DefiLlama Research and Sentora publish report on 'vaultification' of onchain lending and the growing vault economy.
DeFi & Yields ·
DefiLlama Research and Sentora have published an examination of how lending activity on blockchain networks is increasingly channeled through curated vaults rather than open lending pools. The report investigates what the researchers term the "vaultification" of onchain lending and analyzes the broader vault economy that has emerged as a result.
The shift reflects a move toward structured, risk-managed lending vehicles where predetermined rules govern capital allocation and borrower access. Vaults apply curated filters and risk frameworks to lending, contrasting with traditional open money markets where any participant can lend or borrow against posted collateral. This structural change alters how capital flows through DeFi protocols and which assets and strategies gain liquidity.
The full scope of the vault economy—including its scale, composition, and implications for protocol design and user choice—remains under examination in the report. How this trend will reshape lending competition and whether open and curated models will coexist remain open questions.