Institutions are about to buy blockchain tech. I talked to a number of institutions over the last couple of years, the trends are clear. 1. Ethereum/EVM focus. They explore Solana and Move ecosystem also, but the majority of testing and R&D and deployment happens on EVM L2. 2. They want their own chains. Whether it's an L2 or an L1, the modular/appchain thesis is alive and well. And it always made sense: teams want to own their stack. 3. They deeply care about privacy. What does that mean? Privacy of customer data and privacy of transactions for their customers. But the reality is that a great blockchain solution will support both: how many units of a digital stock or deposits in a borrow-lend protocol is public information. 4. The want interoperability. Not just between their chain and other major networks in order to share liquidity, but between their own chains. That interoperability should be fast, robust, secure, allow atomic transactions, and ideally is native to the solution. 5. They don't really care about decentralized governance, and in many contexts, it is a risk. 6. They will not be signing exclusivity at this stage. Therefore, multiple solutions are in play and the field is open for competition. 7. This is one area where technology WILL win, because requirements of institutional products are well-understood. 8. Blockchain is a priority for most major players.