attended my second @Vault__Summit this year (cannes, NYC) at a legendary venue: the NYSE 🇺🇸 key takeaways: > regulation is the product; SEC & CFTC news shapes every product decision in real time > vaults have found PMF but regulatory clarity is still murky; "vault" could mean very different things depending on the use-case > billion dollar question: is curation equivalent to traditional asset management? > lots of discussions around risk management, lack of insurance infra and non-custodiality > non-correlated yield sources in high demand; asset-backed financing, reinsurance quietly gaining traction > there's only a handful of OG crypto teams left; massive consolidation happening > people are genuinely excited about fixed-term, fixed-rate loans; will see how morpho midnight and related products play out > some crypto VCs still alive; though mostly deploying into non-crypto stuff > some crypto people tried to attend in shorts and got turned away; degen vibes are officially dead > RWAs & tokenization are the most interesting things happening onchain rn; @Securitize , @plumenetwork and @OndoFinance leading the pack > ton of work left to make RWA assets composable with rest of defi shoutout to leading teams like @Morpho , @gauntlet_xyz , @kpk_io, @LlamaRisk who are leading the onchain asset management revolution crypto is dead. long live crypto.