Wu Shuo learned that an a16z Crypto article points out that traditional financial institutions do not want to adopt DeFi directly; instead, they will choose blockchain functions that can reduce costs, improve settlement, and increase capital efficiency, and will discard features such as open access, anonymity, and trustless execution based on compliance, control, and operational requirements. The author believes this will create a more permissioned and compliant “programmable financial infrastructure.” Public chains may become the settlement layer jointly used by traditional finance and open DeFi, but the two markets remain independent tracks with different products and business models.