:1 physical backing, with underlying assets held in custody by regulated traditional financial institutions. This makes Ondo the largest RWA issuer on Solana by asset count.

What sets this apart from traditional brokerages? Trading operates 24/7 with near-instant settlement, eliminating the T+2 settlement cycle and after-hours trading restrictions. For international investors, this means accessing U.S. markets during their local business hours without the friction of brokerage accounts, wire transfers, and currency conversion delays.

Ondo already manages $365 million in tokenized assets across chains. If adoption scales, Solana could become the primary venue for after-hours and international equity trading—a multi-trillion-dollar market that legacy infrastructure has failed to serve efficiently.

Multiliquid's Instant Redemption: Solving RWA's Liquidity Problem​

One persistent bottleneck in tokenized RWAs has been redemption delays. Traditional issuers often require 24-72 hours—or longer—to process redemptions, creating a liquidity mismatch for holders who need immediate access to capital. This friction has constrained institutional adoption, particularly for treasury managers and market makers who can't tolerate multi-day lock-ups.

Multiliquid and Metalayer Ventures' instant redemption facility, launched in late 2025, directly addresses this pain point. The system allows holders to convert supported tokenized assets into stablecoins instantly, 24/7, with no waiting period. Rather than waiting for issuer-led redemptions, holders swap assets through smart contracts at a dynamic discount to net asset value (NAV), compensating liquidity providers for immediate capital access.

Metalayer Ventures acts as the capital provider, raising and managing the liquidity pool, while Multiliquid (developed by Uniform Labs) provides the smart contract infrastructure, compliance enforcement, interoperability, and pricing mechanisms. Initial support covers assets from VanEck, Janus Henderson, and Fasanara, spanning tokenized Treasury funds and select alternative assets.

The facility's launch coincided with Solana's RWA ecosystem surpassing $1 billion, positioning the network as the third-largest blockchain for tokenization. By eliminating redemption delays, Multiliquid removes one of the last remaining barriers preventing institutional treasury managers from treating tokenized assets as cash equivalents.

Why Solana Is Winning Institutional Tokenization​

The convergence of Western Union, Galaxy Digital, Ondo Finance, and Multiliquid on Solana isn't coincidental. Several structural advantages explain why institutions choose Solana over alternatives:

Transaction throughput and cost: Solana processes thousands of transactions per second at sub-cent costs. Ethereum's L1 remains expensive for high-frequency operations; L2s add complexity and fragmentation. BNB Chain offers competitive costs but lacks Solana's decentralization and validator distribution.

Finality speed: Solana's 400-millisecond finality enables real-time settlement experiences that mirror traditional finance expectations. For payment processors like Western Union, this is non-negotiable.

Single-chain liquidity: Unlike Ethereum's fragmented L2 ecosystem, Solana maintains unified liquidity and composability. Tokenized assets, stablecoins, and DeFi protocols interact seamlessly without bridges or cross-rollup complexity.

Institutional comfort: Solana's architecture resembles centralized trading systems more than blockchain idealism. For TradFi executives evaluating infrastructure, this familiarity reduces perceived risk.

Validator decentralization: Despite criticisms about early centralization, Solana now operates over 3,000 validators globally, providing sufficient decentralization for institutional risk committees.

The network's 126,236 RWA holders—growing 18.42% monthly—demonstrate that institutional adoption is accelerating, not plateauing. As more issuers launch products and liquidity infrastructure matures, network effects compound.

The $2B Projection: Conservative or Inevitable?​

Galaxy Research's $2 billion projection for Solana's Internet Capital Markets by 2026 appears conservative when examining current trajectories. At $873 million in early January 2026, Solana needs only 129% growth to reach $2 billion—a lower growth rate than the 325% achieved in 2025.

Several catalysts could accelerate beyond this baseline:

1. Altcoin ETF launches: Over 50 spot altcoin ETFs are expected in 2026, with several likely to include SOL exposure. ETF capital flows historically drive ecosystem activity.

2. Stablecoin network effects: Western Union's USDPT will add substantial stablecoin liquidity, improving capital efficiency for all Solana RWA products.

3. Ondo's equity expansion: If 200+ tokenized stocks gain traction, secondary market trading could drive significant volume and liquidity demand.

4. Institutional FOMO: As early adopters like Galaxy and Western Union validate Solana's infrastructure, risk-averse institutions face mounting pressure to deploy capital or cede competitive advantages.

5. Regulatory clarity: Clearer U.S. stablecoin regulations and SEC guidance on tokenized securities reduce compliance uncertainty, unlocking pent-up institutional demand.

If these factors align, Solana could surpass $2 billion by mid-2026, not year-end. The more ambitious scenario—reaching $10 billion to match Ethereum and BNB Chain—becomes plausible within 18-24 months rather than multiple years.

Challenges Ahead: What Could Derail the Momentum​

Despite impressive growth, Solana's RWA ambitions face several headwinds:

Network reliability concerns: Solana experienced multiple outages in 2022-2023, shaking institutional confidence. While stability has improved dramatically, one major outage during a Western Union payment window could reignite reliability debates.

Regulatory uncertainty: Tokenized securities remain in a gray area under U.S. law. If the SEC enforces stricter interpretations or Congress passes restrictive legislation, RWA growth could stall.

Custodial risk: Most Solana RWAs rely on centralized custodians holding underlying assets. A custody failure—whether through fraud, insolvency, or operational failure—could trigger industry-wide contagion.

Competition from traditional finance: Banks and fintechs are building competing infrastructure. If Visa or JPMorgan launches faster, cheaper payment rails using private blockchain technology, Western Union's Solana bet could lose relevance.

Ethereum L2 maturation: As Ethereum L2s improve interoperability and reduce costs, Solana's speed advantage narrows. If unified L2 liquidity emerges via chain abstraction protocols, Ethereum's ecosystem depth could reclaim institutional preference.

Market downturn effects: Tokenized Treasury yields look attractive at 4-5% when risk assets are volatile. If traditional markets stabilize and equity risk premiums compress, capital could rotate out of blockchain-based instruments.

None of these risks appear immediately existential, but they warrant monitoring. Institutions deploying capital on Solana are making multi-year bets on infrastructure stability and regulatory alignment.

What This Means for Blockchain Infrastructure​

Solana's RWA success validates a specific thesis: speed and cost matter more than decentralization maximalism when targeting institutional adoption. Ethereum's rollup-centric roadmap prioritizes censorship resistance and validator accessibility; Solana prioritizes transaction throughput and composability. Both are valid strategies, but they attract different use cases.

For payments, remittances, and high-frequency trading, Solana's architecture fits naturally. For censorship-resistant money and long-term asset custody, Ethereum's social layer and validator distribution remain superior. The question isn't which chain "wins," but which captures which institutional segments.

Developers building RWA infrastructure should note what's working: instant redemptions, 24/7 equity trading, and stablecoin-native settlement. These aren't novel DeFi primitives; they're basic features that traditional finance provides poorly. Blockchain's competitive advantage lies in reducing settlement times from days to milliseconds and cutting intermediary costs by 90%+.

The infrastructure layer has largely been built. Metalayer's liquidity facility, Ondo's asset issuance platform, and Solana's transaction processing demonstrate that technical barriers are solved. What remains is distribution: convincing institutions that blockchain-based assets are operationally superior, not just theoretically interesting.

