CryptoSlate
Glassnode's September comparison found ETH vaults trailed staking, while dollar-denominated vault strategies beat Treasuries for a third consecutive month. The firm's tracked vault balance rose about 15% to $10 billion, its highest since November 2025, but that sample increase does not establish net inflows or whole-market growth.
The benchmark depends on what depositors want to hold. For someone keeping ETH exposure, staking is the relevant comparison; a dollar strategy beating Treasuries is a separate result, not evidence that an ETH vault outperformed. Matching the asset and measurement dates is essential before comparing returns.
Advertised yield also needs to be assessed after fees and incentives, with care not to count staking yield twice when a vault uses liquid-staking assets. Depositors must weigh the return against collateral, contract and withdrawal risks. The September findings show different outcomes for ETH and dollar strategies, but the sample balance alone says nothing about how much users earned or whether the added risk was adequately compensated.
Frequently asked questions
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How did ETH vaults perform against staking in Glassnode's September comparison?
Glassnode found that ETH vaults trailed staking in September.
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How long had dollar-denominated vault strategies beaten Treasuries?
They beat Treasuries for a third consecutive month, according to Glassnode's review.
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What does the roughly 15% rise in Glassnode's tracked vault balance show?
The tracked sample's balance rose about 15% to $10 billion, its highest since November 2025. The increase does not establish net inflows or whole-market growth.
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Why should an ETH holder compare a vault with staking rather than a dollar rate?
Staking preserves the comparison with the ETH exposure the depositor already wants. A dollar rate also involves a different choice about which asset to hold.
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What should depositors assess beyond a vault's advertised yield?
They should account for fees and incentives, avoid double-counting staking yield, and consider the vault's collateral, contract and withdrawal risks.
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