Ethereum Mainnet Lags Behind in Tokenization Boom, Analysts Warn
Analysts are debating the role of Ethereum's mainnet (L1) in the ongoing tokenization boom. Some are warning that the Ethereum chain may miss the party, with nearly zero traction in spot DEX tokenized securities volume.
According to Lorenzo Valente, head of crypto research at Ark Invest, the Ethereum mainnet has been surpassed by Layer 2 (L2) networks such as Robinhood, Arbitrum, and Base. He called for a clear vision from Ethereum on what belongs on L1, what moves to L2s, and how the two fit together.
Valente's stance renewed the debate on L2 value capture and sharing, with some agreeing with his call. Luigi DeMeo, Chief Strategy Officer at Aave, noted that Ethereum has first-mover advantage for cryptoassets, but new assets such as stocks can easily grow larger on newer ecosystems. He warned that Ethereum risks being left behind if it does not take an active role.
Marius, leading Ethereum Institutional, a new steward that aims to accelerate adoption of the chain by businesses, countered that Ethereum needs to focus on winning issuers and regulated venues, not chasing subsidized AMM turnover.