DeFi Vaults Concentrate 69% of Funds in Top 5 Operators

In the DeFi vault market, the top five operators manage 69% of the total funds. According to a recent report, the total value locked (TVL) in DeFi is estimated to be around $11.29 billion, with curator-type vaults experiencing a 39% increase in TVL. The top ten curators account for 79.1% of the managed funds. Curator-type vaults are on-chain products that allocate user assets to specific markets or strategies, where the vault operators determine the asset allocation range and risk limits instead of the investors directly choosing the protocols. Morpho accounts for 46.2% of the curator-type TVL, and the top 25 stablecoin vaults are approximately $3.71 billion in size, with Bitcoin (BTC) collateral making up 54.1%. By address, the top ten addresses control 74% of the funds, and about 33% of curator-type funds require multiple steps for redemption. The report notes that traditional financial institutions have also begun to adopt curator-type vault strategies, emphasizing the need to assess market concentration and redemption structures.

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