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Lorenzo Valente rebuts a16z: Private chains are just a transition, and public chains will win the long-term competition

WuSaidBlockchainW
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Wu Shuo learned that Lorenzo Valente posted a rebuttal to a16z Crypto’s view that institutions will adopt permissioned chains long-term, saying historical cases such as enterprise intranets and private clouds show that closed systems are more of a transitional solution rather than an end state. Enterprise chains like R3 Corda, Hyperledger Fabric, and Quorum have spent years without forming a significant economic scale. Meanwhile, mainstream assets such as BUIDL, BENJI, USDC, and USDT are instead deployed on public chains. Valente noted that liquidity depth, composability, and the ability to access without permission cannot be fully replicated on closed networks. In the future, the players taking up market share may not be traditional financial institutions, but crypto-native companies building institution-grade infrastructure on public chains, such as Circle, Coinbase, Securitize, Aave, and Morpho.
BENJI4.04%
AAVE-3.38%
MORPHO-0.10%
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EarnestEarn
· 9h ago
Permissioned chains really look like a company intranet—safe on the surface, but an isolated island in practice
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HedgehogCommunity
· 9h ago
The judgment that “enterprise chains = a transitional form” is spot on. Back then, the consortium chain boom—looking back now, it’s all pilot projects.
View OriginalReply0
HalvingCountdown
· 9h ago
You can’t create a liquidity black hole in a closed system—composability is the moat of DeFi.
View OriginalReply0
FeeTaker
· 9h ago
Valente’s take is savage—after all these years, R3 Corda still has USDC running on Ethereum ahead.
View OriginalReply0

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