The Road to $10B: What Needs to Happen​

For Solana to join Ethereum and BNB Chain above $10 billion in RWA value, several milestones must occur:

1. USDPT achieves scale: Western Union's stablecoin needs tens of billions in circulation, not millions. This requires regulatory approval, banking partnerships, and merchant adoption across 200+ countries.

2. Ondo's equity products reach critical mass: Tokenized stocks must achieve sufficient liquidity that market makers and arbitrageurs close price gaps with traditional exchanges. Without tight spreads, institutional adoption stalls.

3. Major asset managers launch funds: BlackRock, Fidelity, or Vanguard launching native Solana products would unlock billions in institutional capital. BUIDL's $255 million presence is a start, but the industry needs 10x more commitments.

4. Secondary market depth: Tokenized assets need liquid secondary markets. This requires both infrastructure (DEXs optimized for RWA trading) and market makers willing to provide two-sided liquidity.

5. Interoperability with TradFi: Seamless on/off-ramps between Solana and traditional banking systems reduce friction. If moving dollars from Bank of America to Solana takes five days, institutional adoption suffers.

6. Proven operational track record: Solana must maintain 99.9%+ uptime through multiple market cycles and stress events. One catastrophic outage could set adoption back years.

None of these milestones are guaranteed, but all are achievable within 18-24 months if current momentum continues.

BlockEden.xyz provides enterprise-grade infrastructure for Solana and other high-performance chains, enabling developers to build real-world asset platforms with the reliability institutions demand. Explore our Solana API services to access the network powering the future of tokenization.

Sources​

• Solana RWA Ecosystem Hits $873M All-Time High
• Solana surges into institutional spotlight as tokenized assets hit record
• Western Union Announces USDPT Stablecoin on Solana
• Western Union to launch Solana-based dollar stablecoin
• Galaxy Digital to tokenize its SEC-registered shares on Solana
• JPMorgan Pushes Deeper Into Tokenized RWAs with Commercial Paper Issuance on Solana
• Ondo Finance Brings 200+ Tokenized U.S. Stocks and ETFs to Solana
• Multiliquid and Metalayer Launch Instant Redemption Facility

When Tom Lee—the Fundstrat co-founder who correctly called Bitcoin's 2023 bottom—deployed $88 million into Ethereum at $3,200 in January 2026, he wasn't speculating on another DeFi summer. He was positioning for what he calls Ethereum's "supercycle": the shift from speculative finance to institutional infrastructure. Lee's $7,000-$9,000 near-term target (with $20,000 potential by year-end) isn't based on retail FOMO or memecoin momentum. It's anchored in BlackRock tokenizing treasuries on Ethereum, JPMorgan launching money market funds on-chain, and Robinhood building its own L2. The question isn't whether Ethereum captures institutional settlement flows—it's how quickly Wall Street abandons legacy rails for blockchain infrastructure.

Yet Lee's public bullishness contrasts sharply with Fundstrat's private client outlook, which projects a $1,800-$2,000 ETH target for H1 2026 before recovery. This disconnect reveals the core tension in Ethereum's 2026 narrative: long-term fundamentals are impeccable, but near-term headwinds—ETF outflows, alt-L1 competition, and macro uncertainty—create volatility that tests conviction. Lee is playing the long game, accumulating during weakness because he believes tokenization and staking yields reshape institutional allocation models. Whether his timing proves prescient or premature hinges on catalysts accelerating faster than skeptics expect.

The $7K-$9K Thesis: Tokenization as Structural Demand​

Tom Lee's Ethereum price target isn't arbitrary—it's calculated based on structural demand from real-world asset tokenization. The thesis centers on Ethereum's dominance as the settlement layer for institutional finance migrating on-chain.

The tokenization opportunity is massive. BlackRock's BUIDL fund holds $1.8 billion in tokenized U.S. treasuries on Ethereum. JPMorgan launched its MONY tokenized money market fund on the network. Franklin Templeton, Ondo Finance, and dozens of institutions are tokenizing assets—bonds, real estate, equities—on Ethereum infrastructure. Standard Chartered projects tokenized assets on Ethereum could reach $2 trillion by 2028.

Lee argues this institutional adoption creates permanent demand. Unlike retail speculation (which flows in and out with sentiment), institutions deploying tokenized products on Ethereum need ETH for gas fees, staking, and collateral. This demand is sticky, growing, and structurally bullish.

The math supporting $7K-$9K:

• Current ETH price: ~$3,200 (as of Lee's accumulation)
• Target: $7,000-$9,000 represents 118%-181% upside
• Catalyst: Institutional tokenization flows absorbing supply

Lee frames this as inevitable rather than speculative. Every dollar tokenized on Ethereum strengthens the network effect. As more institutions build on Ethereum, switching costs increase, liquidity deepens, and the platform becomes harder to displace. This flywheel effect—more assets attracting more infrastructure attracting more assets—underpins the supercycle thesis.

The $20K Stretch Goal: If Momentum Accelerates​

Lee's more aggressive scenario—$20,000 by end of 2026—requires institutional adoption accelerating beyond current trajectories. This target assumes several catalysts align:

Staking ETF approval: The SEC reviewing Ethereum ETF filings with staking rewards could unlock billions in institutional capital. If approved, ETFs offering 3-4% staking yields become attractive relative to bonds offering similar returns with less upside. BitMine staking $1 billion in ETH in two days demonstrates institutional appetite.

Staking dynamics: 90,000-100,000 ETH entering staking versus only 8,000 exiting signals supply removal from liquid markets. As institutions lock ETH for staking yields, circulating supply shrinks, creating scarcity that amplifies price moves during demand surges.

L2 scaling unlocking use cases: Ethereum L2s like Arbitrum, Base, and Optimism handle 90% of transactions but settle to Ethereum mainnet. As L2 activity grows, mainnet becomes the security and settlement backbone for trillions in economic activity. This positions ETH as "digital bandwidth" for global finance.

Corporate adoption: Robinhood building an Ethereum L2 to tokenize 2,000+ stocks signals that major fintech companies view Ethereum as foundational infrastructure. If more corporations follow—banks issuing stablecoins, exchanges tokenizing securities—Ethereum captures multi-trillion-dollar markets.

The $20K scenario isn't consensus—it's the bull case if everything breaks right. Lee himself acknowledges this requires momentum accelerating, not just continuing. But he argues the infrastructure is in place. Execution risk lies with institutions, not Ethereum.

The Contrarian Position: Fundstrat's Private Client Caution​

Here's where Tom Lee's narrative gets complicated. While he's publicly "pounding the table" on Ethereum with $7K-$9K targets, Fundstrat's private client reports project ETH could decline to $1,800-$2,000 in H1 2026 before recovering.

This disconnect isn't necessarily contradictory—it's about timeframes. Lee's public bullishness is long-term (multi-year supercycle). The private client outlook addresses near-term risks (6-12 months). But it raises questions about conviction and timing.

