DeFi Lending Vaults Hold $11.29B as Five Curators Control 69.3% of Capital
- —DeFi vault assets grew from $4 billion in early 2025 to $11.29 billion
- —Five curators control 69.3% of capital, with market overlap reaching 94.7%
- —At Morpho, $2.01 billion of $3.71 billion is backed by bitcoin collateral
- —rsETH-linked losses reached $125 million at Aave V3 and $52.5 million at Compound V3
Why it matters: Concentrated curators and shared collateral create contagion risk: one impaired asset could hit several lending markets at once.
Source: BTC-ECHO