What’s emerging is a clear split between crypto-native asset allocators embracing permissionless, composable infrastructure, and legacy-style wrappers still dependent on centralized rails, opaque pricing, and poor redemption mechanics. We’re moving toward a capital market design where execution, custody, and automation must be integrated, secure, and on-chain. We now see introductions of first actively managed risk-adjusted products in the markets by major industry behemoths and more balance ...