Institutional Entry: A Magnifying Glass and a Touchstone

Institutional funds act like a magnifying glass—both advantages and disadvantages become more apparent.
Once institutions like Apollo continue to participate, the transparency of protocols, governance structures, and risk management will be scrutinized under stricter standards. This is both pressure for project teams and an opportunity for evolution.
DeFi has historically been driven by innovation, but is now gradually entering a phase of "standardized competition." Those who can offer stable returns and effective risk control are more likely to secure long-term funding.
But don’t idolize institutions. Their investment logic remains profit-driven, and if fundamentals change, they will adjust their positions. The market shouldn’t treat institutions as faith, only as participants.
What truly determines value is whether the protocol is genuinely used. On-chain demand is more hardcore than capital stories.
A realistic summary: Capital can amplify value but cannot create value out of thin air.
Interaction: Do you think institutions value narratives or data more?