Near-term bearish factors:

• ETF outflows: Ethereum ETFs saw significant redemptions in early 2026, contrasting with Bitcoin ETF inflows. Institutional preference for BTC over ETH creates selling pressure.
• Alt-L1 competition: Solana's institutional momentum (dubbed "the Nasdaq of blockchains"), Base capturing 60% of L2 transactions, and new L1s like Monad challenge Ethereum's dominance narrative.
• Underperformance vs BTC: Ethereum has underperformed Bitcoin throughout the 2024-2026 cycle, frustrating investors who expected ETH to lead during institutional adoption.
• Macro headwinds: Fed policy uncertainty, tariff fears, and risk-off sentiment pressure speculative assets including crypto.

The $1,800-$2,000 downside scenario assumes these headwinds persist, driving ETH below key support levels before fundamentals reassert themselves. This creates a classic "time the bottom" dilemma for investors.

Why Lee is accumulating despite near-term risk: He's betting that institutional tokenization is inevitable regardless of short-term volatility. Buying at $3,200 (or lower) positions for multi-year upside to $7K+. The near-term pain is noise; the structural thesis is signal.

Institutional Adoption: The Catalysts Driving Lee's Conviction​

Tom Lee's bullish Ethereum thesis rests on observable institutional adoption, not speculation. Several concrete catalysts support the $7K-$9K projection:

BlackRock's BUIDL fund: $1.8 billion in tokenized treasuries on Ethereum. BlackRock is the world's largest asset manager ($10 trillion AUM). When BlackRock builds on Ethereum, it validates the platform for institutions globally.

JPMorgan's MONY fund: Tokenized money market fund on Ethereum. JPMorgan holds $3.9 trillion in assets. Its on-chain presence signals TradFi's blockchain migration is real, not theoretical.

Robinhood's L2: Building an Ethereum Layer 2 to tokenize stocks demonstrates that major fintech companies view Ethereum as settlement infrastructure for legacy assets.

Staking queue reversal: 90,000-100,000 ETH entering staking vs 8,000 exiting removes supply from circulation. Institutions like BitMine staking billions demonstrate long-term conviction.

ETF inflows: Despite near-term volatility, Ethereum spot ETFs saw $17.4 billion in net inflows on January 1, 2026. This institutional capital isn't speculating—it's allocating for strategic exposure.

RWA dominance: Ethereum holds 65.5% market share in tokenized real-world assets ($12.5 billion TVL), far exceeding BNB Chain's $2 billion. This network effect makes Ethereum the default platform for institutional tokenization.

These aren't promises—they're production deployments. Institutions are building, not experimenting. This de-risks Lee's thesis significantly. The question shifts from "will institutions adopt Ethereum?" to "how fast?"

Staking Yields: The Allocation Model Shift​

Lee emphasizes staking yields as a game-changer for institutional allocation. Ethereum's 3-4% staking yield isn't headline-grabbing, but it's significant for institutions comparing crypto to bonds and equities.

The institutional calculus:

• 10-year U.S. Treasury: ~4.5% yield, limited upside
• S&P 500: ~2% dividend yield, equity risk
• Ethereum staking: 3-4% yield + price appreciation potential

For institutions seeking uncorrelated returns, Ethereum staking offers competitive income with asymmetric upside. This is fundamentally different from Bitcoin, which offers zero yield. ETH becomes an income-generating asset with growth optionality.

Staking ETF implications: If the SEC approves Ethereum ETFs with staking rewards, it democratizes access for institutions that can't run validators directly. This could unlock tens of billions in demand from pensions, endowments, and family offices seeking yield in low-rate environments.

Supply dynamics: Staking removes ETH from liquid supply. As institutions lock tokens for 3-4% yields, circulating supply shrinks. During demand surges, reduced liquidity amplifies price moves. This creates a structural bid supporting higher valuations.

The shift from "Ethereum as speculative asset" to "Ethereum as yield-generating infrastructure" changes the investor base. Yield-focused institutions have longer time horizons and higher conviction than retail traders. This stabilizes price action and supports higher valuations.

The Risks: Why Skeptics Doubt $7K-$9K​

Despite Lee's conviction, several credible risks challenge the $7K-$9K thesis:

Alt-L1 competition intensifies: Solana's institutional momentum threatens Ethereum's dominance. R3's endorsement of Solana as "the Nasdaq of blockchains," combined with Solana ETFs offering 7% staking yields vs Ethereum's 3-4%, creates a competitive threat. If institutions view Solana as faster, cheaper, and higher-yielding, Ethereum's network effect could weaken.

L2 value capture problem: Ethereum's scaling strategy relies on L2s handling transactions. But L2s like Base and Arbitrum capture the majority of fee revenue, leaving Ethereum mainnet with minimal economic activity. If L2s don't settle enough to mainnet, ETH's value accrual thesis breaks.

Regulatory uncertainty persists: Despite progress, U.S. crypto regulation remains incomplete. SEC delays on staking ETF approvals, potential reversals in policy under new administrations, or unexpected enforcement actions could derail institutional adoption.

Underperformance narrative: Ethereum has underperformed Bitcoin for multiple years. This creates negative sentiment loops—investors sell ETH to buy BTC, which further pressures ETH, reinforcing the narrative. Breaking this cycle requires sustained outperformance, which hasn't materialized.

Macro deterioration: If recession hits, risk-off flows could pressure all crypto assets regardless of fundamentals. Ethereum's correlation with equities during crises undermines its "digital commodity" narrative.

Tokenization slower than expected: Institutional adoption could take longer than bulls predict. Legacy systems have inertia. Compliance requires time. Even with infrastructure ready, migration could span decades, not years, delaying Lee's supercycle.

These risks are real, not trivial. Lee acknowledges them implicitly by accumulating at $3,200 rather than waiting for confirmation. The bet is that fundamentals overcome headwinds, but timing matters.

The Technicals: Support Levels and Breakout Zones​

Beyond fundamentals, Lee's targets align with technical analysis suggesting key resistance levels ETH must overcome:

Current consolidation: ETH trading in $2,800-$3,500 range reflects indecision. Bulls need a breakout above $3,500 to confirm uptrend resumption.

First target: $5,000: Reclaiming the psychological $5,000 level signals momentum shift. This requires ETF inflows accelerating and staking demand increasing.

Second target: $7,000-$9,000: Lee's near-term target zone. Breaking above requires sustained institutional buying and tokenization narratives gaining traction.

Stretch target: $12,000-$20,000: Long-term bull case. Requires all catalysts firing—staking ETF approval, RWA explosion, L2 scaling unlocking new use cases.

Downside risk: $1,800-$2,000: Fundstrat's bear case. Breaking below $2,500 support triggers capitulation, testing lows from 2023.

The technical setup mirrors the fundamental debate: consolidation before breakout (bullish) or distribution before decline (bearish). Lee is betting on breakout, positioning before confirmation rather than chasing after.

What This Means for Investors​

Tom Lee's $7K-$9K Ethereum call isn't a short-term trade—it's a multi-year thesis requiring conviction through volatility. Several implications for investors:

For long-term holders: If you believe institutional tokenization is inevitable, current prices ($2,800-$3,500) offer entry before adoption accelerates. Accumulating during skepticism has historically outperformed chasing rallies.

For traders: Near-term volatility creates opportunities. Fundstrat's $1,800-$2,000 downside scenario suggests waiting for confirmation before deploying capital aggressively. Risk-reward favors waiting if macro deteriorates.

