The biggest problem with institutions building their own public chains is the inability to achieve neutrality. One institution will never fully trust another. When the scale of funds reaches a certain level, only truly decentralized chains can serve as the greatest common denominator, providing a settlement layer that all institutions can trust because no single person or institution can have centralized control. This is why Ethereum is poised to be one of the biggest beneficiaries in the future era of asset tokenization. A decentralized public chain network isn’t something you can just build overnight—the longer it exists, the deeper its moat becomes. Ethereum’s greatest competitor will always be itself. The remaining key challenges are value capture: how to reclaim a fair share of the pie from L2, and how to resolve the liquidity fragmentation between L1 and L2.