We often hear that TradFi is "skeptical" of blockchains and DeFi... in reality it's just discipline. These institutions aren't waiting to believe in the tech. They're just telling us a COGS story. @cc_crowley and I talk about the near-term vs. long-term opportunity in programmable financial infrastructure 👇 Capital Markets players are adopting exactly the primitives that improve unit economics: atomic settlement, programmable money, tokenized collateral. Decentralization, the part with no line item, maybe gets left behind? CLARITY would be a real step toward the "elegant convergence" everyone predicts. But there's a long window where the short game and the long game both matter. Not competing bets, but parallel ones. Near-term, builders can help institutions adopt the primitives that move more capital onchain. Long-term, an open system continues to evolve and push the innovations that may eventually subsume the old system. @a16zcrypto