There's a two-way migration happening this cycle that doesn't fit the dominant narrative. The same crypto-native institutions that ran the famous ETH looping trades on Aave - the trades that defined DeFi yield for two years in terms of capacity and strategy. Now, crypto institutions are building rails offchain into TradFi to access bigger capacity. Meanwhile, Crypto builders and more agile TradFi institutions are launching tokenized money market funds, tokenized credit, and tokenized everything, trying to capture demand onchain. Crypto's most sophisticated capital is leaving the rails just as TradFi is arriving on them. The actual buyers of those tokenized products are walking the other way. Tokenization narratives assume a one-way flow into onchain markets. The reality is bilateral, and right now the side with capital is going out. We are working on the unlock while others are trying to onboard a large enough onchain universe for things to become interesting. Arkis was always striving to be an infrastructure that bridges both sides - the most unique cross-margining capability across all relevant trading universes. We've been cooking something to connect this bilateral flow and bring efficiency to the market. No matter where it sits - onchain or offchain. More soon.