The biggest lesson from the Zcash vulnerability isn’t about Zcash, it’s about AI. If AI can help find a bug that survived years of review, imagine what happens when every attacker has access to even better tools. This is why I’ve become increasingly convinced that the end state of finance looks different than many people expect. The rails will be onchain, the assets won’t necessarily live there. Institutions want the speed, transparency and programmability of DeFi. They also want custody, accountability and protection mechanisms that don’t disappear when a smart contract fails. The future isn’t decentralizing everything, it’s putting the right things onchain and the right things under institutional safeguards. The winners will be the ones that can bridge both worlds. 🤝