Without multi-chain infrastructure, tokenization market risks collapsing

It is no exaggeration to say that the rush to tokenize trillions of dollars of real-world assets has begun. BlackRock, the world’s largest asset manager, is furthering its efforts in tokenized funds after its BUIDL fund surpassed $2 billion. Nasdaq has filed an application with the SEC to begin trading tokenized securities. Meanwhile, companies like Stripe and Robinhood are building their own blockchain solutions.

The question is no longer whether capital markets will move on-chain, but how. And the answer will determine whether tokenization will revolutionize global finance or collapse into a broken and inefficient system. This “infrastructure discussion” is not a technical footnote. This is the central challenge that will determine the future of on-chain finance. If you get it wrong, the promise of tokenization can collapse under its own weight.

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Future disruptions in on-chain finance

A promising new approach to building fiscal plumbing, while promising, is dangerously unstable and flawed. Indeed, Ethereum (ETH)’s Layer 2 and Layer 3 roadmap is revolutionary. However, these are also examples of systems that keep pace with technological advances while leaving behind a patchwork of disconnected systems.

With over 50 L2s already in existence, liquidity is becoming distributed across siled ecosystems. The problem is that hackers prefer environments where movement between ecosystems relies on weak bridges. More than $700 million was lost last year alone due to bridge abuse. This puts the responsibility on each L2 to build its own services, undermining the promise of smooth interoperability and giving users a fragmented experience.

On the other hand, “walled garden” blockchains built by companies pose a different but equally serious problem. These private networks may offer privacy, but they also isolate companies from the broader crypto-economy. Liquidity and users are pushed elsewhere, and the silos that tokenization was supposed to break down are rebuilt.

History has shown us the dangers of centralized control. The GameStop incident, in which Robinhood froze trading, demonstrated how a single entity can cut off access to the market. These all represent tokenized assets built in a closed system, which could undermine the whole purpose of public markets. That’s the problem the corporate chain risks reviving.

Multi-chain infrastructure for global markets

So, is a multi-chain infrastructure built on horizontal scaling and native interoperability the better path?

First and foremost, this method connects parallel blockchains rather than building layers or walls, allowing them to share security and finality without building weak bridges. Adding a chain is similar to adding a lane to a highway, essentially increasing capacity to accommodate the speed and scale an agency needs.

Most importantly, native interoperability eliminates the need for centrally managed media and allows data and assets to easily move between chains. Doing so creates a modular environment where liquidity is shared rather than locked away and markets can be explored. This means companies can launch sovereign, high-performance blockchains while maintaining access to the broader ecosystem. For the market, on the other hand, it provides a neutral, reliable and scalable foundation.

The new architecture demonstrates this in practice. They are creating integrated liquidity pools while enabling dedicated applications.

Stake: Trust, Liquidity, Regulation

Complex tokenization markets cannot function with liquidity locked in silos. Simply put, the core value of turning assets into tokens is to make them more liquid and accessible, and a disjointed ecosystem defeats that purpose.

Hypothetically, an investor holds tokenized securities in one L2. Now, if they cannot “communicate” and trade with other buyers, the market will be inefficient.

Fragmented ecosystems of L2s and corporate silos cannot withstand large-scale transactions that require deeply integrated liquidity pools. You cannot avoid slipping.

Additionally, trust is at stake. A transparent and connected base layer gives regulators what they need. This is a clear audit that fully traces provenance across the ecosystem.

In a World Economic Forum survey last year, 79% of participants highlighted clear regulation as the most important requirement for adopting on-chain cash. Let’s be honest: It’s unrealistic to expect regulators to monitor multiple isolated networks. Therefore, multi-chain infrastructure provides a clearer view of market activities, making it easier to detect and mitigate risks. This means connectivity is essential for trust, adoption, and scale.

Connectivity, not control

Global finance is at a crossroads as real-world assets move on-chain. Trillions of dollars of value can be made more efficient, liquid, and transparent.

However, there is a “what if” here. What will the future hold if we continue to build yesterday’s bunkers under a cozy blanket of innovation?

Of course, short-term fixes can be provided through a disconnected L2 or closed enterprise chain. But they are most likely to disrupt the market, slow adoption, and undermine the promise of tokenization.

Tokenization will not succeed if it is built on a silo. The future of global markets is about connectivity, not control.

read more: Tokenized real-world assets will become mainstream in 2025 | Opinion