[Crypto Lending Vault Deposits Exceed $10 Billion, Institutional Funds Continue to Enter] According to Golden Finance, the deposit scale of crypto lending vaults has surpassed $10 billion, showing significant growth compared to $4 billion at the beginning of last year. This reflects the market's increasing demand for yield strategies involving digital assets. These products operate based on DeFi smart contracts, with curators responsible for selecting lending strategies, managing risks, and charging fees. Typical annualized returns range from 3% to 10%, while high-risk strategies can exceed 20%. Risk factors include insufficient liquidity of collateral, price declines triggering liquidations, contract vulnerabilities, and hacker attacks, all of which can lead to asset losses. The primary participants in this space are fintech companies, crypto treasuries, and hedge funds. In September, Two Prime launched a Bitcoin lending vault on Pareto, using WBTC as the underlying asset, targeting an annualized return of 1.5%-2%. A minimum deposit threshold of 5 WBTC was set, with institutions contributing tens of millions of dollars in proprietary funds to absorb the first round of losses.