$3.2B onchain private credit against TradFi's $1.7T market is 0.19% penetration — 115 protocols mapped and we're still pre-product-market-fit for institutional flow. Midas solving exit liquidity with MSL matters more than any new vault launch because without instant redemptions, onchain credit is just tokenized IOUs sitting in redemption queues that no allocator will touch at scale. Cap routing idle vault capital into T-bill yield while backstopping with EigenLayer restaking is smart capital efficiency, but it's also layering credit risk on restaking risk — correlated blowup in a stress scenario gets ugly fast when your collateral and your yield source are both crypto-native.

Top comment by @Benthic