The blocker to the below: lack of funded web wallet accounts.

Path there:
- CEXs launch web wallets.
- CEXs add DEX trading to their current apps w/ web wallet and session keys.
- We have tens of millions of users transacting onchain.
- This user base attracts builders to make onchain products enabled by web wallets.

Why CEXs are incentivized to do this:
- Can “list” every token and capture those trading fees.
- Can drive users to their own chains.
- Can disrupt themselves by going onchain before new entrants do.
- Owning the signing experience as a web wallet will be incredibly sticky (more so than the balance, history, and discovery experiences).

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Centralized exchanges have clear motivations: they profit from listing fees and capture trading activity, pushing users to their platforms and chains. By moving on-chain early, they can preempt competition. Owning the signing experience in a web wallet deepens user loyalty, overshadowing other features.