DeFi lending protocols such as Aave and SparkLend are outperforming vaults and asset issuers in terms of value capture. Recent data indicates that vaults are paying more in fees to these lending platforms than they are earning, highlighting the profitability of lending as a core component of the on-chain credit ecosystem. This trend is putting pressure on platforms like Lido and Ether.fi, as lending protocols continue to dominate the market.