Research

Perspectives on onchain credit, vaults, and the institutionalization of digital asset markets.

August 9, 2026 · 8 min read
Three Firms Control 56.9% of Curated Vault TVL. Only 5.7% Touches the Real World.
A market-structure read of the $9.9B onchain vault industry: who the curators are, where the money sits, what it yields, and the shelf that is still nearly empty.
VaultsOnchain CreditRWAs

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