Wall Street's increasing use of private blockchain networks could erode one of blockchain's main advantages by splitting liquidity across closed systems, Etherealize co-founder and CEO Vivek Raman said. Raman argued that permissioned consortium chains are resurging across traditional finance because they offer privacy and lower counterparty risk, citing Digital Asset's Canton Network, Circle's stablecoin payments play ARC and Stripe's Tempo blockchain. He said the trend risks recreating siloed systems that do not communicate with one another, undermining the interoperability and network effects that open blockchains were designed to provide. Raman pointed to earlier enterprise blockchain waves including R3's 2016 bank consortium effort and the Hyperledger ecosystem, saying the current push resembles "consortium chain 2.0." Etherealize, which works to attract traditional finance firms to Ethereum, argues that institutions should build privacy and permissioning features on top of an open base layer rather than replacing it with closed infrastructure. Raman described Ethereum's mainnet as analogous to HTTP, with more secure or permissioned layers built above it, and said that structure is better suited to concentrating liquidity and enabling broad compatibility across tokenized assets and decentralized finance.