What’s keeping institutions from coming in? Two words: no privacy. BNB Chain has plenty of retail users, deep liquidity, and fast block times, but trading intent is completely exposed. What trading desk would dare put its core positions out in the open? If Primus’s privacy layer can really keep intent private, that’s the key to getting institutions to move over. We’ll come back next week and see if this thesis holds. If you’re watching, follow along.