Institutions poured $8B into centralized crypto products last quarter.

DeFi protocols doing $200B+ in quarterly volume? Got maybe $400M.
The gap isn't product market fit. It's compliance infra.
Tradifi isn't scared of defi because it doesn't work.
They're scared because they can't explain it to their risk/compliance team easily.
Meanwhile the protocols that built verification & audit trails from day one are closing institutional deals while everyone else is still explaining why "trustless" means you should trust them...
The next wave of capital doesn't flow to the best tech.

It'll flow to the tech that can prove it won't end up in a regulatory headline next week.