MANAGE VAULTS

“But I think the overall takeaway for me is just tough. Still some cool ideas and cool people around the place spiking up. But I think we're going to look back on this year. 2026 is similar to 2018, when you had to be a very true believer, half lost your marbles to believe this is going to absolutely come back in a big way, because right now, it feels like it's not going to happen.”

“One is the ruled asset side. It's clear that assets are coming on chain, and Ethereum is still the main venue for that. So it seems like this conference outside of vaults, the next topic is really RWA is coming on chain, and what assets those are, and how those are being used financially, et cetera.”

“I would guess that over the course of the next year or so, there's a lot of folks either closing up shop or potentially M&A, that kind of aqua hire type situations and consolidation, especially in the infraspace. I will say, I do think there's the opportunity for a couple valuable infrabusinesses to get built, if you can vertically integrate and consolidate.”

“There's a lot of curators around the place here, and it's very clear that vault management as an industry is going to continue growing over time. And I think right now you're seeing most of that vault management being done on Ethereum. And so as capital keeps flowing into Ethereum, of course, as all the liquidity, I think that Ethereum will capture probably the most amount of value there.”

“But what I do think is quite interesting is that European funds seem to be raising still, which I think is interesting. So like, maybe if the talent's not here yet, it might come back because the capital is still here. So yeah, overall, I think it's been a really great conference and formative conference.”