Many people attribute the pain points of DeFi to compliance-related friction, but the issue is not that simple. The real obstacle is actually legal uncertainty.

The reason large capital bypasses on-chain systems is not due to inefficiency, but because the legal foundation is too fragile. When no one can be sure how regulatory attitudes will change or whether counterparties pose risks, even the most advanced technology won't attract large funds.

This is precisely why some projects choose to build from the perspective of licensed institutions. By establishing a clear legal framework, they can actually reassure institutional investors. At this stage, legal clarity is more scarce than operational efficiency.