As expected, most institutional-grade L2/L1 in the future will probably be like this. After all, institutions want control, not decentralization. Their demand is simply to use blockchain technology to reduce settlement costs and acquire on-chain users. This seems like a step back to the era of consortium chains, but it’s not entirely without progress. Thanks to the development of on-chain applications over the years, at least they can be compatible with DeFi applications, deploy smart contracts, and launch memes.