Curated DeFi vaults expanded 39% over the past year to $11.29 billion, even as supply-side DeFi TVL fell 41.8%. Their share of supply-side DeFi TVL rose from 5.24% to 12.51%, according to a Vaults.fyi report published Aug. 24 that mapped 856 vaults, 131 curators and 18 protocols using data through Aug. 20. The market is highly concentrated: five curators manage 69.3% of measured assets, while the top 10 control 79.1%. Sentora and Concrete, which were not ranked a year ago, now hold second and fourth place, while Usual fell from fourth to 34th. Morpho accounts for 46.2% of curated vault TVL, with the remaining 53.8% spread across 17 protocols. Bitcoin backs 54.1% of lending in Morpho's 25 largest stablecoin vaults, worth $3.71 billion. A separate DeFiLlama study, using different coverage and a $7.18 billion total, also found heavy concentration, with Steakhouse Financial, Sentora and Gauntlet controlling 75.9% combined. Traditional firms including Société Générale, Apollo, JPMorganChase and Bitwise Asset Management are pursuing vault strategies as DeFi exploit incidents rise.