Vaults.fyi has released its "State of the DeFi Managed Vaults Market 2026" report, covering 856 vaults, 131 managers, and 18 protocols, with total value locked of about $11.29 billion.
According to the report, DeFi supply-side TVL fell 41.8% over the past year, while managed vault TVL increased 39%. That pushed managed vault market share from 5.24% to 12.51%.
Manager concentration remains high
The top five managers control 69% of funds, while the top 10 account for 79.1%. The leadership table also changed sharply. Sentora and Concrete were not ranked a year ago, but now sit in second and fourth place, respectively. Usual fell from fourth to 34th.
Protocol share and collateral mix
Morpho ranked first among protocols with 46.2% of managed vault TVL. The remaining 53.8% is spread across the other 17 protocols covered in the report.
Bitcoin collateral accounts for 54.1% of Morpho’s top 25 stablecoin vaults, which together hold about $3.71 billion, the report said.
Address concentration and redemption structure
On address concentration, the report said that on a TVL-weighted basis, a single address holds 47% of vault shares on average, while the top 10 addresses together control 74%.
Roughly 33% of managed capital requires a multi-step redemption process. Those vaults show a median 7-day annualized yield of 4.82%, which is 98 basis points higher than vaults with instant redemption.
Traditional finance firms enter managed vault strategies
The report also said that traditional financial institutions including Societe Generale, Apollo, and JPMorgan have started deploying managed vault strategies.