Key ideas from Sun Raghupathi

• "2026 is going to be the year of the vault" - Sun predicts explosive growth beyond Jason's $15 billion forecast
• Kraken's vault product launches with multi-protocol, multi-chain capabilities through Veda infrastructure for superior yields
• Traditional asset managers at holiday parties are already discussing vaults and know players like Steakhouse and Gauntlet
• Vault yields come from on-chain borrowers who want to leverage up, typically borrowing USDC against crypto collateral
• DeFi is becoming a back-end infrastructure layer, with vaults serving as the packaging layer for traditional fintech distribution
• Unlike BlockFi/Celsius, vault assets remain transparent and redeemable on-chain - "you know where your assets are at all times"
• Revenue splits favor distribution partners, with vault operators taking 25% performance fees split between platform, curator, and exchange
• Vaults will become the primary compliance tool for regulated institutions to access DeFi protocols safely