Morpho leads Ethereum, Solana curated DeFi TVL as market concentrates with top-five curators

A report published by vaults.fyi on August 24 shows that curated DeFi vaults hold $11.29 billion, and five managers control more than two-thirds of it.

While Vaults.fyi and DeFiLlama published two reports that disagree on totals due to the fact that they count vaults and protocols differently, where they see eye-to-eye is that the market is greatly concentrated. 

Who are the top curators vaults.fyi identified? 

The vaults.fyi report, which is regarded as the widest survey of curated onchain markets so far, mapped $11.29 billion across 856 vaults, 131 curators and 18 protocols, with data current as of August 20. 

Results of the survey show that 69.3% of the measured market runs through just five curators.

Spreading deposits across several vaults does not spread the risk if one team runs all of them. A curator picks the markets, the collateral, the caps and the exposure limits. However, when five of them sit on top of two-thirds of the capital, the choices of a few people shape the risk that thousands of depositors carry.

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