I had a call with some really interesting asset managers, vault infra providers, risk curators, and liquidity bois.
The playbook for bootstrapping stable liquidity is evolving quickly with some creative approaches emerging (incl. morpho, curve, pendle loops et al.)
The real bottleneck, and moat, is in distribution and fiat pairs (regulatory arbitrage). With an opportunity to attack as most exchanges will likely try to push their own wrappers.
Most of the basics will be commoditized, so it will come down to who can combine solid core products with differentiated risk-weighted strategies and bank licenses in key markets.
Guess it will slowly become a play of whos buying the most banks (unless the laws fundamentally change).
Funny to come full circle.
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