Vaults built on ERC-4626 have evolved into programmable infra for treasuries, fintechs, and quants. As yield ecosystems fragment across chains, scale, and design drive margins. Builders win by abstracting risk, and allocators win by backing platforms with fast feedback loops, clarity, and reach.

One of DeFi’s biggest inefficiencies is capital fragmentation. Liquidity sits trapped in DEX pools or lending vaults - split, idle. LPs must choose: earn swap fees or collect lending yield. EulerSwap tackles this with a lending-native design that unifies swaps, collateral, and yield into one system.

Ethereum has come a long way since its early days. Now, the Pectra fork promises Ethereum's most substantial throughput upgrade in four years, with technical improvements that could redefine the relationship between L1s and L2s, and challenge the rollup-centric scaling philosophy.