Wu Shuo learned that Lorenzo Valente posted a rebuttal to a16z Crypto’s view that institutions will adopt permissioned chains in the long term, saying that historical examples like corporate intranets and private clouds show that closed systems are more of a transitional solution rather than a final form. He noted that enterprise chains such as R3 Corda, Hyperledger Fabric, and Quorum have not formed a significant economic scale for years, while mainstream assets like BUIDL, BENJI, USDC, and USDT have instead been deployed on public chains. Valente pointed out that liquidity depth, composability, and the ability to access without permission cannot be fully replicated in closed networks. In the future, he said, the entities that take up market share may not be traditional financial institutions, but rather crypto-native companies like Circle, Coinbase, Securitize, Aave, and Morpho that build institutional-grade infrastructure on public chains.