Market Trends & Investment Opportunities - Institutions are increasingly entering the crypto on-chain market through vault-curation [1] - Vault-curated TVL (Total Value Locked) on EVM (Ethereum Virtual Machine) and other blockchains (excluding Solana) has seen a 20x increase since late-2023, peaking at $10 billion [1] - Yields of 7-12% from vault-curation are attractive to institutions, exceeding the 4-6% staking hurdle rate [1] - Solana's risk-curated vaults currently hold only approximately 12% of its total TVL, indicating significant growth potential [1] Key Players - Kamino is emerging as a major player on Solana, holding the majority of TVL in risk-curated vaults [2]