Great to join and share my perspective on vaults with @TokenRelations.
TLDR the value sits in the finance, not the infrastructure, *but* operating both offers a durable advantage. A curator embedded in the underlying primitives can onboard new assets quickly, keep rates consistent with the broader market, and shape the venues their strategies run on.
Beyond that, the advantage comes from relationships with asset issuers and with the platforms that hold distribution to allocators.
Full survey below 🔥
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