SIGNAL VS. NOISE: TRADFI EDITION

Summary from the TLDR Crypto newsletter

TradFi incumbents' onchain strategies contraindicate crypto's likely future – the more large intermediaries embrace a vision, the less viable it becomes. Large exchanges and banks derive trillions in market cap from monopolistic positions in finance plumbing with regulatory moats that have never faced real competition. Crypto represents a second, independent system aimed at restructuring finance so that critical infrastructure is owned by no one but accessible to everyone. TradFi migration reflects self-preservation incentives, not the revealed truth about decentralized architecture.