[Grayscale Research Director: The Tokenization Market Will Develop in Phases, Investment Opportunities to Be 'Gradually Released'] According to Deep Tide TechFlow on April 1, as reported by CoinDesk, Grayscale Research Director Zach Pandl stated that the current tokenization market is still in its early stages, with a scale of approximately $27 billion, accounting for only 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 being 'gradually released.' In the early stages, permissioned networks led by institutions, such as the Canton Network, are more likely to prevail. In the mid-term, a hybrid model may emerge, benefiting networks with subnet structures like Avalanche. In the long term, Ethereum may serve as the foundation for global decentralized finance, though its adoption pace may be relatively slower.