Glassnode’s on-chain analytics platform compared vault performance across asset classes in September, finding that Ethereum vault strategies underperformed liquid staking while dollar-denominated vault strategies outpaced US Treasuries for a third consecutive month.
The analysis, published October 30, examined vaults tracked by Glassnode, which held $10 billion in total value during September. That balance represented the highest since November 2025 and reflected a 15% rise during the month, according to Glassnode’s tracked sample.
Vault Performance Benchmarking
Glassnode benchmarked ETH vault performance against staking as the standard alternative for Ethereum holders. Dollar vault strategies were measured against US Treasury yields. The comparison methodology reflects a standard approach in yield accounting: vault returns are tested against the most direct alternative available to depositors in each asset class.
The platform’s tracked vault sample does not establish whole-market growth or isolate the sources of balance changes. New deposits, asset value changes, and expansions in Glassnode’s coverage sample can all contribute to the reported balance figure.
Vault Ecosystem Scale
Morpho’s curated vault ecosystem held $11 billion across its vaults as of October 8, according to a separate ecosystem report published that date. Morpho Vault V2 structures permit maximum performance fees of 50% and management fees of 5%, with in-kind withdrawal penalties capped at 2%.
Vaults operate by pooling deposits into yield strategies overseen by curators or managers. Exit mechanisms can involve illiquid underlying protocol positions and withdrawal penalties, creating friction in redemptions. Lido, the liquid-staking protocol, uses a first-in-first-out queue for withdrawals with potential slashing exposure while deposits remain queued.
Yield Data and Methodology Constraints
Vaults.fyi, a yield-data provider, qualifies vaults for its benchmark by requiring a $1 million minimum total value locked per vault and weights up to five of the largest qualifying vaults. The platform’s methodology creates a subset of the broader vault market and does not capture all active strategies.
Later yield snapshots, such as vaults.fyi’s October 26 ETH data showing Lido stETH at 2.34% seven-day average APY, cannot directly confirm September’s realized returns. Trailing-window annualized rates published in October do not settle comparisons of actual September performance or match the specific vault cohort in Glassnode’s analysis.
Glassnode did not name specific ETH vaults included in its comparison or provide the staking return benchmark figure used for September.
