Completely missed this report by @AleaResearch on the state of vaults, but it's absolutely one of the better commentaries I've read on the vault market. My take (italics) below on some of the core insights Modularization was the first breakout: Yearn v2 shifted yield optimization from single-strategy silos to a flexible “vault-as-a-service” model. My answer: Yearn is OG, but a more significant step was when protocols started pushing beyond onchain-only logic. @sommfinance deserves credit for bridging that gap with offchain computation and dynamic strategies (think 9-figure loops and 10-figure @Uniswap v3 LPing in one vault). We at @veda_labs then took it further by making vaults ubiquitous and purpose-built for partners like @ether_fi, @Lombard_Finance, @LidoFinance, and @Plasma. Standardization unlocks composability: The ERC4626’s share-based API eliminated integration overhead, let auditors focus on strategy logic, and enabled nested “fund-of-funds” vaults—turning yield products into interoperable building blocks. My answer: I agree it should be easy to integrate vault tokens and it has definitely become more common practice across apps over the last 18 months. But the importance of ERC4626 is completely overrated. ERC 4626 as "standard" was first introduced in late 2021 but we didn't get the vault renaissance till after the Veda's BoringVault was introduced last year. In terms of number of integrations/quality of integration/ and TVL, the BoringVault's contribution to the vault space are unmatched. Now to composability. Composability of vault share tokens, at this point, is completely overrated. It is not the growth lever that it theoretically should be. In the event that a vault protocol is able to have success going B2C with their own branded tokens, this obviously becomes relevant again. However, current vault meta is dominated by B2B GTM (thanks again to @veda_labs) Adaptability is the real moat: Strategy velocity is the edge, not raw TVL or short-lived APY headlines. Rapid release cadence compounds learning loops, keeps strategies fresh, and builds stickier flows than any one-time TVL spike. My answer: Adaptability is actually table stakes. It’s what makes the vault category appealing - you’re not betting on a single asset, chain, or protocol, but on the idea that more assets will move onchain, DeFi UX will always be messy, and people with real capital (everyone outside CT) won’t have the time or desire to manage it all. When it comes to moats, brand and Lindyness matter, but the real edge is time on the problem. You can only learn so much from watching.