The beauty of permissionless innovation in Web3 means anyone could theoretically launch their own ETF—that's the real GTM advantage right there. But here's the catch: you can't just scatter this across multiple chains or protocols. Why? Custody fragmentation, bridge dependencies, operational complexity—all of it compounds counterparty risk in ways that kill the whole value prop.

The architecture has to live on a single protocol layer to keep things tight. One source of truth. One settlement mechanism. That's how you actually minimize the friction and risk that plague traditional finance. Otherwise you're just building financial Lego blocks that don't quite fit together.