this is spot on. some comments: > the compliance cost/problems doesnt "just collapse" because of onchain settlement. onchain compliance is currently a bit like a whac-a-mole situation driven by lack of regulatory clarity, new tooling but also the inherent problem of transparency/privacy > privacy is also discussed as a holy grail type of feature onchain but it should be perceived as part of a wider "operational resilience/security" umbrella. the instant settlement happening onchain can become a security headache for banks that have been used to T+2. ZK-enabled execution integrity + AML tooling + privacy is a good starting recipe > there is another key industry/player missing from this article which is the Corporate Treasury depts of multinationals. they often sit in the middle between fintechs+banks, they move $ billions on a daily basis and it's one of the most "untouched" corporate functions buried into archaic processes > i still think the industry is sleeping to the potential of tokenized deposits. executed well, they can completely disrupt the tradfi industry > all the points above encapsulate our "Bank Stack" thesis at @zksync. a robust blockchain platform enabling privacy, interop, compliance, security with specialized add-on partner solutions. at least 3 big announcements on this space coming up till end of Q1.