What's Next for Vaults? | Steakhouse Co-Founder, Adrian Cachinero

What you'll learn

• 1 (00:21) **Defining "Vault": A Broad and Jargon-Loaded Term** - Adrian explains that "vault" is as broad and undefined as the word "token," and sets the stage for a precise discussion.
• 2 (02:18) **The Origin of Vaults: From DeFi Summer to Morpho's Atomic Units** - A brief history of the vault industry, from the first smart contract architectures to the key innovation of isolated lending markets.
• 3 (06:23) **The Vault Stack: Infrastructure, Curators, and the Spectrum of Control** - Mapping the layers of the vault ecosystem, from infrastructure providers to curators like Steakhouse, and the varying degrees of user control.
• 4 (08:19) **The Cypherpunk End: Self-Serve Vaults and the Benefits of Aggregation** - Exploring the simplest, most user-controlled vaults and the practical advantages of aggregation over individual market participation.
• 5 (10:56) **Steakhouse's Role: Curator, Not Intermediary, with On-Chain Governance** - How Steakhouse operates as a curator, mitigating its own power through mechanisms that give users control.
• 6 (14:15) **Comparing Steakhouse to Aave and Yearn: Curatorship, Risk, and Governance** - Adrian clarifies how Steakhouse's role overlaps with and differs from major DeFi protocols.
• 7 (18:15) **Risk Management Philosophy: Principal Protection Through Collateral Selection** - The framework Steakhouse uses to decide which collateral is acceptable and how to mitigate risk.

+ Full timestamped outline available in the app