The vault stack's missing layer Value in DeFi moved up the stack. Execution got cheap, and liquidity is now standardized. What people pick now is a strategy. Making the vault, the execution layer now. That is where the value sits. Which makes it worth asking where the vault has actually found pmf. Look at the biggest vaults. Coinbase put USDC lending in front of millions of users and routed it into a Steakhouse-curated Morpho vault. Robinhood did the same with Earn this summer. The fit is real and it came through retail, on retail rails, inside apps people already had open. That growth was a distribution win. The app owned the user, the interface and the journey. Nobody in that flow ever had to ask who could see their position, because the retail user was never the one arriving. The next wave does not work like that. The custody and access rails institutions actually use are going live, one integration at a time, and each one means more capital reaching vaults directly. Zama Confidential Vault Gateway Encrypt balances and flows and leave the vault as it is, composable and auditable - public strategy, public record, make the participation private. The Zama Confidential Vault Gateway enables confidential deposits into any vault, and nothing changes for the underlying vault or the curator. The user can now hold a confidential position, move between vaults, rotate asset, and exit, without going public at any point. The vault keeps doing what it does. The curator keeps running the book they already run. What changes is who gets to read it.