According to Glassnode’s analysis published on October 30, the ETH vaults tracked in September underperformed staking, while dollar-denominated curator strategies beat Treasuries for the third consecutive month. The balance of Glassnode’s wider vault sample rose about 15% to $10 billion, but the increase does not establish net inflows. The analysis separates total yield from intrinsic yield to avoid double-counting staking and notes that fees, incentives, collateral requirements and withdrawal rights determine the income depositors actually retain. Results must also be compared using matched dates and compatible methodologies, while liquidity constraints, withdrawal penalties and slashing risks may reduce the value of advertised returns.
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