The Rise of Vault Curators in Decentralized Finance
Vault curators are emerging as a significant driver of growth within the decentralized finance (DeFi) ecosystem. Their increasing activity and expanded presence have directly contributed to a notable rise in the total value locked within the Morpho protocol, fostering a broader expansion of DeFi lending services.
As previously reported, risk curators, also known as vault curators, experienced a surge in prominence during 2025. However, this period also presented stress tests for certain vaults, necessitating careful management of resource utilization and the inherent risks associated with high-yield strategies.
While the overall sector saw growth, specific risk managers observed even more substantial increases in their individual activities. Curators have evolved beyond simply distributing funds across various vaults; they are now actively engaged in sophisticated risk management practices.
Data from Token Terminal indicates a rapid escalation in total deposits managed by curators. Several of the leading projects in this space have effectively doubled their total value locked, underscoring the impact of this trend.
Steakhouse Leads the Pack in Vault Curation
Steakhouse has established itself as the foremost vault curator, boasting the largest volume of value locked. Approximately 52.5% of these deposits are denominated in USDC, with smaller allocations in USDT or ETH across its various vaults.
Steakhouse recently surpassed the $1.8 billion mark across all its vaults, continuing its growth trajectory despite encountering short-term market fluctuations and challenges faced by some smaller, less liquid vaults.
The Steakhouse vaults have been actively integrated with Coinbase users, with new applications and wallets being incorporated as partners. This strategic expansion, coupled with a strong demand for passive yield generation, has propelled Steakhouse to the forefront as a leading risk curator.
The Steakhouse USDC vault on Morpho offers a compelling safety profile alongside a 3.6% yield. This particular vault currently holds $436.95 million, with over $110 million in available liquidity, ensuring continued accessibility for both borrowers and lenders seeking to withdraw their staked assets.
Morpho Protocol Experiences Significant Inflows
The attractiveness of curated vaults has been clearly reflected in the performance of the Morpho protocol. Key players such as Steakhouse, Gauntlet, Spark, and Smokehouse have played a crucial role in attracting new users to the platform.
Morpho recorded a total value locked of $6.91 billion in mid-January, a substantial increase from its local low of $5.79 billion at the close of 2025. This growth coincides with the development and introduction of Morpho V2.
The new version of Morpho is designed to facilitate even more flexible lending by integrating off-chain lending agreements into the protocol. Morpho V2 also introduces advanced features such as custom interest rates, flexible loan terms, grace periods, and adaptable collateral adjustments.
On-chain lending is projected to experience significant expansion in 2026, with major contributions expected from platforms like Aave and Morpho. Collectively, risk curators currently manage $6.58 billion, reflecting a recovery in the value locked during the early part of 2026. Following Steakhouse Financial, other prominent entities such as Gauntlet, Sentora, and MEV Capital are also actively expanding their influence within the sector.