Woofun AI reports that Grayscale Research Head Zach Pandl identified three distinct phases in the evolution of global equity tokenization. The first phase involves a third-party "wrapping" model, which currently holds over 70% of market value and operates primarily on Ethereum and Solana. The second phase utilizes regulated post-trade infrastructure, exemplified by the DTCC pilot. The third phase is an "issuer-driven" model where companies issue securities directly on-chain, a milestone recently achieved by Securitize as the first NYSE-listed entity to do so. Grayscale anticipates these three models will coexist in the near future.