"In the past two months, there have been far more TradFi institutions than ever before in contacting us for DeFi data." - @0xngmi, co-founder of DefiLlama 👆 This is an important signal: TradFi is systematically researching DeFi. They're not here to rush the narrative, but they're revisiting: Which protocols have a clear structure, manageable risks, and clear benefit logic – i.e., which ones can fit into their risk control framework and configuration model. In my opinion, Aave and Curve are two of the most accessible cases for institutions to take into account in this type of assessment: Aave: The most standard on-chain lending protocol Floating interest rates, mortgage rules, liquidation lines, logical standards, and transparent parameters The segregated market mechanism introduced by Aave V3 is in line with the "risk zoning" management idea of institutions The full-chain data is open and the interface is friendly, which is suitable for risk control modeling and backtesting To TradFi, it's like a "composable, non-custodial banking system". Curve: The underlying liquidation layer of stablecoin liquidity The low-slippage AMM mechanism supports large-value stablecoin exchanges, which is a natural "on-chain foreign exchange market" The veCRV + bribe model is gradually understood as a structure that combines on-chain governance and income rights Under the general trend of stablecoins becoming a cross-border settlement tool, their system role is increasingly concerned Institutional research Curve is not bullish or down, but looks at the efficiency of liquidation and the rationality of governance. They don't want narrative, they want structure. Whether DeFi can make it to their radar depends on: 1: Is the data structure clear? 2: Is the revenue model predictable? 3: Can the risk parameters be implemented? 4: Can I connect to an existing system? By the time these protocols are actually researched, tested, and modeled by institutions, the way the market prices them may have changed. I'll also be compiling a list of protocols that are "under research by TradFi" in the future. If you know of some projects that are being quietly investigated, welcome to add them together. 🍺