Everyone that tried out the consortium L1 model in the previous cycle is now moving to an L2. The inbound we get from these is quite a sight to behold. The banks all tried this a few cycles ago and where are they now? Everyone realized that consortiums don’t work because they rely on trust. Trust between counterparties, between competitors, between different jurisdictions. Systems built on trust is just a rehash of the existing system we are trying to break free of. It’ll be stuck in a quagmire of legal contracts and decision by committee. You can’t build global systemically important financial infrastructure if there is a neck to choke that is inherently biased. This is the power of a fully decentralized, trustless Layer 1 like Ethereum. It automates trust. This is the power of Layer 2s. Build on a trustless network with your own execution environment where you fully control everything.