Bankless · Thursday, July 30, 2026
Adrian Cachinero, co-founder of Steakhouse, explains that the term 'vault' in DeFi is as broad and undefined as 'token.' Initially emerging from DeFi summer with yield farming and Yearn, vaults have evolved significantly. Morpho pioneered isolated risk markets for borrowing and lending, which vaults then aggregate liquidity around to recapture network effects lost in pooled models.
“And like vault, a vault is very similarly as broad and undefined as the word token.”
“They had the first smart contract architecture that would allow people using vaults to delegate basically the selection of, let's say, a strategy to a smart contract.”
“But Morpho really, let's say, formalized it, hit it with an appropriate level of go-to-market, you know, found a good fit.”