The most useful idea in this piece is a simple filter: institutions adopt a DeFi primitive when it cuts their costs or risks without losing control. Everything else gets reshaped until it fits or is quietly dropped. Vaults are a good place to watch this. ERC-4626 sails through because it is just accounting. The curator model also gets adopted, likely because it puts an accountable person back in the loop, which explains why Morpho is their example of choice. The casualties are mechanisms that only work by removing the middleman entirely: permissionless liquidation, rebalancing via arbitrage instead of a mandate, and immutable parameters after deployment. Those are the parts of this field I most enjoy building. The institutional version must sand them off, and I understand why, but the sanding removes what made blockchain interesting in the first place. So I don’t want to build for institutions. The open side keeps inventing the primitives, and institutions adopt the ones that survive their filter years later. I would rather stay where the inventing happens.