The crypto market's focus on 'safe yield' has led to a resurgence in the size of Vaults, or on-chain yield pools, which have recovered to $6 billion following multiple platform failures in 2022. Bitwise projects that this figure could double by the end of 2026, driven primarily by demand for stablecoin yields. Vaults utilize non-custodial smart contracts to allocate funds into strategies like lending and market-making, emphasizing transparency and avoiding balance sheet exposure. However, industry experts caution that competitive pressures might lead some managers to relax risk controls and introduce leverage, potentially reintroducing risks.