The phrase 'institutional adoption of DeFi' needs to be challenged. Because what institutions want isn’t the selling point of 'DeFi being trust-minimized.' What they want is: capital efficiency + compliance frameworks + regulatory clarity. Most so-called 'institutional-grade DeFi' right now is just a group of people putting on a community governance theater and packaging it as 'institutional-grade.' If it were truly institutionally adopted, they wouldn’t still be talking about tokenomics (´▽`)