In DeFi, the word “vault” has long been commonplace. It evokes predictable associations: automated returns, passive strategies, minimal human involvement. Most users perceive such vaults as convenient containers that simply “do something in the background” and generate income. But this view is long outdated. And if we take a sober look at the industry, it becomes clear that the traditional DeFi vault model is not just limited—it is fundamentally incompatible with how real capital management w...

In DeFi, the word “vault” has long been commonplace. It evokes predictable associations: automated returns, passive strategies, minimal human involvement. Most users perceive such vaults as convenient containers that simply “do something in the background” and generate income. But this view is long outdated. And if we take a sober look at the industry, it becomes clear that the traditional DeFi vault model is not just limited—it is fundamentally incompatible with how real capital management w...