[a16z crypto: Traditional Finance Doesn't Embrace DeFi, Instead Adopts Blockchain in a 'Disassembled' Manner] According to a report by Jinse Finance, a16z crypto published an analysis stating that a long-standing narrative in the crypto industry suggests that DeFi and TradFi will eventually converge, combining open liquidity with institutional distribution to form a new system superior to traditional finance. However, the reality may not align with this narrative. Traditional finance is not merging with DeFi but is instead adopting blockchain technology in a 'disassembled' manner to meet its own needs. The blockchain technologies currently being adopted by institutions primarily include: Atomic Settlement, Shared Ledgers, Programmable Money, and Automated Market Maker (AMM) mechanisms. a16z crypto pointed out that the core driving force behind traditional finance's adoption of blockchain is not the decentralization ethos but rather commercial efficiency. As a result, a new category of financial infrastructure may emerge in the future: a 'programmable financial infrastructure' based on blockchain foundations but optimized for institutional constraints.