For institutions: Staking yields + tokenization use cases position Ethereum as strategic infrastructure allocation. The question isn't if, but how much and when. Pilot programs today de-risk larger deployments later.

For skeptics: Lee's track record isn't perfect. His bullish calls sometimes materialize late or not at all. Blind faith in any analyst—even successful ones—creates risk. Independent research and risk management matter.

For alt-L1 believers: Ethereum's dominance isn't guaranteed. Solana, Avalanche, and other L1s compete aggressively. Diversification across platforms hedges execution risk.

The core insight: Ethereum's institutional adoption thesis is observable, not speculative. Whether it drives $7K-$9K prices in 2026 or takes longer depends on catalysts accelerating. Lee is betting on acceleration. Time will tell if his conviction is rewarded.

Sources​

• Tom Lee's Ethereum "Supercycle" Call
• Tom Lee Sees Ethereum at $7K–$9K by 2026
• Ethereum's Path to $20,000: Analyzing Tom Lee's 2026 Prediction
• Ethereum Price Predictions for 2026: Institutional Adoption
• Four Key Turning Points for Ethereum in 2026
• 2026 Digital Asset Outlook: Dawn of the Institutional Era

The numbers no longer whisper—they shout. Over $185 billion in real-world assets now live on blockchains, marking a 539% surge in tokenized U.S. Treasuries alone over the past 15 months. When BlackRock's tokenized treasury fund breaks $2.9 billion and the SEC quietly drops its investigation into Ondo Finance, the message is clear: tokenization has graduated from experiment to infrastructure.

Wall Street broker Bernstein has declared 2026 the beginning of a "tokenization supercycle"—not another hype cycle, but a structural transformation of how trillions in assets move, settle, and generate yield. Here's why this matters, what's driving it, and how the path to $30 trillion by 2030 is being paved in real-time.

What if the most transformative shift in global finance isn't coming from Silicon Valley disruptors or crypto-native protocols—but from Wall Street itself? According to Bernstein, one of the most respected research firms on the Street, that shift is already underway. In early January 2026, the firm declared that digital assets have "likely bottomed" and that we're entering a "tokenization supercycle" that will fundamentally reshape how assets move, settle, and store value across the global financial system.

This isn't the usual crypto hype. When Bernstein—a firm that manages billions in traditional assets—says blockchain is "emerging financial infrastructure rather than speculative innovation," institutional money listens. And in 2026, that money is flowing.

What if you could trade Apple stock at 3 AM on a Sunday, settle the transaction in seconds instead of days, and hold it in a wallet you actually control? That future is no longer hypothetical. Robinhood, the trading platform that sparked the retail investing revolution, is building its own Ethereum Layer 2 blockchain on Arbitrum — and it could fundamentally change how the world trades securities.

The company has already tokenized nearly 2,000 U.S. stocks and ETFs worth approximately $17 million, with plans to expand to private equity giants like OpenAI and SpaceX. This isn't just another crypto project; it's a brokerage with 24 million users betting that blockchain will replace the antiquated plumbing of traditional finance.

From Brokerage to Blockchain: Why Robinhood Built Its Own L2​

When Johann Kerbrat, Robinhood's crypto chief, announced the Layer 2 blockchain at EthCC in Cannes, he revealed the strategic calculus behind the decision: "The main discussion for us at this point was, really, should we do an L1 or should we do an L2, and the reason why we decided to do an L2 was we wanted to get the security from Ethereum, the decentralization from Ethereum, and also the liquidity that is part of the EVM space."

Launching a new Layer 1 would have required bootstrapping validators, liquidity, developer tools, and user trust from scratch. By building on Arbitrum's Orbit framework, Robinhood inherits Ethereum's battle-tested security while gaining the customization options needed for regulated financial products.

The Robinhood Chain is designed for tokenized real-world assets, with native support for:

• 24/7 trading — no more waiting for markets to open
• Seamless bridging — moving assets between chains without friction
• Self-custody — users can hold assets in their own wallets
• Custom gas tokens — potentially using HOOD or a stablecoin for fees
• Enterprise governance — meeting regulatory requirements while maintaining decentralization

The chain is currently on a private testnet, with a public launch expected in 2026. In the meantime, Robinhood's tokenized stocks are already live on Arbitrum One, Ethereum's largest rollup by activity.

2,000 Tokenized Stocks: What's Actually Trading On-Chain​

Robinhood's tokenized equity lineup has expanded from roughly 200 assets at launch to over 2,000 U.S.-listed stocks and ETFs. According to Entropy Advisors data on Dune Analytics, the total value of these tokens sits just under $17 million — modest by crypto standards, but significant as a proof of concept for regulated securities on public blockchains.

These tokens mirror the economic rights of their underlying assets, including dividend distributions. When Apple pays its quarterly dividend, tokenized AAPL holders receive their proportional share. Settlement happens entirely on-chain via Arbitrum, bypassing the traditional T+1 (and formerly T+2) clearinghouse system that has governed stock trading for decades.

European customers currently have access to 24/5 trading — meaning the market is open around the clock during weekdays. Full 24/7 trading is on the roadmap once the Robinhood Chain launches.

Perhaps most notably, Robinhood has also made tokenized shares of pre-IPO companies like OpenAI and SpaceX available, providing retail access to typically illiquid private markets that have historically been reserved for accredited investors.

The Settlement Problem Robinhood Wants to Solve​

Five years after Robinhood stunned users by halting buys on GameStop and other meme stocks during the 2021 trading frenzy, CEO Vlad Tenev has been vocal about how blockchain could prevent such scenarios from recurring.

The core issue was settlement risk. When trades take one or more days to settle, clearinghouses must hold collateral against potential failures. During periods of extreme volatility, those collateral requirements can spike dramatically — as they did during the meme stock mania, forcing Robinhood to restrict trading on certain securities.

"In a world of 24-hour news cycles and real-time market reactions, T+1 is still far too long," Tenev wrote in a recent op-ed. "Friday trades can still take days to settle."

Tokenized securities solve this by enabling near-instant settlement. When you buy a tokenized stock, the transaction finalizes in seconds or minutes rather than days. "No lengthy settlement period means much less risk to the system and less pressure on both clearinghouses and brokerages," Tenev explained, "so customers can freely trade how they want, when they want."

He believes the transformation is inevitable: "Imagine explaining to someone in 2035 that markets once closed on weekends."

Enterprise Rollups: A New Paradigm for Institutional Blockchain​

Robinhood isn't alone in pursuing this strategy. 2025 marked the rise of what analysts call "enterprise rollups" — major institutions launching their own Layer 2 infrastructure rather than building on existing public chains.

The trend accelerated rapidly:

• Kraken launched INK, its own L2 using the OP Stack
• Uniswap shipped UniChain for optimized DeFi trading
• Sony launched Soneium for gaming and entertainment applications
• Coinbase continues expanding Base, now the second-largest L2 by daily transactions
• Robinhood chose Arbitrum Orbit for maximum customization around RWA tokenization

The strategic insight is becoming clear: L2s win by distributing their infrastructure outward and partnering with large platforms rather than operating in isolation. A chain with 24 million existing users (Robinhood's customer base) or 56 million verified users (Coinbase's Base potential) starts with distribution advantages that pure-play crypto chains can't match.

