Grayscale’s Zach Pandl Says Ethereum, Solana and BNB Chain Are Overlooked

Grayscale research chief Zach Pandl said investors may be underestimating Ethereum, Solana and BNB Chain as platforms for financial activity moving onto blockchains, including tokenization and stablecoins.

In an interview at TOKEN2049 in Singapore, Pandl described the three networks as smart contract platforms that are “not a consensus trade.” The interview was published Oct. 13, 2026.

Pandl pointed to tokenization, stablecoins and tokenized bank deposits as applications that use smart contract platforms. He said trillions of dollars could move on-chain, though his comments did not specify how much activity any individual network might attract.

The remarks came as newer crypto themes, including privacy-focused Zcash and perpetual futures platform Hyperliquid, drew investor interest. Pandl acknowledged Hyperliquid’s growth and said he expects perpetual futures to become common among institutional and retail users.

Grayscale’s GSOL product accumulated $20.2 million of Solana over 20 days, with an outflow recorded on one day. That fund activity provides separate context for the firm’s interest in Solana; it does not establish Grayscale’s direct holdings.