Are Ethereum and Solana Useless for Tokenization? Bitwise CEO Shares Hot Take Amid RWA Boom

Bitwise CEO Hunter Horsley argues that Ethereum and Solana are not “useless” for tokenization, saying the tokenization and stablecoin boom depends on base-layer networks that capture value through gas fees and staking. The article cites RWA.xyz data showing Ethereum as the clear leader in real-world asset tokenization with $15.5 billion across 915 projects, while Solana ranks third with $3.0 billion and 707 active products. Horsley frames skepticism about ETH and SOL as a repeat of the old “blockchain, not Bitcoin” mistake. The piece also notes Bitwise’s commercial interest in alternative infrastructure, highlighting Hyperliquid, where open interest in RWA derivatives reportedly hit a record $3.6 billion and total open interest reached $11 billion. Overall, the article is bullish for ETH and SOL on tokenization narrative, while suggesting investors may also be shifting attention to newer infrastructure plays.