Layer 2 Total Value Locked has grown from roughly $4 billion in 2023 to approximately $47 billion by late 2025 — a nearly 12x increase. Daily L2 transactions have exceeded 1.9 million, eclipsing Ethereum mainnet activity.

Why Arbitrum Orbit? The Technical Foundation​

Robinhood specifically chose Arbitrum Orbit rather than alternatives like the OP Stack or building a ZK-rollup. Orbit allows the creation of highly customizable chains while inheriting Arbitrum's security model.

Key technical advantages include:

EVM Compatibility: Orbit chains are 100% compatible with the Ethereum Virtual Machine, meaning every smart contract that works on Ethereum works on the Robinhood Chain without modification. This opens the door to DeFi integrations — lending against tokenized stock positions, using stocks as collateral, or creating structured products.

Custom Gas Tokens: Orbit chains can use select ERC-20 tokens for gas fees instead of ETH. Robinhood could theoretically denominate transaction costs in USDC or even its own HOOD token, improving user experience for customers who don't want to hold ETH.

Configurable Governance: Unlike Arbitrum One and Nova, which are governed by the Arbitrum DAO, Orbit chains allow builders to determine their own governance structures. For a regulated brokerage, this means meeting compliance requirements around validator selection and network operation.

Data Availability Options: Orbit supports both full rollup mode (posting all data to Ethereum) and AnyTrust mode (using a data availability committee for lower fees). Robinhood can optimize for cost versus decentralization based on the asset class being traded.

Arbitrum Orbit launched in March 2023 and has since become the foundation for numerous enterprise blockchain deployments. The framework's flexibility makes it particularly suited for regulated entities that need to customize network parameters while maintaining Ethereum security.

The $18.9 Trillion Opportunity​

Robinhood is positioning itself at the intersection of two massive trends: the $18.9 trillion tokenized asset opportunity and the continued growth of retail crypto adoption.

According to a joint report from Ripple and Boston Consulting Group, the tokenized asset market will grow from $0.6 trillion today to $18.9 trillion by 2033, representing a compound annual growth rate of 53%. In an optimistic scenario, the figure could reach $23.4 trillion.

The growth is already visible. Tokenized assets expanded from just $85 million in 2020 to over $21 billion by April 2025 — a 245-fold increase. Non-stablecoin tokenized RWAs grew from roughly $5 billion in 2022 to about $24 billion by mid-2025, up 380% in just a few years.

BCG projects that the banking sector will account for over a third of all tokenized assets by the end of the decade, with this share surging to over 50% by 2033. Real estate, funds, and stablecoins are expected to lead the growth.

Tibor Merey, Managing Director at BCG, noted: "Tokenization is transforming financial assets into programmable and interoperable instruments, recorded on shared digital ledgers. This enables 24/7 transactions, fractional ownership, and automated compliance."

Robinhood's early mover advantage in tokenized equities could position it to capture significant share of this market — especially given its existing distribution to retail investors who already trust the platform with their traditional investments.

Regulatory Tailwinds and Headwinds​

The path forward isn't without obstacles. Tokenized securities exist in a regulatory gray zone in the United States, where the SEC has historically taken an enforcement-heavy approach to crypto assets.

Tenev has publicly urged lawmakers to pass the CLARITY Act, which would push the SEC to write clear rules for tokenized equities. Without regulatory clarity, the full potential of tokenized securities may remain limited to European and other international markets.

Currently, Robinhood's tokenized stock offerings are available to EU customers but not U.S. users. The company is expanding to over 400 million people across 30 EU and EEA countries, where MiCA regulations provide clearer frameworks for digital asset services.

However, the regulatory environment may be shifting. The SEC has seen leadership changes, and bipartisan crypto legislation is moving through Congress. Robinhood's bet appears to be that regulatory clarity will arrive before the Robinhood Chain's public launch — or that international adoption will generate sufficient momentum to force domestic progress.

What This Means for Blockchain Infrastructure​

Robinhood's L2 represents a paradigm shift for blockchain infrastructure. Previously, crypto projects hoped to onboard institutions and retail users onto existing chains. Now, institutions are building their own chains to bring crypto capabilities to existing user bases.

This has profound implications:

For Ethereum: Enterprise rollups validate Ethereum's position as the premier settlement layer for regulated assets. Every enterprise L2 increases demand for ETH as a security budget and settlement token, even if users never directly interact with mainnet.

For Arbitrum: Each Orbit deployment expands Arbitrum's ecosystem and demonstrates the viability of its technology stack. Robinhood's success would be a major endorsement of Arbitrum's enterprise readiness.

For DeFi: Tokenized stocks on EVM-compatible chains can eventually integrate with existing DeFi protocols. Imagine borrowing against your Apple stock position on Aave, or using Tesla shares as collateral for a stablecoin loan. The composability of blockchain assets could unlock entirely new financial products.

For Traditional Finance: Every major brokerage is now evaluating its blockchain strategy. Schwab, Fidelity, and Interactive Brokers will face pressure to offer similar capabilities or risk losing customers to platforms that do.

The Road Ahead​

Robinhood's Layer 2 blockchain is still on a private testnet with no public launch date confirmed. But the company's moves signal a clear direction: blockchain rails for traditional assets, starting with stocks and expanding to private equity, real estate, and beyond.

When Tenev says "tokenization will unlock 24/7 markets, and once people experience it, they'll never go back," he's not making a prediction — he's describing a strategy. Robinhood is building the infrastructure to make that future inevitable.

The question isn't whether tokenized securities will become mainstream, but who will control the infrastructure when they do. With 24 million users, regulatory relationships, and now its own blockchain, Robinhood is making a serious bid to be that platform.

Within five to ten years, the concept of market hours may seem as archaic as paper stock certificates. And when that day comes, Robinhood's bet on Ethereum Layer 2 will look less like a gamble and more like the obvious move that everyone else was too slow to make.

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For developers and institutions building on blockchain infrastructure, the Robinhood Chain's architecture choices offer valuable lessons in balancing decentralization with regulatory compliance. BlockEden.xyz provides enterprise-grade RPC services and infrastructure tools for teams building on Arbitrum and other EVM-compatible chains. Explore our API marketplace to see how we can support your RWA tokenization initiatives.

Gold just broke $5,000 per ounce. The tokenized gold market hit $5 billion for the first time in history. And Mike Novogratz's Galaxy Digital just led a $7 million investment into a startup that wants to do something no one else has tried: rebuild the entire infrastructure for trading gold and foreign exchange on-chain.

This isn't another wrapped asset play. Tenbin Labs is betting that the current approach to tokenized commodities—custody wrappers that bolt blockchain rails onto legacy market structure—has hit its ceiling. The company's solution uses CME futures contracts instead of physical custody to deliver something the $35+ billion tokenized RWA market desperately needs: deep liquidity, tight pricing, and yield that actually makes sense for DeFi users.

MetaMask is the most widely used crypto wallet in the world. Over 30 million monthly active users. An estimated 80-90% market share among Web3 browser wallets. The default gateway to decentralized finance, NFTs, and virtually every Ethereum-based application.

And yet, five years after the first "wen token?" questions began, MetaMask still doesn't have one.

