What truly traps institutional funds is never performance, but the conflict between verifiability and privacy.

Traditional OTC relies on black boxes to exchange privacy,
On-chain relies on transparency to exchange trust,
Both are long-term incompatible.

@0xMiden's interesting aspect is that it shifts the "object of trust" from intermediaries to the execution itself.
Whether a transaction occurs and whether it settles as agreed can be verified,
but the identity of traders, fund flow, and strategy details remain untraceable.

This is not a privacy narrative, but a reconstruction of the trust model.
If it works, OTC will no longer be a gray area, but part of compliant finance.