Lido's layoffs confirm my perspective from 2023: Traditional institutions won't truly use L2, they don't trust ETH's shared security, only self-controllable solutions. L2 is essentially an exchange, and institutions will definitely build their own. Therefore, L2 platforms that can't act as market makers will be eliminated. Those that survive will either be like Base, acting as market makers themselves, or serve traditional institutions' "self-built chain" narrative. The first type doesn't need further discussion. The latter's logic can be seen from US legislation, ENA's token pump - in this market cycle, ETH's native narrative is ineffective. Only those who can tell a "Shandong people's story" have value, which is the consensus of exchanges, OTC, and on-chain funds. Without commenting on 's operational approach, from the above perspective, I believe it can achieve a grand slam like $. First, it's a "selling water" narrative - a ZK prover network that isn't a chain itself, but provides computing power to "self-controllable" chains, similar to miners providing computing power to BTC. Secondly, its ZK technology is considered a "compliant privacy solution" in a White House report. Although Tom Lee praises ETH's "never down" as Wall Street's top priority, everyone knows that even NASDAQ going down isn't a big deal. Wall Street truly cares about staying "out of trouble", avoiding mixing customers' "white money" with on-chain "black money". So "compliance" is most important, keeping themselves clean and earning intermediary fees comfortably. Moreover, 's $ is a typical permissionless dividend pool, but with a very high participation threshold. This means high sunk costs, concentrated early interest groups, with project parties involved. This type of token primarily aims for nominally "compliant distribution" while avoiding 's overly decentralized situation with no representative. Thirdly, in terms of compliance, its most recent financing was in 2024, over six months ago, meeting CB's conditions. Financing of $55 million is relatively sufficient. In the current environment, it can completely use equity to create a "institutional investment in self-built L2 using " narrative, addressing the narrative gap had back then. Of course, the valuation is high, and secondary market performance depends on market value intention and narrative capabilities. From a public opinion perspective, the airdrop isn't particularly generous but doesn't have significant negative impact. Hoping the TGE tomorrow doesn't disappoint.

Institutions don’t believe in ETH’s shared security, the truth is out😂

They absolutely do not think ETH is safe, they just need a vehicle to hold their funds

Borrowing chickens to lay eggs, after all, if institutions really come in, hundreds of billions of dollars will be deposited in an instant. The ETH network has hundreds of billions of dollars, and it is a bit precarious to protect the hundreds of billions of institutions' money. Even Kim Jong-un knows that ETH is easy to make money. If institutions really dare to put in so much, they will definitely be giving themselves away.