Most people think institutions aren’t in DeFi yet because of regulation.
I don’t think that’s the real reason.
It’s visibility.
No serious capital is going to operate in a system where every position, every move, every strategy can be tracked in real time. That’s not how real markets work.
We built transparent finance and expected private capital to join.
That was always a mismatch.
That’s why @MidnightNetwork stands out to me. It’s not trying to remove trust, it’s trying to remove unnecessary exposure. With the NIGHT token anchoring the system, you still have a public market layer, but the activity underneath doesn’t have to be fully visible.
If DeFi ever scales beyond traders, I doubt it happens in full transparency.