The so-called "on-chain" activities of traditional financial institutions often betray the spirit of decentralization. The more they enthusiastically embrace a particular form of the crypto world, the less likely that form is to succeed. (Background: Cryptocurrency Popularization vs. Decentralization: An Unsolvable Paradox?) (Additional context: Blockchain "decentralization" challenges global regulation; are the two destined to conflict? Can they coexist?) This is a warning: as traditional finance gradually embraces blockchain, the actions of the largest financial intermediaries are very likely to foreshadow future failure. The more they enthusiastically adopt a specific form of the crypto world, the less likely that form is to truly succeed. Those giant exchanges, clearinghouses, banks, brokerages, and payment providers. These well-known names will frequently make headlines in the coming year due to their "cautious" embrace of blockchain. How these institutions "go on-chain" mainly reflects that they