译文/Translated：
本次Permissionless会议在佛罗里达棕榈滩召开，共有5000多名与会者共同探讨元宇宙和DeFi如何重新构建全球经济。本次会议被誉为“联系未来构建者的一场大会，”而我们和其它开发者、投资者、创作者和游戏开发者听取了行业领导人的观点。以下是会议要点：
传统金融领域不能忽略DeFi
机构投资人、高净值人员、华尔街交易者不能忽略DeFi领域在不断增长这个事实。DeFi网络网络在不断积累原本锁定在促成交易和收益的交易对中的价值，传统金融的主要参与者会如何适应系统还要不清楚。
DeFi收益产品吸引机构投资人，但进入屏障还在
尽管监管、投资框架指令、客户兴趣的屏障已经减少了，但最近Terra/Luna稳定币对崩盘也显示了这些市场天然的波动性。但尽管有这些考量，区块链网络，尤其是以太坊，还是被广泛地认可为互联网价值的结算层，也有越来越多人觉得，错过在这样一个结算层投资的机会是非常愚蠢的。
在现在的DeFi背景下，散户比传统机构更有优势
决定做资本分配的人在蓬勃发展的数字经济中受益良多，同样，我们可能也在见证产品和服务的演化，它测试了数字资产是否能适应更大的机构投资人领域。这需要时间，所以能够获得Web3钱包服务和去中心化交易所的散户就有了难得的机会，抢跑机构投资人，因为他们可以在大规模机构资本注入之前先获得的市场头寸。
原文/Original：
Held in Palm Beach, Florida, the Permissionless conference brought together more than 5,000 attendees to examine how the Metaverse and DeFi are reshaping the global economy. Touted as an “event to connect the builders of the future,” we joined developers, investors, creators, and gamers to hear from leaders in the industry. Here are our key takeaways:
The traditional finance sector cannot overlook DeFi
Institutional investors, high wealth individuals, and Wall Street traders are unable to ignore continuous growth in the DeFi space. As DeFi networks continue to amass value locked in trading pairs that facilitate both transactions and yields, it remains to be seen how these mainstays of traditional finance will fit into this ecosystem.
DeFi Yield products are attractive to institutional investors but barriers to entry remain
While the barriers of regulation, investment framework directives, and client interest are diminishing, the recent collapse of the Terra/Luna stablecoin pair shed light on the volatile nature of these markets—perhaps offsetting the investment of large, sidelined institutions. However, despite this reckoning, blockchain-based networks, particularly Ethereum, are widely being perceived as the settlement layer of value on the internet, and there is a growing sentiment that to ignore the opportunity to own a stake in such a settlement layer would be foolish.
Retail investors have the advantage over traditional institutions in the current DeFi climate
As individuals who make the decisions about capital allocation become educated in the ways of the burgeoning digital economy, it is likely we will see the evolution of products and services that test the fitness for digital assets in the wider realm of institutional investment. Because this is likely to take time, retail investors with access to Web3 wallet services and decentralized exchanges have a rare window to front run the institutions, by taking market positions before wide scale institutional capital infusion occurs.
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