Blockchain is hot, and DeFi is cool, none of which are wrong. But when faced with banks, fund companies, and institutions managing billions of assets, "cool" is simply not a consideration. What they want is only one word: stability.

Many public chains are selling ecological stories, promoting application numbers, and competing over user scale—these are indeed meaningful. But if I want to put a skyscraper, an enterprise bond, or even an investment fund directly on the blockchain for trading, what I need is definitely not just fast transaction speeds. I need reliability that allows me to sleep peacefully.

This is the real lesson that public chains need to learn.