Institutional Integration to Date

Since DeFi summer brought about the 2020 bull market, everyone anticipated “institutional adoption” to come to DeFi. Integration between TradFi and DeFi mainly happened on the trading front, where centralized exchanges became a middle ground for TradFi crypto adoption. Market makers and proprietary funds alike began executing carry and price arbitrage on centralized and decentralized venues. To accommodate billions of dollars of flow, key on-chain trading infrastructure projects were incubated and funded by these institutions. An example of such an infrastructure is Pyth, where 70+ institutional trading firms, with the likes of Jump Crypto and DRW Cumberland, publish price discovery and create market efficiency across different venues. The completion of decentralized infrastructure in financial trading allowed sophisticated trader flows to enter crypto native markets.