Consensys CEO Joe Lubin said in September 2025 that the MASK token was coming "sooner than you would expect." A mysterious claim portal appeared at claims.metamask.io in October. A $30 million rewards program launched shortly after. Polymarket traders priced the odds of a 2025 launch at 46%.

It's now late January 2026. No token. No airdrop. No official launch date.

The delay isn't accidental. It reveals the tension between wallet tokenization, regulatory strategy, and a planned IPO — and why the timing of MASK matters far more than its existence.

The Five-Year Tease: A Timeline​

The MetaMask token saga has been one of crypto's longest-running anticipation cycles.

2021: Joe Lubin tweets "Wen $MASK?" — a seemingly playful response that ignited years of speculation. The crypto community took it as a soft confirmation.

2022: Consensys announces plans for "progressive decentralization" of MetaMask, explicitly mentioning a potential token and DAO structure. The language was carefully hedged, citing regulatory concerns.

2023-2024: The SEC files a lawsuit against Consensys, alleging MetaMask's staking features constituted unregistered broker activity. Token launch plans effectively freeze. The regulatory environment under SEC Chair Gary Gensler makes any token issuance for a platform serving 30+ million users extraordinarily risky.

February 2025: The SEC informs Consensys it will dismiss the MetaMask lawsuit, clearing a major legal obstacle. The regulatory climate shifts dramatically under the new administration.

September 2025: Lubin confirms on The Block: "The MetaMask token is coming. It may come sooner than you would expect right now. And it is significantly related to the decentralization of certain aspects of the MetaMask platform."

October 2025: Two things happen almost simultaneously. First, MetaMask launches a points-based rewards program — Season 1 featuring over $30 million in $LINEA tokens. Second, the domain claims.metamask.io surfaces, password-protected behind a Vercel authenticator. Polymarket odds spike to 35%.

Late 2025 - January 2026: The claim portal redirects to MetaMask's homepage. No token materializes. Lubin clarifies that early leaked concepts were "prototypes" that "had yet to go live."

The pattern reveals something important: every signal has pointed toward imminent launch, yet every timeline has slipped.

Why the Delay? Three Competing Pressures​

1. The IPO Clock​

Consensys is reportedly working with JPMorgan and Goldman Sachs on a mid-2026 IPO. The company raised $450 million in 2022 at a $7 billion valuation and has raised approximately $715 million total across all funding rounds.

An IPO creates a specific dilemma for token launches. Securities regulators scrutinize token distributions during the pre-IPO "quiet period." A token that functions as a governance mechanism for MetaMask could raise questions about whether it constitutes an unregistered security — the exact allegation the SEC just dropped.

Launching MASK before the IPO filing could complicate the S-1 process. Launching it after could benefit from the legitimacy of a publicly traded parent company. The timing calculus is delicate.

2. The Linea Dress Rehearsal​

The September 2025 Linea token launch served as Consensys's test run for large-scale token distribution. The numbers are instructive: Consensys retained just 15% of the LINEA supply, allocating 85% to builders and community incentives. Over 9 billion tokens were distributed to eligible users.

This conservative allocation signals how MASK might be structured. But the Linea launch also exposed distribution challenges — sybil filtering, eligibility disputes, and the logistics of reaching millions of wallets. Each lesson learned delays the MASK timeline but potentially improves the outcome.

3. The Ticker Confusion Problem​

Here's an underappreciated obstacle: the $MASK ticker already belongs to Mask Network, an entirely unrelated project focused on social media privacy. Mask Network has a market cap, active trading pairs, and an established community.

Consensys has never clarified whether MetaMask's token will actually use the MASK ticker. The community assumed it would, but launching with a conflicting ticker creates legal and market confusion. This naming issue — seemingly trivial — requires resolution before any launch.

What MASK Would Actually Do​

Based on Lubin's statements and Consensys's public communications, the MASK token is expected to serve several functions:

Governance. Voting rights over protocol decisions affecting MetaMask's swap routing, bridge operations, and fee structures. Lubin specifically tied the token to "decentralization of certain aspects of the MetaMask platform."

Fee Discounts. Reduced costs on MetaMask Swaps, MetaMask Bridge, and potentially MetaMask's recently launched perpetual futures trading. Given that MetaMask generates significant revenue from swap fees (estimated at 0.875% per transaction), even modest discounts represent real value.

Staking Rewards. Token holders could earn yield by participating in governance or providing liquidity to MetaMask's native services.

Ecosystem Incentives. Developer grants, dApp integration rewards, and user acquisition programs — similar to how the Linea token incentivized ecosystem growth.

MetaMask USD (mUSD) Integration. MetaMask launched its own stablecoin in August 2025 in partnership with Stripe's Bridge subsidiary and the M0 protocol. The mUSD stablecoin, already live on Ethereum and Linea with a market cap exceeding $53 million, could integrate with MASK for enhanced utility.

The critical question isn't what MASK does — it's whether governance over a wallet with 30 million users creates meaningful value or simply adds a speculative layer.

The $30 Million Rewards Program: Airdrop by Another Name​

MetaMask's October 2025 rewards program is arguably the most important pre-token signal.

The program distributes over $30 million in $LINEA tokens to users who earn points through swaps, perpetual trades, bridging, and referrals. Season 1 runs for 90 days.

This structure accomplishes several things simultaneously:

1. Establishes eligibility criteria. By tracking points, MetaMask creates a transparent, gamified framework for identifying active users — exactly the data needed for a fair airdrop.

2. Filters sybils. Points-based systems require sustained activity, making it expensive for bot operators to farm multiple wallets.

3. Tests distribution infrastructure. Processing rewards for millions of wallets at scale is a nontrivial engineering challenge. The rewards program is a live stress test.

4. Builds anticipation without commitment. MetaMask can observe user behavior, measure engagement, and adjust token economics before committing to a final distribution.

MetaMask co-founder Dan Finlay offered one of the clearest hints about launch mechanics: the token would likely be "first advertised directly in the wallet itself." This suggests the distribution will bypass external claim portals entirely, using MetaMask's native interface to reach users — a significant advantage no other wallet token has enjoyed.

The Competitive Landscape: Wallet Tokens After Linea​

MetaMask isn't operating in a vacuum. The wallet tokenization trend has accelerated:

Trust Wallet (TWT): Launched in 2020, currently trading with a market cap around $400 million. Provides governance and fee discounts within the Trust Wallet ecosystem.

Phantom: Solana's dominant wallet has not launched a token but is widely expected to. Phantom surpassed 10 million active users in 2025.

Rabby Wallet / DeBank: The DeFi-focused wallet launched the DEBANK token, combining social features with wallet functionality.

Rainbow Wallet: Ethereum-focused wallet exploring token mechanics for power users.

The lesson from existing wallet tokens is mixed. TWT demonstrated that wallet tokens can sustain value when tied to a large user base, but most wallet tokens have struggled to justify governance premiums beyond initial speculation.

MetaMask's advantage is scale. No other wallet approaches 30 million monthly active users. If even 10% of those users receive and hold MASK tokens, the distribution would dwarf any previous wallet token launch.

The IPO-Token Nexus: Why 2026 Is the Year​

The convergence of three timelines makes 2026 the most likely launch window:

Regulatory clarity. The GENIUS Act, signed in July 2025, provides the first comprehensive U.S. framework for digital assets. The SEC's dismissal of the Consensys lawsuit removes the most direct legal threat. Implementation regulations are expected by mid-2026.

