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SOL A report released by vaults.fyi on August 24 showed that select DeFi vaults hold US$11.29 billion, of which five managers control more than two-thirds of the funds. Although the two reports released by Vaults.fyi and DeFiLlama disagree on totals (because of their different ways of counting coffers and agreements), they agree on one thing: the market is highly concentrated.
The top five managers manage 69% of the total lockdown value of select DeFi.
Who are the top managers identified by vaults.fyi?
Vaults.fyi's report is considered to be the most extensive survey of selected chain markets to date, covering 856 vaults, 131 managers and 18 agreements, with a total value of US$11.29 billion, with data as of August 20. The survey results show that 69.3% of the tested markets are controlled by only five managers.
If one team operates all vaults, spreading deposits across multiple vaults will not spread risk. Managers choose markets, collateral, caps and exposure limits. However, when five managers sit on two-thirds of the money, the choices of a few determine the risks borne by thousands of depositors.
Over the past year, the select segment of the market has climbed from 5.24% of the total lock-up value of supply-side DeFi to 12.51%. The survey found that while the broader supply-side market shrank by 41.8%, select segments grew by 39%.
The report shows that nearly half of select capital (approximately 46.2%) runs through Morpho on the Ethereum chain and Solana. The remaining 53.8% are distributed among the other 17 agreements.
Morpho's leadership stems from the system it has built with Morpho Blue and MetaMorpho. This setup separates basic lending functions from risk management, allowing external managers to create independent lending markets and package them into a single treasury.
The design now attracts large traditional financial companies like Bitwise Asset Management, which has partnered with Morpho to launch non-custodial vaults. The first product target is an annualized revenue of 6%. Bitwise also predicts that the on-chain treasury (which it calls "ETF 2.0") will double its assets under management in 2026.
The report also showed that among the 25 largest Morpho stablecoin vaults (holding $3.71 billion), Bitcoin supported 54.1% of borrowing. A depositor who thinks he holds a USDC position may actually be lending Bitcoin, exposed to Bitcoin's liquidity, its oracle, and the market's ability to clear collateral in the event of a crash.
Has Morpho always topped the list?
Concrete and Sentora were not on the list 12 months ago, but now they are in the top five, with Concrete ranking fourth and Sentora ranking second.
Changes in the DeFi Treasury rankings over the past year:
Usual dropped from fourth place to 34th place. The report said the ranking change was due in part to pressure, and noted that after problems with Stream and Resolv, weaker managers were eliminated and money flowed to surviving teams.
Another DeFiLlama study (citing Sentora data collected in July) tells the same concentrated story. The study tracked 55 managers with a total value of US$7.18 billion, with the top three managers being Steakhouse Financial (US$2.03 billion), Sentora (US$1.97 billion) and Gauntlet (US$1.46 billion). The three together control 75.9% of TVL, while the top five control 80.9%.
DeFi vault rankings a year ago:
The vaults.fyi report mentioned that large players outside the cryptocurrency space are now also beginning to enter select vaults. For example, Apollo recently started working with Securitize, Midas teamed up with Fasanara, and JPMorgan Chase is launching a tokenized money market fund vault.
In May, trading company Wintermute also launched its own select platform, Armitage. Wintermute said it can accept types of collateral that other managers cannot accept because it can handle liquidation itself.
Although TRM Labs records show that there were 207 DeFi attacks in the first half of 2026, more than double the 83 in the same period in 2025, all of this money is still pouring in.
