S&P Global Evaluates Vault Risk: The $10B illusion of onchain yield.
S&P Global's Vault Ratings: The Institutional Colonization of DeFi Yield
Traditional finance is rating decentralized code because human managers still fail more than smart contracts.
S&P Global's launch of its Vault Risk Assessment on October 4, 2026, marks the end of DeFi's lawless yield era. As on-chain vault deposits surged to $10 billion in September 2026, up from $1.5 billion two years ago, a simultaneous $6 million exploit on Coinbase's Base network exposed the fragility of these structures.
— John Maynard Keynes
This analysis is synthesized from aggregated market data and institutional research insights. It is provided for informational purposes only and should not be construed as financial advice. Cryptocurrency investments carry high risk; please conduct your own due diligence before making any investment decisions.
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