IPO preparation. Consensys's reported mid-2026 IPO with JPMorgan and Goldman Sachs creates a natural milestone. The MASK token could launch either as a pre-IPO catalyst (boosting engagement metrics that improve the S-1 narrative) or as a post-IPO unlock (leveraging public company credibility).

Infrastructure readiness. MetaMask USD launched in August 2025. The rewards program launched in October. Linea's token distribution completed in September. Each piece builds toward a full ecosystem where MASK serves as the connective tissue.

The most likely scenario: MASK launches in Q1-Q2 2026, timed to maximize engagement metrics ahead of the Consensys IPO filing. The rewards program's Season 1 (90 days from October 2025) concludes in January 2026 — providing exactly the data Consensys needs to finalize token economics.

What Users Should Know​

Don't fall for scams. Fake MASK tokens already exist. Dan Finlay explicitly warned that "speculation gives phishers an opportunity to prey on users." Only trust announcements from official MetaMask channels, and expect the real token to appear directly within the MetaMask wallet interface.

Activity matters. The rewards program strongly suggests that on-chain activity — swaps, bridges, trades — will factor into any eventual distribution. Wallet age and diversity of usage across MetaMask products (Swaps, Bridge, Portfolio, perpetuals) are likely criteria.

Linea engagement counts. Given the tight integration between MetaMask and Linea, activity on Consensys's L2 is almost certainly weighted in eligibility calculations.

Don't over-invest in farming. The history of crypto airdrops shows that organic usage consistently outperforms manufactured activity. Sybil detection has improved dramatically, and MetaMask's points system already provides a transparent framework for qualifying.

The Bigger Picture: Wallet as Platform​

The MASK token represents something larger than a governance token for a browser extension. It's the tokenization of crypto's most important distribution channel.

Every DeFi protocol, every NFT marketplace, every L2 network depends on wallets to reach users. MetaMask's 30 million monthly active users represent the largest captive audience in Web3. A token that governs how that distribution channel operates — which swaps are routed where, which bridges are featured, which dApps appear in the portfolio view — controls meaningful economic flows.

If Consensys executes the IPO at anything close to its $7 billion private valuation, and MASK captures even a fraction of MetaMask's strategic value, the token could become one of the most widely held crypto assets purely through distribution reach.

The five-year wait has been frustrating for the community. But the infrastructure now exists — rewards program, stablecoin, L2 token, regulatory clearance, IPO pipeline — for MASK to launch not as a speculative memecoin, but as the governance layer for crypto's most important piece of user-facing infrastructure.

The question was never "wen token." It was "wen platform." The answer appears to be 2026.

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BlockEden.xyz provides enterprise-grade Ethereum and multi-chain RPC infrastructure that powers wallet backends, dApp connections, and DeFi integrations. As MetaMask and other wallets evolve into full-stack platforms, reliable node infrastructure becomes the foundation for every transaction. Explore our API marketplace for production-grade blockchain access.

On April 20, 2024, two things happened simultaneously: Bitcoin completed its fourth halving, and Casey Rodarmor's Runes protocol went live. Within hours, Runes transactions consumed over 90% of all Bitcoin network fees. Nearly 7,000 Runes were minted in the first 48 hours. Transaction fees briefly exceeded block rewards for the first time in Bitcoin's history.

Eighteen months later, Runes account for less than 2% of daily Bitcoin transactions. Fees from Runes activity dropped below $250,000 per day. The protocol that was supposed to bring fungible tokens to Bitcoin in a clean, UTXO-native way appeared to have followed the same boom-bust pattern as every previous Bitcoin innovation.

But writing the obituary may be premature. Programmable Runes through the Alkanes protocol, native AMMs built directly on Bitcoin's base layer, and a maturing token ecosystem suggest the story is entering its second chapter rather than its final one.

The Launch: When Runes Dominated Bitcoin​

Understanding where Runes stands requires understanding where it started.

Casey Rodarmor — the same developer who created Ordinals in January 2023 — proposed the Runes protocol in September 2023 as a cleaner alternative to BRC-20 tokens. His motivation was straightforward: BRC-20 created unnecessary "junk UTXOs" that bloated the network, required three transactions per transfer, and couldn't send multiple token types in a single transaction.

Runes fixed all three problems:

• UTXO-native design: Token data attaches directly to Bitcoin's existing UTXO model via OP_RETURN outputs, creating no junk UTXOs
• Single-transaction transfers: One transaction handles any number of Rune balance movements
• Lightning compatibility: Runes became the first fungible Bitcoin assets that could bridge to and from the Lightning Network

The launch numbers were staggering. Over 150,000 daily transactions at peak. A high-water mark of 753,584 transactions on April 23, 2024. Runes represented approximately 40% of all Bitcoin transactions in the weeks after launch, briefly outpacing ordinary BTC transfers.

Miners celebrated. The fee spike was the most profitable period since Bitcoin's early days, with Runes-related fees contributing tens of millions in additional revenue.

The Crash: 90% to Under 2%​

The decline was as dramatic as the launch.

Timeline of decline:

Period	Runes Fee Share	Daily Transactions
April 20-23, 2024	90%+	753,000 peak
Late April 2024	60-70%	~400,000
May 2024	~14%	Declining
Mid-2024	8.37%	~150,000
Late 2024	1.67%	Under 50,000
Mid-2025	Under 2%	Minimal

By mid-2025, Bitcoin transaction fees overall represented only 0.65% of block rewards, and the seven-day average transaction count dropped to its lowest point since October 2023.

What caused the collapse?

1. The memecoin rotation. Runes' primary use case at launch was memecoins. DOG·GO·TO·THE·MOON and PUPS·WORLD·PEACE captured imaginations briefly, but memecoin traders are notoriously fickle. When attention shifted to AI agents, Ethereum memecoins, and Solana's Pump.fun ecosystem, capital followed.

2. User experience gaps. Despite technical superiority over BRC-20, Runes offered a worse user experience than Ethereum or Solana for token trading. Wallet support was limited. DEX infrastructure was primitive. The "etching" process confused newcomers. Ethereum and Solana's DeFi ecosystems were simply more mature.

3. No complex applications. Runes remained stuck at the "issuance + trading" level. Without lending, yield farming, stablecoins, or programmable logic, there was nothing to keep users engaged beyond speculation.

4. Bitcoin's conservative framework. Bitcoin's deliberately limited scripting language constrained what Runes could do. The protocol worked within Bitcoin's rules, but those rules weren't designed for a DeFi ecosystem.

BRC-20 vs. Runes: The Standards War​

The Bitcoin tokenization landscape split into two competing standards, and the comparison reveals important lessons.

BRC-20:

• Created by pseudonymous developer "Domo" in March 2023
• Reached $1 billion market cap within months
• Indexer-dependent — tokens exist in off-chain indexes, not in Bitcoin's UTXO set
• Three transactions per transfer
• Limited to one token type per transaction
• Top tokens (ORDI, SATS) retained liquidity through centralized exchange listings

Runes:

• Created by Casey Rodarmor, launched April 2024
• UTXO-native — token data lives directly in Bitcoin's transaction model
• Single transaction per transfer
• Multiple token types per transaction
• Lightning Network compatible
• Technically superior but lower adoption after initial spike

The irony: BRC-20's inferior technology survived because centralized exchanges listed its tokens. ORDI and SATS maintained liquidity on Binance, OKX, and others. Runes' technical elegance mattered less than market access.

