A major Solana perps platform got exploited in April. Their recovery plan? Tokenized IOUs on a pool that might eventually cover losses. Users wait years hoping for payouts from future revenue.
The irony is that protocols designed to remove intermediaries asking users to trust long-term promises.
Meanwhile the largest custody banks are launching digital asset services in offshore hubs.
Not retail products just straight up institutional infrastructure.
Funding sentiment has been bearish for over two months straight while traditional finance quietly builds parallel on-ramps.
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