随着 DeFi 零售焦点的淡化，卡尔达诺将专注于代币化机构金库

A fund manager, treasury desk, custodian, or regulated fintech function with vault accounts, policy-based approvals, granular access controls, audit trails, API access, and operational continuity when employees rotate. That structure is reshaping how capital is allocated within DeFi, and it explains why Cardano's latest infrastructure push via Iagon's Cardano Vault, built with Fireblocks, is a bet on the operating model that serious capital actually requires. Announced on May 8 , the vault builds an enterprise control layer for Cardano-native operations comprising native assets, staking, reward withdrawals, and governance, inside a framework with vault accounts, controlled signing, approval workflows, and auditability that extends beyond a block explorer. The vault layer DeFi's vault industry has consolidated around a three-tier structure consisting of protocols that provide the yield or liquidity rails, curators and risk managers that define mandates and risk limits for capital deployment, and distribution platforms that make the product usable for regulated capital. Assets under management (AUM) across Morpho and Spark grew from $2.46 billion to $5.9 billion during 2025 , and capital flowing into vault structures surpassed $6 billion last year. Bitwise predicts on-chain vaults will double in AUM through 2026 , framing them as “ ETFs 2.0,” a product layer that abstracts complex on-chain mechanics into manageable, parameterized exposure. RWA.xyz defines the core model as a smart contract allocation machine in which a risk manager or curator sets the strategy and parameters that govern how deposits move across isolated lending markets . Gauntlet's VaultBook frames vaults as non-custodial, transparent, and parameterized. They add that vaults are a critical integration layer for banks, fintechs, and payment providers moving on-chain. The structural question both sources surface is which chains can fit inside a curator-led, risk-bounded, policy-enforced capital stack an