Both standards share a fundamental limitation: they're primarily used for memecoins. Without utility beyond speculation, neither has achieved the "Bitcoin DeFi" vision their advocates promised.

The Second Act: Alkanes and Programmable Runes​

The most significant development in Bitcoin tokenization isn't Runes itself — it's what's being built on top of it.

Alkanes Protocol launched in early 2025, positioning itself as "programmable Runes." Founded by Alec Taggart, Cole Jorissen, and Ray Pulver (CTO of Oyl Wallet), Alkanes allows developers to inscribe smart contracts directly into Bitcoin's data layer using WebAssembly (WASM) virtual machines.

Where Runes and BRC-20 are limited to issuing and transferring fungible tokens, Alkanes enables:

• Automated Market Makers (AMMs)
• Staking contracts
• Free mints with programmable logic
• NFT swaps
• Trustless execution on Bitcoin's base layer

The numbers are early but promising. Since March 2025, Alkanes has generated 11.5 BTC in gas fees — outpacing Ordinals (6.2 BTC) but trailing Runes (41.7 BTC) and BRC-20 (35.2 BTC). The first Alkanes token, METHANE, surged from a market cap of $1 million to over $10 million shortly after launch.

Runes State Machine (RSM), proposed in June 2024, takes a different approach: adding Turing-complete programmability to Runes by combining UTXO and state machine models. RSM is expected to launch in Q2-Q3 2025, potentially becoming the next catalyst for Bitcoin tokenization.

Rodarmor's own upgrade came in March 2025 when the Runes Protocol introduced "agents" — an interactive transaction construction mechanism enabling AMMs directly on Bitcoin's Layer 1. This tackles two critical problems: batch splitting inefficiencies and mempool front-running.

The planned OYL AMM in 2026 will introduce native liquidity pools, eliminating manual order matching and enabling DeFi functionality comparable to Uniswap — but on Bitcoin.

The Survivor: DOG·GO·TO·THE·MOON​

Among thousands of Runes tokens, one has proven remarkably durable: DOG·GO·TO·THE·MOON.

Launched on April 24, 2024, as "Rune Number 3," DOG distributed 100 billion tokens to over 75,000 Runestone Ordinal NFT holders with no team allocation — a genuinely fair launch in a space plagued by insider advantages.

Key milestones:

• Reached $730.6 million market cap during a November 2024 rally
• Listed on Coinbase, expanding access to 100+ million users
• Current market cap approximately $128 million (ranking #377)
• All-time high: $0.0099 (December 2024)
• All-time low: $0.00092 (January 2026)

DOG's trajectory mirrors the broader Runes narrative: explosive initial interest, significant decline, but persistent community engagement. It remains the most liquid and widely held Runes token, serving as a barometer for the ecosystem's health.

The 87% decline from peak to current levels looks brutal in isolation. But in the context of Bitcoin memecoins — where most projects go to zero — DOG's survival and exchange listings represent genuine staying power.

What Bitcoin Tokenization Needs to Succeed​

The Runes experiment has exposed both the potential and limitations of Bitcoin as a token platform. For the ecosystem to grow beyond speculation, several things need to happen:

1. Infrastructure maturity. Wallet support must improve. As of early 2026, only a handful of wallets (Magic Eden, Xverse, Oyl) offer native Runes support. Compare this to the hundreds of wallets supporting ERC-20 tokens.

2. DEX infrastructure. The OYL AMM and Rodarmor's agents upgrade address this directly. Without liquid trading venues, tokens can't build sustainable ecosystems. The fact that BRC-20 tokens survived primarily through centralized exchange listings — not on-chain trading — reveals the infrastructure gap.

3. Real utility beyond memecoins. Stablecoins on Bitcoin, tokenized real-world assets, and DeFi primitives need to materialize. Alkanes provides the technical foundation, but applications must follow.

4. Cross-chain bridges. Runes' Lightning Network compatibility is an advantage, but bridging to Ethereum and Solana ecosystems would dramatically expand the addressable market. Several teams are building trustless bridges, with ZK-based approaches emerging as the most promising.

5. Developer tooling. Building on Bitcoin's limited scripting language is hard. WASM runtimes through Alkanes lower the barrier, but the developer experience still lags far behind Solidity or Rust on Solana.

The Bigger Picture: Bitcoin as a Token Platform​

The Runes Protocol forced a fundamental question: should Bitcoin be a token platform at all?

Bitcoin maximalists argue that token activity clutters the network, inflates fees for regular users, and distracts from Bitcoin's core function as sound money. The April 2024 fee spike — when ordinary transactions became prohibitively expensive — validated these concerns.

Pragmatists counter that Bitcoin's security model is the strongest in crypto, and tokens benefit from that security. If fungible tokens are going to exist on blockchains (and they clearly are), better they exist on Bitcoin than on chains with weaker security guarantees.

The market has offered its own verdict: most token activity has migrated to Ethereum and Solana, where the developer experience and DeFi infrastructure are more mature. Bitcoin's token market peaked at approximately $1.03 billion for Ordinals and Runes combined, a fraction of Ethereum's multi-trillion dollar token ecosystem.

But the story isn't over. Alkanes, RSM, and native AMMs represent a genuine path to programmable Bitcoin. If the OYL AMM delivers on its 2026 promises, Bitcoin could support DeFi primitives that were impossible when Runes launched.

The pattern in crypto is consistent: early versions of protocols fail, second iterations improve, and the third generation achieves product-market fit. BRC-20 was the first attempt. Runes was the second. Alkanes and programmable Runes may be the version that finally makes Bitcoin tokenization work — not through hype cycles, but through real utility.

Conclusion​

Runes Protocol's first year delivered a familiar crypto narrative: explosive launch, rapid decline, quiet building. The 90% fee dominance to under 2% collapse tells one story. The emergence of Alkanes, native AMMs, and programmable Runes tells another.

Bitcoin tokenization isn't dead — it's entering its infrastructure phase. The speculative excess of April 2024 is gone. What remains is a cleaner token standard (Runes over BRC-20), an emerging programmability layer (Alkanes), and a roadmap for native DeFi on the world's most secure blockchain.

Whether this infrastructure phase produces lasting value depends on execution. The protocol wars between Alkanes and RSM will determine which approach wins. The OYL AMM's 2026 launch will test whether Bitcoin can support real liquidity pools. And the broader question — whether developers and users choose Bitcoin's security over Ethereum's ecosystem — will play out over years, not months.

One year is too short to judge a protocol built on Bitcoin's deliberately slow-moving foundation. But the building blocks for Bitcoin's token economy are more sophisticated than they were at launch. The second act may prove more consequential than the first.

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BlockEden.xyz provides enterprise-grade Bitcoin and multi-chain RPC infrastructure for developers building on Bitcoin and its emerging token ecosystem. As Bitcoin tokenization matures through Runes, Ordinals, and programmable protocols, reliable node access is essential for production applications. Explore our API marketplace for Bitcoin and multi-chain development.