Ecosystem Categories

This taxonomy organizes the vault ecosystem by primary function. Categories describe what protocols do; many protocols span categories.

Infrastructure

Infrastructure protocols provide frameworks enabling vault creation and operation.

Vault Platforms

General-purpose platforms offer configurable frameworks supporting multiple strategy types and integration options. These handle share accounting, fee collection, permission enforcement, and protocol integrations. (Examples: Enzyme, Aera, and others)

Protocol-Native Vaults

Some protocols embed vault functionality directly into their core product. Tight integration with underlying functionality but typically limited to strategies related to the host protocol. (Examples: Drift, Meteora)

Cross-Chain Infrastructure

Messaging and aggregation protocols enable vaults to operate across chain boundaries. Evaluate finality assumptions, message verification, custody points during transit, and outage behavior. (Examples: Superform, LayerZero)

Management and Curation

Firms operating strategies using vault infrastructure. They specialize in strategy design, market selection, and risk management. See Glossary for curator vs. manager distinction. (Examples: Gauntlet, Steakhouse Financial)

Lending and Yield

Protocols providing deployment destinations where vault capital earns returns.

Lending Protocols

Facilitate borrowing and lending. Returns depend on borrowing demand and utilization. (Examples: Morpho, Kamino)

Yield Aggregators

Automate allocation across multiple yield sources. (Examples: Yearn, Beefy)

Staking and Restaking

Returns from network security participation. Restaking uses already-staked assets to secure additional networks. Evaluate slashing conditions and maximum exposure, operator selection criteria, and cross-network slashing dependencies. (Examples: Symbiotic)

Asset Tokenization

Protocols bringing traditionally offchain assets Onchain.

Treasury Securities

Tokenized exposure to sovereign debt yields. (Examples: Ondo, OpenEden)

Tokenization Platforms

Infrastructure for bringing various asset types Onchain. (Examples: Centrifuge, Securitize)

Private Credit

Onchain lending to institutional borrowers. Higher yields but with credit risk, counterparty risk, and reduced liquidity. (Examples: Maple, Clearpool)

Tooling

Operational support across other categories.

Security Monitoring

Threat detection and alerting. (Examples: Hypernative, Guardrail)

Key Management

Cryptographic key generation, storage, and use. (Examples: Safe, Fireblocks, Squads)

Access Control

Policy enforcement and permission management. (Examples: Zodiac Roles Modifier)

Category Boundaries

Some protocols defy clean categorization:

Vertical integration: A protocol may be infrastructure for some users and a managed product for others.

Hybrid models: A single protocol may provide infrastructure, operate strategies, and access its own markets.

When evaluating, identify which layer(s) a protocol actually occupies regardless of how it describes itself.