If you spend too much time on CT you’ll be convinced that institutional ledger demand for DeFi or Offchain Assets (RWA, Stables etc) is purely trading and markets oriented, and revolves around low latency, high frequency access to state for price discovery and trade execution. In reality this is only the tip of the iceberg, with a multitude of separate services and processes managing asset books through multi-year lifecycles. When we talk about tokenisation of securities, money markets and similar markets, liquidity availability and convergence around common standards with reliable censorship resistant atomic settlement is king here, not speed (or even fees up to a certain magnitude). Blockchain in this context is a huge platform shift moment for the industry, allowing the nirvana of a universal programmable ledger, with an asset centric object model, that’s lifecycle and context aware and GL-integrated for servicing and settlement. This is the multi-trillion dollar opportunity people often mention, but after a decade of DLT and failed permissioned chain experimentation, we’re still very, very early to realising any significant industry shift. Public chains unlock this and 2025 will see a convergence of many complementary public chain feature sets and adoption conditions that have been a decade in the making. But much more to be done . Keep building. 🫡