@garrett
"The innovations institutions are adopting today did not originate inside banks, asset managers, or existing financial infrastructure. They emerged from open networks where builders were free to experiment with new market structures, coordination mechanisms, and financial primitives."
Innovation doesn't happen inside traditional financial institutions, it happens in the open permissionless world of crypto and that will continue to be the case as long as talented builders continuing pushing the limits and experimenting with new primitives, use cases and products.
Just because institutions aren't fully integrating into defi does not mean defi is dead or that its innovations haven't been extremely valuable.
https://x.com/a16zcrypto/status/2077098776003543381
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