Concrete is now the 4th largest DeFi curator, and the largest outside of Morpho. And since the data for this report was captured, we’ve grown to over $1B. The interesting part of curation isn’t finding opportunities. It’s building infrastructure that can be trusted to deploy capital repeatedly, at scale. Proud of the @ConcreteXYZ team for continuing to build the operating system for on-chain finance. Great report from @vaultsfyi.

Many vault products have duration exposure and cannot be instantly withdrawn from. Our RFQ-based product Liquid Lane seeks to provide a path for liquidations and instant exits; initially focused on RWAs, but also applicable to DeFi vaults! Using LL, curators can supply redemption liquidity to their own products in a capital-efficient manner. Cool report from one of the key emerging data platforms in the space!

The @vaultsfyi's new curated DeFi report asked us what separates managers when the underlying book is the same. Our answer: exit agent automation that cuts exposure in seconds, without any manual intervention.

From @vaultsfyi: The State of DeFi Curation 2026 • The report maps $11B+ across 856 vaults, 131 curators and 18 protocols. • Supply-side DeFi TVL fell 41% over the past year • Over the same period curated vault TVL rose 39%, increasing its market share from 5% to 12%. → Full report: Midas onchain investment products, like mGLO, mGLOBAL and mWIN, sit inside some of the largest curated vaults covered in the report. Learn more about the differentiation and why vaults, stablecoins and onchain investment products are often conflated:

$11.29B. 856 vaults. 131 curators. 18 protocols mapped by @vaultsfyi Insights / topics we discussed in past: 1. c.70% of TVL controlled by 5 curators: I think we will see more due consolidation due to distribution access, brand power and regulation + new institutional entrants who already tick those boxes 2. Ten addresses control 74% of vault shares: Get the whales or the distribution partners (Coinbase, Robinhood, Kraken etc.) 3. Distribution, not deployment, is the real bottleneck in curated DeFi: Obvious conclusion of the above 4. Correct differenciation between vault types. @Morpho and @MidasRWA are very different (and work together btw 😀). If you don't understand these points, have a read of the report. Thanks for featuring Midas @ryanrodenbaugh

Excellent drop by @vaultsfyi Ppl say BTC-backed yield is a trillion dollar market. We can revisit this graphic when vault AUM is $100B in the next 24 months

Nice report by @vaultsfyi 👏 On the spectrum, Lagoon sits near "humans enforce the mandate". That's the default, not the ceiling: 🔹 @zodiaceco roles → permissions are onchain, anyone can read them 🔹 MPC custody → permissions live at the signer level, offchain Same rails, different trust surface. The curator decides where on the spectrum their vault lives, and depositors can verify which one.

We’re publishing The State of DeFi Curation 2026, the most comprehensive analysis of curated onchain markets to date. The report maps $11.29B across 856 vaults, 131 curators and 18 protocols. It shows who manages the capital, where it sits and what sits underneath. 👇

#34#: @omgcorn, @yearnfi & @cflan_, @BirchHill_io @ryanrodenbaugh speaks w/ corn and Connor on defining what a vault is, why not every vault is a security, how Yearn spotted $10M missing from Stream before it collapsed, & what it takes to lend against a tokenized REIT. Enjoy!

#33#: @Ivshti & @_DimoStoyanov, @ambire & @heyAura: Building for the Chronically On-Chain Why the "next billion" wallet thesis stalled, how the @ethereumfndn's Kohaku runs on Ambire, & why an in-wallet agent makes protocol UIs and vaults obsolete. Enjoy!