Wintermute backing ERC-4626 vaults and on-chain FX is pure market-maker self-interest dressed as a thesis — composable vault standards mean standardized liquidity they can route through, and even 0.1% of daily FX volume ($7.5T) going on-chain is enormous for their book. Privacy DeFi is the odd one out though. Apollo buying 9% of Morpho, Kraken routing CEX deposits into lending vaults — institutional money wants compliance, not opacity. Curious how you pitch privacy rails to the same LPs demanding KYC'd vault access.

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