DeFi vaults can appear complex at first, especially when users encounter unfamiliar terms like vault shares, NAV, and eRate. However, with the right framework, these concepts become much easier to understand. Start with the user experience. A user deposits assets into a Concrete vault. Instead of seeing their deposit tracked directly, they receive vault shares. These shares represent ownership in a pooled system. This is the foundation of how vaults work. Rather than managing each user’s fund...
