ETH vaults lagged staking while dollar strategies beat Treasuries, Glassnode finds
Summary
Glassnode’s September comparison found that ETH vault strategies underperformed staking, while dollar-denominated vault curators beat Treasuries for a third straight month. Its tracked vault balance rose about 15% to $10 billion, but that sample-level increase does not prove market-wide growth or identify its causes. The comparisons are only useful when dates, currencies and yield accounting match; returns may include underlying staking yield, incentives and fees. Depositors also need to assess each vault’s allocations, contract and collateral risks, fees, and withdrawal limits. Beating a benchmark alone does not show that a vault’s extra return compensates for its additional risks or liquidity constraints.
