Vaults: Curators & Infrastructure

Vaults are one of the most popular and fastest growing primitives in DeFi, but all the moving parts can lead to increased risk exposure. Vaults allocate deposited capital across various protocols. The curator defines the strategy, selects the venues, and sets the parameters and rebalancing, while infrastructure providers furnish the underlying tools to launch and manage vaults. Each of these decisions, along with the smart contracts and data enabling them, can expose the underlying capital to risk. In November 2025, Stream Finance disclosed a $93 million loss in assets run by an external manager, and the shortfall spread into curated vaults on Rings, Beefy, Harvest and Euler v2. Nexus Mutual paid more than $98,000 to members holding cover across those vaults.