[Delphi: DeFi Lending Vault Funds Are Rapidly Concentrating Among a Few Managers] According to Delphi Digital, the current scale of "curated" lending vaults in the DeFi sector is approximately $9 billion, with Steakhouse, Sentora, and Gauntlet collectively managing around $6.8 billion. The article points out that these institutions also design yield products for multiple centralized exchanges, brokers, and DeFi applications, determining fund allocation and risk exposure. Following recent losses in some vaults, funds have not flowed out on a large scale but have instead shifted more toward leading curators and relatively safer collateral. Delphi believes that although vaults operate on open infrastructure, the managing institutions behind them are gradually exhibiting characteristics of centralization similar to traditional asset management companies.