Bankless · Thursday, July 30, 2026
Adrian Cachinero predicts the vault industry will grow significantly, attracting institutional capital. However, he expects growth to be faster in more 'boring,' 'academic' areas like on-chain repo markets for stablecoins and pristine collateral, rather than highly speculative, high-risk vaults. He believes these foundational markets will become more efficient, transparent, and accessible.
“This is not going to be super exciting, but we expect the more boring vaults to grow more and faster.”
“You have a weird situation where you have like a hedge fund, an on-chain regulated hedge fund that operates using a vault infrastructure is like at the extreme end of the risk and is an example of what exists today. But we don't have a very efficient overnight repo market for US treasuries on-chain.”
“So there is kind of a weird asymmetry where you get the little pockets of high risk first when you don't have the foundational layer in place yet. And that foundational layer, we were talking about trillions and trillions of dollars worth of activity that takes place on repo markets today. What we're the most excited about is, you know, making those markets as efficient as they are today. We want to make those markets more efficient by bringing them on chain, making it more transparent and making them more accessible and composable with other parts of the finance industry worldwide.”