Tokenized vaults see steady deployments after ERC-4626 adoption

Following the introduction of ERC-4626, more than 50 vaults have been deployed on-chain every week

September 1, 2023 12:16 pm

Maurice NORBERT/Shutterstock modified by Blockworks

Following the introduction of ERC-4626, tokenized vault deployments have remained steady.

ERC-4626 is a standard that is designed to introduce implementation techniques and parameters for yield-bearing vaults in crypto. The standard was introduced in early May.

Data compiled by Dragonfly data scientist Hildebert Moulié shows that every week following the introduction of ERC-4626, over 50 tokenized vault deployments have occurred across EVM-compatible blockchains.

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In a previous interview with Blockworks, Superform co-founder Blake Richardson contended that this new standard would be as important to DeFi as ERC-20 — a commonly used token standard — is to the ICO boom.

“I think the compound benefit of standardization will lead more people to adopt DeFi because they can start to trust it more,” Richardson said.

To a certain extent, Richardson was right. Although tokenized vaults already existed before ERC-4626, it wasn’t until these principles were introduced that their implementations became more consistent.

Prize savings protocol PoolTogether was one of the most recent to make use of the standard. PoolTogether revealed during a private beta launch that v5 of its protocol introduces the permissionless use of any token that has a 4626 yield source.

Users can deposit tokens into PoolTogether’s standard ERC-4626 vault in order to win prizes or customize their own vault. These vaults will create yield and liquidate the yield into POOL tokens, the protocol’s native asset, reflecting the vault’s likelihood of winning a prize.

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