🏦 DeFi vaults are becoming increasingly centralized.
A new Vaults.fyi 2026 report analyzed 856 vaults, 131 custodians and 18 protocols, representing approximately $112.9B in TVL.
And the concentration is pretty wild:
⚡ Top 5 custodians control 69% of the capital
⚡ Top 10 control 79.1%
⚡ Custody-vault TVL increased 39% over the past year
⚡ Its market share rose from 5.24% → 12.51%
The report also highlights a major shift in the leaderboard.
Sentora and Concrete have rapidly climbed into the top ranks, while Usual dropped from #4 to #34
Meanwhile, Morpho accounts for around 46.2% of protocol custody TVL, making it the dominant protocol by this metric.
And here's the part that really caught my attention:
Across the vaults, the average unique address holds around 47% of a vault, while the top 10 addresses collectively control 74%.
That's not exactly what most people imagine when they hear:
“Decentralized Finance.” 💀
Even traditional institutions including BNP Paribas, Apollo and JPMorgan are reportedly starting to deploy vault custody strategies.
DeFi is growing.
But so is concentration.
DeFi còn “decentralized” đến đâu nếu vài custodian kiểm soát phần lớn thanh khoản? 👀
#DeFi #Morpho #crypto #Stablecoins #RWA
A new Vaults.fyi 2026 report analyzed 856 vaults, 131 custodians and 18 protocols, representing approximately $112.9B in TVL.
And the concentration is pretty wild:
⚡ Top 5 custodians control 69% of the capital
⚡ Top 10 control 79.1%
⚡ Custody-vault TVL increased 39% over the past year
⚡ Its market share rose from 5.24% → 12.51%
The report also highlights a major shift in the leaderboard.
Sentora and Concrete have rapidly climbed into the top ranks, while Usual dropped from #4 to #34
Meanwhile, Morpho accounts for around 46.2% of protocol custody TVL, making it the dominant protocol by this metric.
And here's the part that really caught my attention:
Across the vaults, the average unique address holds around 47% of a vault, while the top 10 addresses collectively control 74%.
That's not exactly what most people imagine when they hear:
“Decentralized Finance.” 💀
Even traditional institutions including BNP Paribas, Apollo and JPMorgan are reportedly starting to deploy vault custody strategies.
DeFi is growing.
But so is concentration.
DeFi còn “decentralized” đến đâu nếu vài custodian kiểm soát phần lớn thanh khoản? 👀
#DeFi #Morpho #crypto #Stablecoins #RWA
