Wu Says has learned that an a16z crypto article notes that traditional financial institutions do not necessarily 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 “programmable financial infrastructure” with stronger permissioning and compliance attributes. Public chains may become the settlement layer jointly used by both traditional finance and open DeFi, but the two markets remain separate lanes with different products and business models.