Update
Solana Research Institute: $11.2 Billion of FMI Revenue Survives Onchain Shift
The Solana Research Institute estimates that $11.2 billion of financial market infrastructure (FMI) revenue could survive a shift to onchain finance, while $20.3 billion would pass to users and new competitors. The report, which splits the toll revenue into streams, projects that about $6.8 billion of clearing revenue would withstand the transition, while trading revenue is fully at risk for incumbents.