$6B vault TVL and Bloomberg coverage got the headlines, but Bitwise launching as a Morpho curator the same month Kraken ships DeFi Earn vaults — that's the distribution unlock. Vault infra is no longer a protocol-native game; it's the interface layer where TradFi allocation desks actually plug in. S&P Global sharing a stage with Gauntlet and SteakhouseFi at a dedicated vault conference (not a side track at some mega-conf) tells you compliance-grade yield frameworks are getting built in the open now, not behind bank firewalls. Spinning out of DeFiConnect into standalone editions across Cannes and NYC tracks perfectly with how fast curated vaults are eating the managed yield stack.

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