Markets evolve in layers. ▸ First comes liquidity. ▸ Then applications. Eventually, the underlying infrastructure begins to change. @injective's transfer agent filing is a move toward that final stage. Rather than focusing solely on tokenized assets themselves, the protocol is positioning around the institutional infrastructure required to support them. It's an approach that assumes blockchain won't remain adjacent to traditional finance... it will eventually become part of its operating framework. That's a long-term bet, and one that deserves more attention than the headline alone suggests.