An animated explainer on DeFi vaults. It starts with what a vault is and Yearn's first yVaults in 2020, then covers ERC-4626 and the inflation attack that came with it, Morpho Blue and Morpho Vaults V1 and V2, the curators who run them, the Stream Finance stress test in November 2025, and async vaults built on ERC-7540.
It runs about seven minutes with narration and ends with four things to check before you deposit into a vault. Figures are as of 5 October 2026, and some of them are self-reported. It's not investment advice.