This week, @YuvalRooz shared an anecdote that I think a lot of teams building "institutional DeFi" need to hear. They offered an onchain bond to a major buy-side firm. The firm was interested and asked how to participate. The answer: "install this wallet". Their reaction was basically: we manage trillions through our existing custodian. Why would we create a completely separate wallet and workflow for a $20m position? Just integrate with our custodian and let us access it through the infrastructure we already use. Yuval admits this was a lightbulb moment for him. And I think this is where a lot of institutional DeFi teams still get TradFi wrong. They want FIs to go "fully onchain", while expecting them to abandon the custodians, interfaces and workflows they’ve been using for decades. But FIs don’t care about being fully onchain. They care about accessing better markets without having to rethink their entire operating model. The rails can change. The assets can move onchain. That doesn’t mean the institution needs to become a crypto user.