Bankless · Thursday, July 30, 2026
Adrian Cachinero draws a parallel between vaults and ETFs, viewing vaults as an abstraction for aggregated liquidity in traditional finance. He suggests vaults could replace or compete with ETFs and notes that some vault infrastructure platforms are regulated funds, simplifying accounting for on-chain positions. The core commonality remains facilitated accounting and transparent exposure to underlying positions, aiming for improved investor protections and market efficiency.
“You can imagine a world where some types of vaults are replacing or competing with ETFs or take custody, for example.”
“Many, you know, some vault infrastructure platforms run regulated funds. They could run it on something like Makina or Veda, and they just do it because it's simpler from an accounting point of view to account for on-chain positions.”
“But the spectrum is obviously very broad. Yeah. And so we... It's worth being very specific about the type of vault that you are describing. And in most cases, what all the vaults have in common is, you know, facilitated accounting in the ideal transparent exposure to the underlying positions. And in the long run, hopefully better investor protections and market efficiency.”