Anthony Scaramucci says Solana – not Ethereum – will win $16tn tokenisation race

Ethereum just can’t get a break.

In the race for blockchain dominance, Anthony Scaramucci says he’s putting his money on Solana.

The founder and managing partner of investment firm Skybridge Capital said that his company holds Ethereum “in small sizes,” it’s Solana’s low fees and faster transaction speeds that make him more bullish on SOL.

Especially when it comes to tokenisation — or putting traditional financial assets on the blockchain.

“It’s the one that’s going to win the race in terms of going into tokenisation,” Scaramucci said on CNBC’s Squawk Box. “If Larry Fink is right, and we end up tokenising stocks and bonds, Solana would be a more obvious choice.”

Larry Fink, the CEO of BlackRock, has long banged the tokenisation drum. He said in 2022 that tokenisation is the future of markets, and BlackRock already rolled out a tokenised fund to test the waters.

The tokenisation market is on course to grow to $14 trillion and $16 trillion by 2030, according to reports from New York-based consulting firm Oliver Wyman and the Boston Consulting Group.

Scaramucci’s comments come as many in the industry are asking one question: When will Ethereum join the rally?

Dog days for Ethereum

Even as Bitcoin, Solana, and XRP continue to break new all-time highs, the industry’s second-largest cryptocurrency lags.

It has yet to break its last record of $4,878 set in 2021, according to CoinGecko.

And that’s despite it being the only other cryptocurrency besides Bitcoin with an exchange-traded fund.

Meanwhile, the Ethereum Foundation, a Swiss-based non-profit organisation that stewards the network, has taken flack for the lack of fireworks.

Grumpy Ethereans even began taking potshots at the Foundation’s director, Aya Miyaguchi.

Solana tactics take hold

While Ethereum’s co-founder Vitalik Buterin criticised the latest batch of memecoins for contributing nothing of value in 2024, the Solana network overtook Ethereum for revenue, thanks in part to the enormous number of memecoins springing up on the network.

Even President Donald Trump and his wife, Melania Trump, launched memecoins on Solana days before his inauguration in January.

Solana DeFi went through a lot of up and downs. On every call I had with DeFi teams I would ask them if they are profitable. I didn’t give a shit about any other metric. If you are profitable you will survive. During the 2023 breakpoint people started coming up to me and… https://t.co/mZBEZOdNJS

— toly 🇺🇸 (@aeyakovenko) February 10, 2025

Solana Mobile — a subsidiary of the developer group behind Solana, Solana Labs — even turned to memecoins to help stir excitement around the audacious launch of its two crypto phones in the last two years.

Keeping score

To be sure, Ethereum has Solana beat on other metrics, notably decentralised finance. There are nearly 1,300 DeFi projects built on Ethereum worth $57 billion, according to DefiLlama.

Solana boasts less than 100 projects worth less than $10 billion.

Perhaps most importantly, BlackRock’s tokenised BUIDL fund is also built on Ethereum, too.

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.