According to CoinMeta, as reported by Delphi Digital, the current scale of curated lending in the DeFi sector is approximately $9 billion, of which Steakhouse, Sentora, and Gauntlet collectively manage around $6.8 billion. These institutions provide income product design for multiple centralized exchanges, brokers, and DeFi applications, and are responsible for deciding where funds are invested and managing risk exposure. Recently, after some Vault entities incurred losses, funds have shifted towards leading curators and relatively secure collateral. Delphi Digital believes that the management institutions behind Vault are exhibiting centralized characteristics similar to those of traditional asset management companies.