Chainlink co-founder Sergey Nazarov has outlined a three-stage framework for developing a global on-chain financial system. Speaking in 2025, Nazarov emphasized that decentralized finance (DeFi) forms the foundation by establishing wallets, liquidity, and protocols essential for on-chain finance. He noted that while DeFi has rapidly expanded, it serves as a precursor to broader financial integration. The second stage involves the tokenization of traditional financial assets, which Nazarov claims is already underway. This phase is characterized by the migration of banks, brokers, and fintech platforms to on-chain systems, driven by regulatory clarity and institutional interest. This transition is expected to bring new users and capital into the blockchain ecosystem. The final stage envisions a fully integrated global financial system, requiring interoperable data, identity, and compliance across numerous chains. Nazarov likened this evolution to the internet's growth, suggesting that tokenized assets and digital finance could eventually surpass the impact of cryptocurrencies alone. Chainlink aims to facilitate this transition by providing data and coordination across both DeFi and traditional finance tokenization.