Delphi Digital: DeFi Lending Vault Funds Centralized to a Few Management Parties

According to Delphi Digital, the current scale of curatorial lending vaults in the DeFi field is approximately $9 billion, with Steakhouse, Sentora, and Gauntlet managing a total of approximately $6.8 billion. These institutions provide revenue product designs for multiple centralized exchanges, brokers, and DeFi applications, and are responsible for determining fund allocation and risk exposure. After some Vault recently incurred losses, funds have shifted to top curators and relatively safe collateral. Delphi Digital believes that the management organization behind Vault is exhibiting centralized characteristics similar to traditional asset management companies.