Vault capital is consolidating around a handful of curators. Curated lending vaults now hold around ~$9B with Steakhouse, Sentora and Gauntlet representing ~$6.8B of that total. The same firms also sit behind yield products offered by major exchanges, brokers and DeFi apps. That distribution brings in deposits, while curators decide where the money goes and how much risk to take. Recent losses shifted capital toward larger curators and safer collateral rather than out of vaults altogether. Regulation could reinforce the trend by adding licensing and compliance costs that larger curators are better positioned to absorb. Vaults may run on open infrastructure, but the firms managing them are beginning to look a lot like traditional asset managers.(Delphi Digital)